State Senator John J. Bonacic (R/I/C - Mount Hope), Chairman of the Senate Housing, Construction, and Community Development Committee, announced that funding has been granted to the Water's Edge for the new construction of a two-story building containing 12 rental units and a community room. The units will be dedicated for low-income, senior citizens in Port Jervis.
"I am pleased to announce this financial assistance to Water's Edge. The need for affordable housing for area seniors is great and continues to grow," stated Senator Bonacic.
Port Jervis Mayor Gary Lopriore stated, "The funding and approval of the proposed 12 units dedicated for low-income senior citizens at Water's Edge is certainly a win-win for our City. Affordable senior housing is in great demand and this project will help our area meet that demand. Senator Bonacic's efforts are greatly appreciated."
The total cost of the new construction project is approximately $1.8 million. Funding will be provided by the federal Low-Income Housing Credit Program. The credits will provide an equity contribution of approximately $1.7 million.
The new housing units will be affordable to persons with incomes up to 50% of the area median. The 12 one bedroom units will all be handicapped accessible and equipped with Energy Star rated appliances, central air conditioning and high speed internet access.
"This is a wise investment that helps to address the tremendous need for affordable housing, particularly for our seniors," Senator Bonacic concluded.