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Capital Region Economic Development Council Cuts Ribbon on Paul Raihofer Senior Village in Valatie

Green Plus certified development provides 32 affordable, environmentally-friendly apartments
(June 25, 2013)

Capital Region Economic Development Council Cuts Ribbon on Paul Raihofer Senior Village in Valatie

The Capital Region Economic Development Council (CREDC) today announced the official opening of Paul Raihofer Senior Village in Valatie, Columbia County. The affordable, Green Plus certified building offers 32 apartments for seniors and disabled residents. It was completed with a nearly $1.7 million award from Governor Andrew Cuomo’s Regional Economic Development Council initiative. The award, in the form of Low-Income Housing Tax Credits and Housing Trust Fund financing from New York State Homes & Community Renewal (HCR), leveraged $357,000 in federal Rural Development Funding and will generate $7 million in economic activity in the area.

“This new senior housing is a tribute to Paul Raihofer and the community and corporate partners who helped realize his vision to better serve the citizens of Valatie,” said the Capital Region Economic Development Council (CREDC) Co-Chairs, Albany Medical Center President James Barba and University at Albany President Dr. Robert Jones. “Under Governor Cuomo’s leadership, CREDC was pleased to play a role in this important housing development by helping to generate $7 million in area economic activity while leveraging $357,000 in federal Rural Development Funding.”

“Paul Raihofer Senior Village is a wonderful addition to Valatie and will fill a need for high quality affordable housing for seniors,” said HCR Commissioner and CEO Darryl C. Towns. Governor Cuomo’s Regional Council initiative helped make this development possible, leveraging federal dollars and injecting millions into the community. We are especially impressed by the number of energy-efficiency certifications Paul Raihofer Senior Village is earning. This building is state-of-the art, durable and efficient to maintain. It will serve Valatie residents now and well into the future. Congratulations to our partners at 3d Development Group on a job well done.”

Paul Raihofer Senior Village, constructed by 3d Development Group, LLC, is a Green Plus certified building. It will be certified Gold by the U.S. Green Building Council’s LEED for Homes program and by the National Association of Home Builders Green Building Program. The project will also be certified by Enterprise Green Communities and the U.S. Department of Energy’s Builders Challenge program. All 32 units will be Energy Star for Homes.

Bruce Levine, President of 3d-Development said, “Thank you to all of our partners who helped make this project possible, including Governor Cuomo’s Capital Region Economic Development Council, the Columbia Economic Development Corporation, the Columbia County Board of Supervisors, the Village of Valatie and Town of Kinderhook. Paul Raihofer Village will help meet the demand for affordable senior housing in Valatie, while at the same time strengthening the village economy.”

Francis J. Murray Jr., President and CEO, NYSERDA said, “The Paul Reihoffer Senior Village is an excellent example of the way new, affordable housing can incorporate energy-efficiency measures that are environmentally friendly and reduce energy costs. The State, under Governor Cuomo, is demonstrating once again its continued commitment and investment in energy efficiency that will provide benefits not only for the building’s residents but the community as well.”

Paul Raihofer Senior Village is named in honor of a long-time village trustee who was a strong advocate for the project and passed away while in office. The development includes a community room, laundry room and computer room. There is a senior center within walking distance.

In 2011, Governor Cuomo redefined the State’s approach to economic development by establishing 10 Regional Economic Development Councils (REDC) across the State. The REDC and Consolidated Funding Application (CFA) process have transformed economic development in New York State, creating a statewide framework for bottom-up regional economic growth. Statewide, the first two rounds included $1.5 billion in investments to support more than 1,400 projects, which are creating or helping to retain an estimated 75,000 jobs. As part of the first round process, Paul Raihofer Senior Village (Valatie Senior Apartments) was awarded $1.7 million from New York State Homes & Community Renewal.

“USDA RD assists in providing safe, reliable and affordable housing for seniors and others living in rural communities,” said USDA Rural Development State Director Lee Telega. “Our investment in Valatie Housing Group demonstrates the Administration’s understanding that quality housing is a critical ingredient to vibrant and sustainable rural communities across the nation.”

Village of Valatie Mayor Diane Argyle said, “The Village of Valatie is excited that Mr. Levine is opening another senior housing complex. Mr. Levine and his staff always do an excellent job building a complex and maintaining it. We are looking forward to welcoming all the new residents to our community.”

Patrick Grattan, Columbia County Board of Supervisors Chair said, “This development is an asset to everyone in Columbia County. It provides 32 safe, affordable homes for seniors and I congratulate everyone involved."

Kenneth J. Flood, Executive Director of Choose Columbia-Columbia Economic Development Corporation said, “The Columbia Economic Development Corporation was pleased to partner with Kinderhook Bank to provide the necessary construction financing of this important senior housing project. As the number of Americans over the age of 65 is expected to double to 71 million by 2030, the fundamental demand for senior housing across the country is clear – and Columbia County is no exception. The proper senior housing should be in place as our baby boomers retire and look to downsize to assisted-living facilities and retirement communities.”

New York State Homes and Community Renewal (HCR) consists of all the State's major housing and community renewal agencies, including the Affordable Housing Corporation, the Division of Housing and Community Renewal, the Housing Finance Agency, State of New York Mortgage Agency, Housing Trust Fund Corporation and others.

The Regional Economic Development Council initiative (REDC) is a key component of Governor Andrew M. Cuomo’s efforts to spur economic development and job creation across New York State. In 2011, Governor Cuomo established 10 REDCs to develop long-term strategic plans for economic growth for their regions. The Councils are public-private partnerships composed of local experts and stakeholders from business, academia, local government, and non-governmental organizations. For more information on the Regional Councils, please visit www.regionalcouncils.ny.gov.

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