NeighborWorks Capital is pleased to provide a $2,000,000 predevelopment line of credit to RUPCO to support predevelopment expenses for its pipeline projects. This is a $500,000 increase of the existing line of credit.
RUPCO has multiple multi-family projects in its pipeline for which this line of credit will be used. Housing in Hudson River Valley of New York, particularly in Pine Hill where the Wellington Apartments development is located, is scarce and unaffordable for many local workers. With rental vacancies at virtually zero and half of all tenants paying more than 30% of their income on rent, finding a place to live near work is a major challenge. As a result, the 10 affordable apartments at Wellington are expected to be in higher demand as they are designed specifically for people who work in the region, including teachers, service workers, small business employees, and others who are vital to Hudson River Valley’s economy and culture.
RUPCO was founded in 1981 as the “Rural Ulster Preservation Company”, initially a program of the Ulster County Community Action Agency, before becoming its own non-profit. RUPCO’s mission is to create homes, support people, and improve communities, focusing on housing, community development, and revitalization. Headquartered in Kingston, NY, RUPCO is a provider and advocate for quality, affordable housing and community development programs in the Hudson Valley region.
RUPCO is also a Rural Preservation Company (RPC), making it eligible for preservation funds from NYS Homes and Community Renewal (NYS HCR) to perform a portion of its real estate development activities.
This is NeighborWorks Capital’s seventh loan with RUPCO since 2011 and we are thrilled to work with them again to bring a variety of affordable housing options to the communities that they serve.
