Construction Begins on Glens Falls Apartments

Governor Kathy Hochul today announced construction is underway on South Street Apartments, a new 70-unit affordable housing development in the city of Glens Falls, Warren County. The $27 million project, which continues the city’s downtown revitalization efforts, will provide accessible and supportive units, as well as a dynamic new satellite space for SUNY Adirondack on the building’s first floor. Under Governor Hochul’s leadership, New York State Homes and Community Renewal (HCR) has financed more than 5,400 affordable homes in the Capital Region. South Street Apartments continues this effort and complements Governor Hochul’s historic five-year, $25 Billion Housing Plan, which is on track to create or preserve 100,000 affordable units across the state.

“South Street Apartments is emblematic of what we’re accomplishing in New York’s Pro-Housing Communities — creating more affordable housing for today’s workforce, providing resources that help support vulnerable residents in their homes and revitalizing our downtowns both big and small,” Governor Hochul said. “With the addition of a State University of New York space within the building, we’re also prioritizing education and job training by making it more accessible to those who live in and around the city. We thank our local partners for continuing to share our vision.”

South Street Apartments will serve individuals and families with household incomes between 30 to 70 percent of the Area Median Income. The Office for People With Developmental Disabilities will provide rental subsidies and service funding for five units set aside for people with developmental disabilities. Six other units will be set aside to serve homeless youth under the Empire State Supportive Housing Initiative (ESSHI) with service and rental subsidies provided by the New York State Office of Temporary and Disability Assistance. Community, Work and Independence, Inc. and WAIT House will provide on-site support.

SUNY Adirondack will also lease space that will be used for healthcare workforce development, with equipment and instruction costs provided with the assistance of the New York State Department of Health’s Healthcare Education and Life-skills Program (HELP) awards.

The five-story all-electric building will also have a fitness center, an outdoor courtyard and fenced-in playground, as well as ample parking that includes a surface lot and a municipal agreement that allows residents to use a nearby garage. The development also includes units that are accessible and equipped for people with mobility impairments, as well as hearing and visual impairments.

The construction, led by Bonacio Development, complements South Street projects funded through Glens Falls’ Downtown Revitalization Initiative (DRI) award — including the Events Downtown Center, and a renovation currently being done by Bonacio of historic, vacant structures that are being turned into market-rate apartments and commercial space.

South Street Apartments follows a previous $70 million project, financed through HCR, that renovated or replaced all units across the Glens Falls Housing Authority portfolio.

HCR supported the construction of South Street Apartments with $13.8 million in equity raised through the Low-Income Housing Credit Program; $3.1 million in equity raised through the New York State Low-Income Housing Tax Credit Program; $3.6 million from the Low-Income Housing Trust Fund; $689,489 from the Rural and Urban Community Investment Fund, and $385,000 from the Clean Energy Initiative Program. The city of Glens Falls is also providing a property tax abatement.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Under Governor Hochul’s leadership, HCR is working across New York to provide accessible, affordable housing where it is most needed. Thank you to Bonacio Development, Mayor William Collins, and our State and non-profit partners for bringing a project to downtown Glens Falls that will not only provide stability for 70 families, but also essential supportive care and workforce training.”

New York State Office for People With Developmental Disabilities Commissioner Willow Baer said, “Expanding the supply of affordable, accessible, and integrated housing opportunities for people with developmental disabilities who want to live in and be a part of their communities is essential to our mission of helping people live richer lives. We are so excited for the people who will ultimately call the South Street Apartments their home and are grateful to Governor Hochul for being a true partner in helping New Yorkers with developmental disabilities live as independently as possible.”

New York State Office of Temporary and Disability Assistance Commissioner Barbara C. Guinn said, “The causes of homelessness are complex, and Governor Hochul understands that supportive housing is a critical and proven tool in helping stabilize the lives of people who have experienced or are at risk for homelessness. When completed, South Street Apartments will be a haven for youth aging out of foster care by providing them access to not only a safe, affordable home but also the supportive services they need to thrive in their community.”

New York State Health Commissioner Dr. James McDonald said, "I commend Governor Hochul and local partners on this development, which will serve multiple purposes, where New Yorkers will live, learn and thrive. By providing a support system for healthcare students and trainees, SUNY Adirondack is helping to build a more resilient healthcare workforce and strengthen the communities they serve.”

