Village Green Apartments

Village Green Apartments

Village Green Apartments, is a 136-unit multiple building apartment development, located on ten acres in the City of Glens Falls, New York.  After its purchase, Marathon embarked on an aggressive program to totally revitalize the property and determined that a complete replacement of the existing property was the only way to preserve it as affordable housing for the long term. Marathon worked carefully with local officials and gained input from the fire department, police department, district attorney’s office, building officials, and local and current residents.  The result was an open plan that allowed for modern units while maximizing green space and greatly increasing accessibility for all emergency services.

The new construction included 136 units in 21 new buildings.  Twenty of the buildings contain 2-story townhouse-style units, while the last building is a 3-story; elevator building that includes 41 apartments, a large community room and computer learning center, as well as management offices and laundry facilities.

Location: Glens Falls, New York

Total Development Cost

  • $29 million


  • 2008

Financing Highlights

  • $19.4 million through 9% LIHTC
  • NYS HFA Empire Housing fund
  • NYS HOME funding
  • “Decoupling” of HUD Interest Reduction Payment
  • NYSERDA Energy Efficiency Funding

Green Building

  • NYS HCR’s Green Building Initiative & NYSERDA Midrise Pilot Program
  • Energy Star lighting & appliances
  • High R-value insulation
  • Air sealing
  • Smart “bi-level” lighting, photocells & motion sensors
  • Water conserving fixtures
  • High efficiency tankless water heaters
  • Low VOC paints