RUPCO Secures Funding for Workforce and Senior Housing in the Village of Tannersville

May 6, 2024

Kingston—NY. RUPCO received a $10.5 Million Low-Income Housing Tax Credit award from New York State Homes and Community Renewal (NYSHCR) to develop 56 affordable apartments in the Village of Tannersville, with a workforce and senior preference.

Located at the site of the former Cold Spring Hotel -55 Spruce Street – Cold Spring Apartments will be an intergenerational and energy-efficient campus that features three buildings and a community space for residents to gather. The new construction development includes two double-story multifamily buildings that will house (40) workforce apartments and (15) senior apartments for those 55 and over, respectively. The third building will be transformed into a Community Center with an onsite superintendent apartment on the second floor.

The development will be home to a diverse mixed-income community that can help enrich the fabric of Tannersville. The workforce homes will serve households earning 50% – 93% of the Area Median Income (AMI), with 11 units preferenced for current Greene County residents, and the senior apartments will be affordable to households at 30% – 60% AMI. The project will also include nine homes that are preferred for persons with a disability (6 units) and individuals with a visual and hearing impairment (3 units).

RUPCO will employ passive house standards to achieve a LEED for Homes Silver status from the U.S. Green Building Council (USGBC) and a PHIUS certification. Building to these standards with the use of a geothermal heat pump system for heating, cooling, and domestic hot water production will reduce our carbon footprint and will provide savings to future residents.

Inspired by the beautiful Adirondack and cottage style, Cold Spring Apartments was designed with “mountain lifestyle” needs in mind. Each building features community, wellness, and laundry rooms, with trash and recycling rooms conveniently located on each floor. The community center will provide a multipurpose room with a kitchenette and bathroom facilities, ski and bicycle storage, and a maintenance garage for lawn care and snow removal equipment storage.

The funding sources provided by NYSHCR Housing Trust Fund Corporation include up to $990,000 of Low-Income Housing Tax Credit (LIHTC), $733,981 of NYS Low-Income Housing Tax Credits (SLIHC), $1,795,000 of New York State Housing Trust Fund (HTF), $ 1,388,317 of Federal Housing Trust Fund (FHTF), $2,900,000 of Middle-Income Housing Program (MIHP), $ 2,340,923 of NYS HOME and $420,000 of Clean Energy Initiative Program (CEI). The project will benefit from a $2.5M Downtown Revitalization Initiative (DRI) award secured by the Village of Tannersville and the Hunter Foundation in 2021. Furthermore, the project has received local approvals, and construction is scheduled to begin in Fall 2024.

The project development team includes Ashley McGraw Architects and Tern Construction and Development as the contractor. In 2022, RUPCO received an invitation from the Hunter Foundation to develop affordable housing for the local workforce. The agency has also worked closely with the Village of Tannersville, whose support has been instrumental in advancing the project.

HCR Commissioner RuthAnne Visnauskas said:
“Cold Spring Apartments will be transformative for Tannersville by revitalizing a dilapidated relic of a bygone era to create 55 affordable homes in a region where they are critically needed. This unique project will capitalize on the upper Hudson Valley’s rural atmosphere and charm while exemplifying sustainable, eco-friendly development. Congratulations to RUPCO and thank you to Governor Hochul for her continued commitment to tackling the housing crisis in a way that furthers our State’s nation-leading climate goals.”

Kevin O’Connor, RUPCO CEO, said:
“We extend our heartfelt gratitude to NYSHCR, Governor Hochul, and all our partners for their unwavering support in making Cold Spring Apartments a reality. Together, we embark on a journey to redefine affordable housing that prioritizes current residents of Greene County as well as sustainability, inclusivity, and community well-being.”

David Schneider, Mayor of the Village of Tannersville, said:
“We are very happy that RUPCO was able to secure funding for such an important and vital project for the growth and economic development of our village. Once completed this will help the village of Tannersville and the surrounding communities with its housing shortages. We look forward to working with RUPCO to see this project through its completion.”

Sean Mahoney, Executive Director of Hunter Foundation Inc, said:

“This funding announcement for RUPCO’s transformative affordable workforce and senior housing project marks a monumental victory for the Village of Tannersville and surrounding region. This project not only tackles the critical need for affordable housing in our community but will also breathe new life into the blighted Cold Spring Hotel property, which has been in ruins for years.”  By offering essential and state of the art housing for working people, families, and seniors, RUPCO can create a flourishing community where people from all walks of life will prosper in an impeccably maintained and attractive housing complex. We extend our gratitude to RUPCO for their dedication throughout this long and arduous process, as this project will undoubtedly pave the way for a brighter future in our Town.”



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

New York State Homes and Community Renewal (NYSHCR) preserves housing affordability and works with private, public, and nonprofit partners to create inclusive, safe, “green,” and resilient places to live in New York State. HCR is charged with carrying out the Governor’s $1 billion HOUSE NY plan, leveraging New York’s federal and state community development resources, and creating affordable housing opportunities statewide. HCR programs provide financing to create and preserve multifamily housing; improve housing conditions, ensure accessibility, and save energy; provide bonding authority and other resources to facilitate local public improvements and job creation; and help thousands of low- and moderate-income New Yorkers purchase a home. NYS HCR also funds services for low-to-middle-income households, and vulnerable populations including veterans, seniors, homeless families, individuals with HIV/AIDS, and at-risk youth.