The New York State Homes and Community Renewal office announced yesterday the awardees of state funding that includes 16 housing development projects across the state. The Saranac Lofts, a 70-unit apartment complex for artists and mixed-income renters, was one of these projects and was awarded $6.5 million. The Saranac Lofts will also provide commercial space for a local non-profit and will be located at the corners of Broadway and Depot Street in downtown Saranac Lake. The Saranac Lofts project also received $100,000 from Saranac Lake’s Downtown Revitalization Initiative grant.
“Congratulations to Saranac Lofts for receiving $6.5 million in state funding for their mixed-income housing project,” said Assemblyman Jones (D-Chateaugay Lake). “This will be a great asset to Saranac Lake’s Downtown Revitalization Initiative and will bring more residents to the downtown region who will patronize the surrounding businesses. The artist housing and commercial space for a local nonprofit will also help bring more artists to the community and provide important resources to residents. This project is much needed in the Adirondack region where there is currently an affordable housing crisis, and I was proud to support them throughout the application process.”
“The North Country Chamber applauds the announcement of $6.5 million in state funding for the Lofts project in Saranac Lake,” says Garry Douglas, Chamber President. “It is a transformative project that we were pleased to support as a priority affordable housing advance in our region. We congratulate the developers and especially the Village of Saranac Lake and the Franklin County Economic Development Corp. And we thank Assemblyman Jones and Senator Stec for their advocacy, and Governor Hochul and HCR for recognizing the importance of this project and helping to make it a reality. The Lofts project follows on the heels of recent state support for the also transformative Harison Place Project by Citizen Advocates in Malone. Onward and upward!”