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HHA to borrow $950K for repairs, upgrades

Apr 26, 2021 1:30 pm

Jeanette Wolfberg is reporting for The Columbia Paper the Hudson Housing Authority April 14, voted to borrow $950,000 for 36 months from the Manufacturers and Traders Trust Company to fund upgrades and repairs for the residential buildings it manages. The HHA Board of Commissioners has determined that the physical condition of the buildings is “below optimal standards and a substantial renovation… is desirable,” according to the resolution supporting the loan approved by the board. The buildings referenced are Bliss Tower and three nearby low-rise buildings, made up of 135 units. The funds will be used to repair, upgrade and, when necessary, replace elevators, roofing and apartments, HHA Executive Director Tim Mattice said. It will also be used to replenish the operating funds that have been used to start these activities. Mattice announced the HHA has now rented 8 of 31 previously empty apartments. Six recently vacated apartments now have new tenants. Two apartments that were off-line have been rehabilitated using existing operating funds, and then rented. There are now 23 units offline that will remain uninhabited pending rehabilitation. The new debt will serve as a bridge loan to keep the authority going while it applies for a larger, longer-term loan. The larger loan would reliably support the Housing Authority’s maintenance and repair needs and finance more construction and development on HHA land. The authority must submit a new five year plan to the U.S. Department of Housing and Urban Development, this year. Read the full story in The Columbia Paper.