Affordable Housing Project in Carmel Gets Tax Credits
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Kearney Realty and Development Group will receive a total of $5.2 million in state tax credits for its Hamlet at Carmel project in Putnam County, which will include 75 affordable housing units.
The Hamlet of Carmel project, which will be the first non-age restricted affordable housing in Putnam, will receive a $3,400,000 tax credit from the New York State Homes and Community Renewal (HCR) Housing Trust Fund, $1,430,000 as part of an HCR 9% Low Income Housing Tax Credit and $396,000 as part of a State Low Income Housing Credit.
According to State Senator Pete Harckham, the tax credits were included in $145 million awarded by the state to create or preserve 1,178 affordable homes in 21 separate developments across New York.
“There is a pressing need for housing in the Hudson Valley that is within financial reach of seniors on fixed incomes, teachers, essential workers, working families and young professionals,” Harckham said. “The Hamlet in Carmel is a great example of the kind of public-private partnerships that will help alleviate the affordable housing shortage statewide, and I am pleased Governor Hochul and HCR are making a strong commitment to support this particular project.”
The Hamlet at Carmel development is located on a 35-acre waterview property next to Putnam County Hospital owned by Kearney Realty and Development Group and Castagna Realty Company. The entire development project will include 120 housing units in multifamily units and stand-alone cottages.
“The recently announced state support for the Hamlet at Carmel development will make this much-needed mixed-income housing project a reality,” said Kenneth Kearney, president of Kearney Realty and Development Group. “The Hudson Valley is in the midst of a housing crisis with too many people and families priced out of today’s market. This development will feature 75 state-of-the-art apartments at affordable rents with a preference for essential workers. I truly appreciate the efforts of Senator Harckham and his staff in securing the funding and seeing the project through.”
Rick has more than 40 years’ experience covering local news in Westchester and Putnam counties, running the gamut from politics and crime to sports and human interest. He has been an editor at Examiner Media since 2012. Read more from Rick’s editor-author bio here. Read Rick’s work here: https://www.theexaminernews.com/author/pezzullo_rick-writer/