Springs West is designed to provide workforce housing by attracting both adult households and families. The outdated buildings on the site have been demolished and will be replaced with six new buildings featuring 98 apartments, nearly half of which will consist of two and three-bedroom units. All apartments will be reserved for households earning up to 80 percent of the Area Median Income.

Developed by Beacon Communities and the Saratoga Springs Housing Authority, the Springs West Apartments will have energy-efficient features including electric heating and cooling, thermal insulation, energy-efficient windows, LED lighting and efficient plumbing. The new development will include a new playground and is located near schools, a grocery store, healthcare facilities, and retail establishments. Spring West is easy to access from I-87 and nearby bus and train service.

Springs West Apartments is supported by New York State Homes and Community Renewal's (HCR) Federal and State Low Income Housing Tax Credit Programs that are expected to generate $21.8 million in equity, $20.8 million in tax-exempt bonds, $10.9 million in subsidy from its Housing Finance Agency's New Construction Capital Program and Middle Income Housing Program, and a $7.5 million first mortgage from its State of New York Mortgage Agency. The city of Saratoga Springs provided a Payment in Lieu of Taxes agreement and funded permitting and recreation fees associated with the project. Tax Credit equity was syndicated by Key Community Development Corporation. Key Bank N.A., provided a mortgage letter of credit.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "This $43 million project is a much-needed workforce housing investment for downtown Saratoga Springs. With nearly 100 modern, family-friendly and energy-efficient apartments, Springs West is a prime example of Governor Hochul's commitment to increasing housing opportunities throughout New York. As a certified Pro Housing Community, we thank the city of Saratoga Springs and the Saratoga Springs Housing Authority for sharing our vision for boosting the supply of affordable, modern, and sustainable homes."

Senator Chuck Schumer said, "Every family in Saratoga deserves a safe and affordable place to call home. I'm proud that the federal Low-Income Housing Tax Credit that I worked hard to protect and expand has delivered millions to start building nearly 100 new homes at Springs West Apartments. High housing costs are a key driver of inflation so we must build more housing for working people to bring down those high prices. I applaud Governor Hochul's work increasing access to affordable housing in the Capital Region and across New York, and I will continue working to deliver federal resources to ensure that every New Yorker has a roof over their heads."

Representative Paul Tonko said, "This project is an important step toward ensuring that every family across our Capital Region has a safe, affordable place to call home. Here in our Capital Region and across New York State, the need for low-cost housing has never been more urgent - and Governor Hochul's housing plan will play a critical role in meeting that challenge. By investing in public-private partnerships like this one, we are making real progress in expanding access to quality, affordable homes for working families here in Saratoga Springs and beyond. I'm proud to celebrate this effort and I'll always continue working to bring more housing opportunities to our communities."

State Senator Jim Tedisco said, "Affordable housing is an important issue to many New Yorkers who live on fixed incomes. I want to thank the Governor and the NYS Homes and Community Renewal for their efforts in constructing 98 new affordable apartments in Saratoga Springs and the 44th Senate District for residents who may need them to find an affordable place to call home."

Assemblymember Carrie Woerner said, "Housing for the people who work in Saratoga's hotels, restaurants, healthcare facilities and downtown businesses is desperately needed. Springs West will help fill this gap. I congratulate the Saratoga Housing Authority on this milestone achievement and look forward to its completion."

Saratoga Springs Mayor John Safford said, "I am thrilled that we are able to bring both affordable and workforce housing into Saratoga Springs."

Saratoga Springs Housing Authority Executive Director Paul Feldman said, "The Saratoga Springs Housing Authority is very excited to be breaking ground on our fourth development project in the last six years. This project has been years in the making. The Saratoga Affordable Housing Group began the initiative to redevelop the Allen Drive property almost a decade ago, and SSHA was finally able to bring it across the finish line. Springs West will offer the opportunity for many hard-working families to live in a city where they otherwise would not be able to afford. We're pleased to partner with Beacon Communities on its development, and we are also very grateful to both New York State HCR for providing the tax credits and Key Bank Development Corporation for providing the funding needed to build the project. We look forward to the completion of this project next year and the positive impact it will have on our local business community."

Beacon Communities CEO Dara Kovel said, "We appreciate the opportunity to partner with the Saratoga Springs Housing Authority to bring these much-needed sustainable and affordable homes to Saratoga Springs. We're grateful for Gov. Hochul's leadership in addressing the housing crisis across New York. HCR's support for this project, along with the support of all our public and private sector partners, will allow residents to continue to live in and contribute to this vibrant community."

Saratoga County Chamber of Commerce President Todd Shimkus said, "We are excited to see this development break ground. The need for affordable workforce housing in Saratoga Springs and across Saratoga County is paramount for our future economic success. It's a priority for the Chamber to help local organizations and developers to build more places in our local communities so more people can live and work here."

Governor Hochul's Housing Agenda

Governor Hochul is committed to addressing New York's housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York's housing supply through new tax incentives for Upstate communities, new incentives and relief from certain state-imposed restrictions to create more housing in New York City, a $500 million capital fund to build up to 15,000 new homes on state-owned property, an additional $600 million in funding to support a variety of housing developments statewide and new protections for renters and homeowners. In addition, as part of the FY23 Enacted Budget, the Governor announced a five-year, $25 billion Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. More than 55,000 homes have been created or preserved to date.

The FY25 Enacted Budget also strengthened the Pro-Housing Community Program which the Governor launched in 2023. Pro Housing Certification is now a requirement for localities to access up to $650 million in discretionary funding. Currently, nearly 300 communities have been certified, including the city of Saratoga Springs.