Workforce Housing Coming to Middletown
MIDDLETOWN, N.Y --- Walden Savings Bank is among the public and private financing partners involved in a $15 million redevelopment project of a three-story former factory building in Middletown. The building is now being converted into a 42-unit workforce housing development.
Located at 34 Mill St., the project will provide job training opportunities through RECAP, a local nonprofit, and housing units for families earning between 30 percent to 50 percent of the area’s median income.
Walden Savings Bank facilitated a grant in the amount of $820,000 through the Federal Home Loan Bank (FHLB). The Community Preservation Corp. provided a $7.4 million construction loan and is scheduled to provide a $1.8 million permanent loan through the New York State Common Retirement Fund. The New York State Homes and Community Renewal allocated $8.7 million in low income housing tax credits with Raymond James Tax Credit Funds Inc. as the syndicator, as well as a $1.7 million loan through the Housing Trust Fund. Additional contributions included a $600,000 grant from the Orange County’s HOME Program with $91,000 coming from the Urban Initiative.
“The Bank’s participation in this worthy civic project represents the finest in collaborative community efforts,” said Walden Savings Bank President and CEO, Derrik R. Wynkoop. “We are very proud to help make a positive difference in the lives of many people.”
Originally built in the late 19th century as a silk hat factory, the renovated main factory building will include 17 one-bedroom units, 22 two-bedroom units, and three three-bedroom units, with one of the two-bedroom apartments reserved for an on-site superintendent, including an on-site superintendent unit. Designed by New York-based Magnusson Architecture and Planning, the updated buildings will meet or exceed the New York State Energy Conservation code requirements.
The front portion of the main former factory building will be home to the area’s third Fresh Start Café, a café and job training program run by RECAP.
Additionally, one of the original factory’s auxiliary buildings will also be converted into a community hall for residents in addition to on-site parking and laundry facilities.
“This property will be transformed from a factory to affordable housing,” Wynkoop added. “With the café and RECAP’s job training program, the benefits to the community are tremendous.”
A groundbreaking event for the project took place in late June.
Walden Savings Bank, established in 1872, is a federal chartered mutual savings bank headquartered in Montgomery, New York. With a total of 11 full-service branches serving Orange and Ulster Counties, the bank’s progressive style of community banking provides products that cater to both the individual and the growing mid-size business. In addition, Walden Investment Services, located at Walden Savings Bank, offers personalized advice for financial planning. To learn more about the Bank and its products and services, visit their website at www.waldensavingsbank.com