Governor Hochul Unveils More Than 200 New Affordable Apartments in Saratoga Springs

Governor Kathy Hochul today announced the completion of the Reserve at Saratoga Springs, a $78 million, 12-building development that creates 202 affordable and supportive apartments located one mile from Saratoga Springs’s downtown center. Under Governor Hochul’s leadership, New York State Homes and Community Renewal has financed nearly 900 affordable homes in Saratoga County. The Reserve at Saratoga Springs continues this effort and complements Governor Hochul’s $25 billion five-year housing plan, which is on track to create or preserve 100,000 affordable homes statewide.

“The Capital Region's continued growth has created a high demand housing market, particularly in vibrant communities with high-performing schools like Saratoga County” Governor Hochul said. “This development delivers more than 200 energy-efficient, affordable homes in the heart of Saratoga Springs and will support the area’s workforce for years to come, proving that clean, affordable all-electric housing isn't just possible, it's happening right here in New York State.”

All units at the Reserve at Saratoga Springs are affordable to households earning up to 60 percent of the Area Median Income. NRP Group is the project’s developer.

Located on a previously unused wetland space, the project included new construction of 12 multifamily buildings and four townhouses that were all designed to respect the existing character of the neighborhood. The development was facilitated by the city of Saratoga Springs’ rezoning of the surrounding area as an urban neighborhood to promote housing growth.

The Reserve at Saratoga Springs is all-electric and designed to promote energy-efficiency. Features include ENERGY STAR appliances and lighting fixtures, insulated walls, green label flooring and high-efficiency water heaters.

State financing for the project includes support from HCR’s State and Federal Low-Income Housing Tax Credit Programs that generated over $28 million in equity and $23 million in HCR subsidy. The development also benefits from a $400,000 grant from the New York State Energy Research and Development Authority (NYSERDA). The city of Saratoga Springs provided a $567,000 construction refund. Operating funding for the supportive apartments will be provided by the Empire State Supportive Housing Initiative administered by the New York State Office of Temporary and Disability Assistance. 

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “The Reserve at Saratoga Springs is a testament to New York State's commitment to expanding access to high-quality, affordable housing. This transformative $78 million development not only provides 202 energy-efficient homes for Saratoga Springs families but also strengthens our communities by supporting Governor Hochul’s ambitious housing agenda to create and preserve 100,000 affordable homes across the state. By leveraging innovative financing and partnerships, we are ensuring that vibrant communities like Saratoga Springs remain accessible to our growing workforce.”

New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, “Projects like the Reserve at Saratoga Springs build upon New York’s efforts to expand affordable, healthy, and modern housing across the State. By incorporating clean technologies, these apartments will provide a highly efficient and comfortable living option to New Yorkers who need it most while also supporting the region’s growing workforce.”

Senator Charles Schumer said, “Every family in Saratoga Springs 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 help build over 200 new units at the Reserve at Saratoga Springs. These newly constructed buildings will be energy-efficient, easily accessible to the CDTA and Amtrak. 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 I will continue working to deliver federal resources to deliver more affordable housing across New York.”

Senator Kirsten Gillibrand said, “Expanding access to state-of-the-art, safe, and affordable housing is critical for all New Yorkers. The completion of the Reserve at Saratoga Springs will help ensure we can meet the housing and service needs of the Capital Region. I am proud that this development will create much-needed affordable housing in Saratoga Springs, and I remain committed to removing barriers to affordable and accessible housing for all New Yorkers.”

Representative Paul Tonko said, “The completion of this project is an important step toward ensuring that every family here in our Capital Region has a safe, affordable place to call home. Thanks to the combined contributions of local, state, and federal authorities — including over $28 million in equity from the Federal Low-Income Housing Tax Credit Programs — this new development is making more than 200 apartments available at a time when the need for affordable housing is greater than ever. These energy-efficient units, located in close proximity to convenient public transportation options, will provide an opportunity for hundreds of families to live sustainably, safely, and affordably for generations to come.”

Assemblymember Carrie Woerner said, “This project represents a strong collaboration between state and local governments and the private sector. I appreciate that Governor Hochul has prioritized the building of workforce housing in Saratoga Springs, a city with a significant need for housing that is affordable for the workforce that supports our small businesses.”

City of Saratoga Springs Mayor John Safford said, "The success of our affordable/workforce housing initiative is almost breathtaking. We have over 1800 units already on the books and previously built in Saratoga Springs. The cooperation between the City and the New York State Housing and Community Renewal and our excellent staff; notably, Michael Dutre and Katie Tiedemann, has been outstanding."

The NRP Group Senior Vice President of Development Jonathan Gertman said, "The NRP Group is proud to partner with Governor Hochul, HCR and Goldman Sachs to help New York achieve its ambitious housing goals. The long term affordable rents and stable, high quality housing enjoyed by the current and future residents of Reserve at Saratoga Springs would not be possible without the State’s investment in affordable housing. We applaud the Governor's ambitious housing agenda and are grateful for the opportunity to improve the lives of so many in Saratoga Springs by developing a new, inclusive, and vibrant residential neighborhood.”

Governor Hochul’s Housing Agenda
Governor Hochul is dedicated 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, capital funding, and new protections for renters and homeowners. Building on this commitment, the FY26 Enacted Budget includes more than $1.5 billion in new State funding for housing, a Housing Access Voucher pilot program, and new policies to improve affordability for tenants and homebuyers. These measures complement the Governor’s five-year, $25 billion Housing Plan, included in the FY23 Enacted Budget, 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 65,000 homes have been created or preserved to date.

The FY25 and FY26 Enacted Budgets also strengthened the Governor’s Pro-Housing Community Program — which allows certified localities exclusive access to up to $750 million in discretionary State funding. Currently, 350 communities have received Pro Housing certification, including the city of Saratoga Springs.