Concentrating Resources on Larger-Scale Hudson Valley Affordable Housing, RUPCO Will Sell Smaller Property

March 29, 2024

KINGSTON, NY — Taking steps to provide more “desperately, desperately needed affordable housing,” RUPCO will soon sell one of its smaller residential properties in Saugerties.

This marks a significant step in RUPCO’s evolution as a regional Hudson Valley engine for increasing the number of rental apartments for working families, people with disabilities, and the economically disadvantaged.

“The housing and community development agency is increasingly being called upon to take the lead in developing buildings with multiple apartments,” said RUPCO’s Chief Executive Officer, Kevin O’Connor. Obviously, we need more housing and larger, multifamily projects help make a greater impact on meeting our communities’ needs. “After 42 years of operating as Rural Preservation Program, we must organize and equip ourselves to deliver on the larger mission with financial resources, staff education, recruitment, operations and administration,” O’Connor said. “We recognize that it is more difficult and far less efficient to manage and support a scattering of smaller buildings,” he continued.

 

Following careful analysis, RUPCO will sell the Brede building, which features seven apartments and two commercial storefronts, both on Partition Street. Following the sale, residents will become tenants of the new owners, who have agreed to maintain the units as affordable housing. In addition, a cross-functional RUPCO team will help the tenants remain in their apartments or, if needed, help them relocate.

Responding to the Growing Housing Crisis

This will be the first time the not-for-profit provider of affordable housing has sold any residential properties. “Selling property is not an easy decision but it is part of our strategy to achieve greater housing outcomes and meeting our mission,” O’Connor said. Today, housing in New York’s Hudson Valley is a multifaceted crisis characterized by high housing costs, lower than median national wages, and a lack of affordable and available rental units. “It is an issue that demands urgent attention and bold solutions,” he reported. RUPCO has responded to the crisis by expanding throughout the larger Hudson Valley and taking the lead in developing multi-unit affordable apartments in adjacent counties.

“Larger multi-unit buildings are enabling us to develop critically needed units of affordable housing,” said O’Connor. “But operating at a larger scale requires administration, maintenance, and financial management efficiencies. Consider this: a maintenance crew dispatched to a 50-, 60- or 80-unit property can accomplish more than it can during a dispatch to a 7-unit structure.”

 

RUPCO manages a rental portfolio of 771 affordable apartments across 23 developments in Ulster, Orange, and Greene counties.

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About RUPCO
RUPCO creates homes, supports people, and improves communities across a broad spectrum of community development solutions, including housing, historic preservation, and neighborhood revitalization in the Hudson Valley. RUPCO creates and maintains quality, sustainable housing and rental opportunities, inspires understanding and acceptance of affordable housing initiatives, and champions pathways to opportunity. For more information, visit www.rupco.org