SUNY Adirondack President Anastasia L. Urtz said, “SUNY Adirondack celebrates Gov. Hochul’s unwavering focus on expanding access to affordable housing, improving lives and livelihoods through health care careers, and strengthening community vitality. This important community development project will leverage SUNY Adirondack ‘s new $5M NYS Department of Health workforce training grant and support individuals to prepare for in-demand careers in health care.”

Senator Charles Schumer said, “Every family in the Capital Region deserves a safe and affordable place to call home. I’m proud that the federal Low-Income Housing Tax Credit that I worked hard to protect and expand has delivered millions to help build 70 units in Glens Falls. High housing costs are a key driver of inflation so we must build more housing for working people to bring down those high prices. I applaud Governor Hochul’s work increasing access to housing for working families in the Capital Region and across New York, and I will continue working to deliver federal resources to deliver more affordable housing across New York.”

Senator Kirsten Gillibrand said, “Expanding access to affordable housing is essential to strengthening our communities and driving economic growth across New York. South Street Apartments will provide quality homes, help revitalize downtown Glens Falls, and boost the local economy. I am proud to support this project and will continue advocating for investments that ensure every New Yorker has a place to call home.”

Assemblymember Carrie Woerner said, “Glens Falls’ strong economic growth needs to be supported by housing that is affordable for teachers, nurses, retail workers, firefighters, and first responders. I am excited to see the construction of a significant number of apartments on South Street that will be priced so that people who work in Glens Falls can afford to live in Glens Falls. I thank Governor Hochul for her leadership in aggressively pursuing a housing growth strategy that strengthens communities.”

Glens Falls Mayor William Collins said, “The new South Street Apartments are an important addition to the stock of affordable housing in our city. These 70 new affordable housing units and the associated commercial space are welcome additions to our thriving downtown. They both complement and increase the momentum of the revitalization of the South Street neighborhood catalyzed by our DRI project. The city of Glens Falls is fortunate to have partners like New York State Governor Kathy Hochul, New York State Homes and Community Renewal and Bonacio Development among many others in the realization of this effort.”

Bonacio Family of Companies CEO Sonny Bonacio said, “Bonacio is proud and honored to assist in fulfilling Governor Hochul’s commitment to plentiful and affordable housing, here in Glens Falls and across the state of New York. The South Street Apartments will join our transformative Market Square project to provide a strong residential foothold within the vibrant Glens Falls Business District.”

Community, Work and Independence, Inc. Vice President and Chief Operating Officer April Boucher said, “Community, Work and Independence (CWI) is proud to partner with OPWDD and GF South Street Apartments, LLC to expand housing options that promote independence and inclusion for individuals with intellectual and developmental disabilities. Through this Housing Services Agreement, we’re ensuring that at least five units are dedicated to individuals we serve — empowering them to live more independently, engage in their communities, and experience the dignity that comes with having a home of their own.”

WAIT House Executive Director Jason McLaughlin said, “At WAIT House, we believe every young person deserves the chance to build a stable and fulfilling life right here in our community. We’re thrilled to be part of the South Street Apartments project, which will give youth aging out of foster care not just a safe home, but a real opportunity to grow and succeed. This collaboration shows what can happen when neighbors, local organizations, and state partners work together to make Glens Falls stronger and more inclusive for everyone.”

Governor Hochul’s Housing Agenda
Governor Hochul is dedicated to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York’s housing supply through new tax incentives, capital funding, and new protections for renters and homeowners. Building on this commitment, the FY26 Enacted Budget includes more than $1.5 billion in new State funding for housing, a Housing Access Voucher pilot program, and new policies to improve affordability for tenants and homebuyers. These measures complement the Governor’s five-year, $25 billion Housing Plan, included in the FY23 Enacted Budget, to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. More than 65,000 homes have been created or preserved to date.

The FY25 and FY26 Enacted Budgets also strengthened the Governor’s Pro-Housing Community Program — which allows certified localities exclusive access to up to $750 million in discretionary State funding. Currently, more than 350 communities have received Pro-Housing certification, including the city of Glens Falls.