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Hudson River Housing seeks $1.45M DRI for mixed-income housing at 488 Main Street; HCR application pending
Summary
Hudson River Housing described a $37.8 million mixed-income housing and ground-floor commercial proposal at 488 Main Street and requested $1,450,000 in DRI funds; the nonprofit said it already has site control, letters of intent for large construction and permanent loans, and a pending HCR application with announcements expected in February.
Mary Lang, vice president of real estate development at Hudson River Housing (HRH), presented a proposal to the Local Planning Committee for a mixed-income housing project with ground-floor commercial space at 488 Main Street and requested $1,450,000 in DRI funding toward a $37.8 million budget.
Lang said the development would include 5,082 square feet of commercial frontage on Main Street and residential frontage on Cannon Street; the project sponsor is Windows on Main HDFC, a wholly owned subsidiary of Hudson River Housing, and HRH currently holds site control.
“The property is owned by the Windows on Main HDFC, which is a wholly owned subsidiary of Hudson River Housing, so we have full site control of the property,” Lang said. She listed funding sources the team is pursuing, including HCR programs that would be accessed through a February funding round, an M&T Bank letter of intent for a $24.7 million construction loan, a Community Preservation Corp. (CPC) letter of intent for a $6 million permanent loan, $700,000 from the Dutchess County Housing Trust Fund and $200,000 in HOME funds already awarded. Lang also said there is a guaranteed deferred developer fee of $2,500,000.
Lang said HRH submitted a $30.3 million application to HCR and that HCR generally looks favorably on projects that have DRI awards because those awards demonstrate municipal support; HRH said if awarded in February 2026 the team can meet HCR’s six-month closing deadline and begin construction around October with an anticipated 20-month build leading to initial occupancy in mid-2028.
On site operations, Lang said HRH would provide on-site full-time property management and maintenance, gated playground space, and HRH’s property-protection unit would monitor cameras and visit the property regularly. She said the initial design proposes 34 parking spaces with negotiations underway to secure 22 additional spaces from neighboring property owners.
The LPC did not vote. HRH answered committee questions about readiness, unit composition and funding; HRH said the current application does not include three-bedroom units owing to cost and market demand but that three-bedroom units could be considered if the numbers can be made to work.
