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$6.6M Tax Credits in New York Bonacio’s South St. Apartments Project Gains Momentum!

Governor Hochul’s Announcement Sparks Excitement: Glens Falls’ South Street Revitalization Gains Momentum

Bonacio Development’s Apartments Project on South Street: A Step Towards ‘Street of Dreams’ Vision

New York Governor Hochul’s recent announcement brought excitement to Glens Falls, as Bonacio Development’s apartment project on South Street secured tax credits worth $6.6 million. This boost has ignited hopes that South Street will transform into the ‘Street of Dreams’ with the aid of connected projects and the Downtown Revitalization Initiative. Mayor Bill Collins expressed enthusiasm, stating that after nearly a decade of planning, the revitalization of South Street is now gaining momentum.

The proposed apartment project, located on the farmer’s market parking lot adjacent to the former Sandy’s Clam Bar, owned by developer Sonny Bonacio, aims to offer 70 mixed-income units. Notably, 11 units will cater to individuals with disabilities, alongside a career training and workforce development facility in collaboration with SUNY Adirondack. With a focus on sustainability and affordability, this initiative aligns with Governor Hochul’s vision for supportive homes.

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Tax Credits Spark $25 Million Private Investment in Glens Falls’ Downtown Revitalization

Jeffrey Flagg, the City’s Economic Development Director, highlighted the significant impact of the $6.6 million tax credits, which will leverage nearly $25 million in private investment in downtown Glens Falls. The City eagerly anticipates collaborating with Bonacio Group to commence this vital addition to the housing supply, marking a significant step in the Market Center/South Street renewal project. Mayor Collins encourages residents to stay tuned for updates as this transformative process unfolds.

READ ALSO: California Housing Programs: Funds For Tackling The Homelessness Crisis In The State

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