Crannell Square

Organization Name: The Community Preservation Corporation

Project Title: Crannell Square

Project Location: Poughkeepsie, NY

Project Description:
Crannell Square is a newly constructed, mixed income development that features 75 affordable apartments in an energy-efficient building, including 12 supportive homes and 26 apartments with a preference for income-eligible artists. The development consists of a single four-story building in Poughkeepsie's Upper Mill Street Historic District. The thoughtful design of Crannell Square honors the neighborhood’s unique character by recreating the historic stoop design that is prominent in the surrounding neighborhood. The building was designed to meet the standards of the New York State Energy Research and Development Authority's Low-Rise New Construction program and Leadership in Energy and Environmental Design certification. Energy efficient measures include high efficiency HVAC and domestic hot water systems, high performance spray foam insulation, and Energy STAR windows and appliances. The building is EPA Energy STAR Homes v3.1 Certified and EPA Indoor airPLUS certified. The 75 apartments include a mix of one-, two-, and three-bedroom units affordable to households earning at or below 100 percent of the Area Median Income.

Community Impact:
This project breathes new life and opportunity into the site of a former, underutilized parking lot that underwent successful environmental remediation through the Department of Environmental Conservation's Brownfield Cleanup Program.

By offering supportive housing and giving preference to artists, the building creates affordable rental opportunities for community members in need, fosters economic opportunity, and enriches the neighborhood’s artistic community and culture.
In addition to delivering newly constructed, sustainable, affordable housing opportunities to the Poughkeepsie community, the development is designed to spur economic development by encouraging pedestrian traffic.

The unique design of the property transforms the former site of a parking lot into a pleasant streetscape including a new plaza with benches and landscaping that encourages pedestrian traffic downtown. The building is located within walking distance of Poughkeepsie's Metro-North and Amtrak Train Station, the Walkway Over the Hudson, the Cunneen-Hackett Arts Center, the Poughkeepsie Public Library, City Hall and Dutchess County Offices, and the historical Bardavon Opera House.

Organization Description:
CPC is a nonprofit multifamily finance company that uses its unique expertise in housing finance and public policy to expand access to affordable and workforce housing, advance diversity in the development industry, and address climate change. Since 1974, CPC has invested over $14 billion to finance more than 225,000 units of housing. The company provides a suite of construction and permanent products including Freddie Mac, Fannie Mae and FHA mortgages, and is an equity investor with approximately 4,000 affordable units under ownership.

Team Members:

Kearney Realty and Development Group, CPC, Hudson River Housing, NYS HCR, NYS CRF, NYSERDA, Federal and State LIHTC financing, Department of Environmental Conservation Brownfield Cleanup Program

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