NeighborWorks Capital is pleased to extend a $2,000,000 predevelopment line of credit to Hudson River Housing to support predevelopment expenses for planned LIHTC-financed projects.
The funds were originally to be used for multiple planned LIHTC-financed projects but will now be used for High Meadows which is a 180-unit manufactured home park in Dover Plains that has critical infrastructure needs. Hudson River Housing was engaged by New York State Homes and Community Renewal (HCR) to step in and provide technical assistance and support to stabilize the park and prevent the displacement of its residents.
The project is a collaboration with Hudson River Housing and HCR. HCR has committed funding through the Manufactured Home Advantage Program and the Pre-Development Fund, which are to be released following the environmental clearance. Hudson River Housing is currently working with HCR to provide information needed for the environmental review. HRH plans to draw down Hudson River Housing funds in May 2026 to repay NC’s balance for this project.
While there is a lot of work ahead before public funding will substantially improve this critical affordable housing resource, NeighborWorks Capital’s early-stage capital is providing support to advance this much-needed upgrade of homes and living conditions for people living at High Meadows.
Hudson River Housing was formed to combat rising levels of homelessness in the Hudson River Valley area of New York. Founded in the 1980s, HRH was formed to provide resident services for the homeless in Dutchess County, and started in 1984 with the first HRH project, Gannett House, a 19-unit emergency shelter for homeless families providing around-the-clock resident support. Today, Hudson River Housing serves thousands of households annually with its impact stretching throughout Dutchess County and the greater Hudson Valley region. Beyond transitional and emergency housing, Hudson River Housin also undertakes real estate development and community development projects. Additionally, the organization provides a wide variety of education and counseling services and works with families to prevent foreclosure.
NeighborWorks Capital is happy to once again partner with Hudson River Housing as they continue to support underserved communities in the Hudson River Valley region of New York.
