SPECIAL FOCUS

Readers’ Choice Finalists

AFFORDABLE HOUSING FINANCE • July/August 2010

The Birches at Esopus is one of four national finalists for Senior housing in the magazine’s annual Readers’ Choice competition. The excerpt for The Birches at Esopus follows.

ULSTER PARK, N.Y.— The Birches at Esopus is the first affordable housing community in the town of Esopus, an area encompassing 40 square miles with about 9,500 residents.

Overlooking the Hudson River, the new development provides 80 one- and two-bedroom apartments for seniors earning no more than 50 percent and 60 percent of the area median income.

Birchez Associates, LLC, an experienced Hudson Valley affordable housing developer, built an amenity-rich development where residents can age in place, says Steven Aaron, managing member.

Eight units are handicapped accessible, and all units are handicapped ready with roll-in showers installed. All units have emergency pull cords so seniors can call for help.

The development encourages an active lifestyle, with ample outdoor and community space. An exercise studio is staffed with a fitness coach. Understanding that isolation is a common issue for seniors, Birchez Associates also funds a senior advocate to lend a sympathetic ear and guide residents on services.

To assist in the residents’ heath-care needs, the firm has teamed with nonprofit Elant, Inc., on the “Nurse Is In” program, which brings a nurse to the property for regular office hours.

The development is also notable for its green design. It has been recognized by the New York State Energy Research and Development Authority for achieving more than 30 percent savings over the state energy codes. Solar panels provide about 70 percent of the domestic hot water for the building and 40 percent of the heat.

The $18 million development was funded largely by bonds from the New York State Housing Finance Agency, enhanced by the State of New York Mortgage Agency and low-income housing tax credits syndicated by First Sterling.

Additional financing partners include the New York State Housing Trust Fund through the Division of Housing and Community Renewal and the Federal Home Loan Bank of New York. The town of Esopus and Birchez also contributed to the deal. —Donna Kimura for Affordable Housing Finance;  Photo: John Halpern

Developer: Birchez Associates, LLC 
Architect: Kurzon Architects
Major Funders: New York State Housing Finance Agency; First Sterling; New York State Division of Housing and Community Renewal; State of New York Mortgage Agency; Federal Home Loan Bank of New York; the Town of Esopus