Organization Name: Habitat for Humanity & Community Loan Fund
Project Title: Sheridan Hollow Redevelopment Initiative
Project Location: Albany, NY
HHCD with financing from the Community Loan Fund of the Capital Region, built 13 affordable, energy-efficient homes in Albany’s Sheridan Hollow neighborhood. These homes build on the momentum of a larger development effort in the neighborhood of more than 30 new Habitat homes, including single-family, two-family, new construction and rehabbed buildings. Habitat also has seven additional homes in pre-development in the Sheridan Hollow, with a purchase option in place for up to 22 new properties. These 13 homes were sold to first-time buyers who were identified based on their level of need, their willingness to partner, and their ability to repay an affordable mortgage. The Community Loan Fund provided a $600,000 revolving line of credit for the construction of the homes. Under the supervision of Habitat staff, local volunteers helped the homebuyers build their new homes. Each homebuyer invested hundreds of hours of labor—what Habitat calls “sweat equity”—into building their home and those of others and also completed pre-purchase financial education classes. Like other homeowners, each Habitat family pays for their home by making monthly payments on their affordable mortgage.
The Community Loan Fund and Habitat, together with their partners, have changed the conversation about community development in Sheridan Hollow. What was once one of the City’s most neglected neighborhoods is now being redeveloped into a mixed-income, mixed-use community. This comprehensive project has created unprecedented opportunities for affordable homeownership and neighborhood revitalization. These 13 homes have added more than $1.6 million dollars to the City’s tax base, eliminated pockets of blight and promoted additional re-investment in an historically significant neighborhood that was highlighted as a priority area in the Albany 2030 comprehensive plan.
Fortunately, investments made by neighborhood partners, as well as renewed interest and investment in the City’s adjacent downtown district and Lark Street Business Improvement District, paves the way for Sheridan Hollow to become a unique, affordable neighborhood with strong connections to nearby amenities. The neighborhood is adjacent to Albany’s downtown district and is just a short walk from the New York State Capitol, the Empire State Plaza, and Albany City Hall.
Habitat for Humanity Capital District builds strength, stability and independence through affordable homeownership in Albany, Rensselaer and southern Saratoga counties. CLFCR is a community development financial institution which provides financing to non-profit organizations and for-profit small businesses to improve the wellbeing of low-income individuals and disinvested communities. Since 1985, more than $55 million has been loaned to non-profits organizations and small businesses including loans to affordable housing groups.
Habitat for Humanity Capital District: developer and construction of the project.
Community Loan Fund of the Capital Region, Inc: CDFI financed the project.