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Board approves extension for Liberty Affordable Housing; applicant reports $14M funding gap
Summary
The planning board granted a first extension for the Liberty Affordable Housing site plan at Crescent Ave and Jefferson Street. Applicant representative said a reduction in federal funding created a roughly $14 million financing gap now being addressed through state funding and creative financing.
Saratoga Springs planning board members unanimously approved an extension request for the Liberty Affordable Housing site plan located at Crescent Avenue and Jefferson Street.
Staff reported the original site‑plan approval was issued Jan. 8 (year not specified) and that the approval would have expired in July; the applicant asked for a first extension to a later date. In a public update the applicant’s representative, Steph Ferradino, told the board the project experienced a major funding shortfall after a change in federal priorities: “when the current president took office, he cut a lot of federal funding, which resulted in $14,000,000 gap in our funding for this project.” Ferradino said the team is “in the pipeline for the state funding, and the state is helping us get creative in closing that gap.”
Board members asked for the update and expressed support; the extension was approved on the consent calendar. The transcript shows the motion and vote occurred during the consent items but does not record a named mover; one board member was recorded saying “Aye.”
What’s next: the applicant said it will pursue state funds and additional creative financing to close the funding gap; the planning staff will record the new extension date and continue to monitor project filings and required permits.
Context: the project was previously approved by the board and the extension preserves the applicant’s entitlement while financing and permit steps are resolved.
No formal conditions or changes to the previously approved findings of fact were reported in the meeting transcript.
