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The Hudson Industrial Development Agency (IDA) could vote today on a tax agreement that would transform the former John L. Edwards Elementary School into senior housing. The meeting is scheduled for 9:30 a.m. at One Hudson City Centre. The proposed project, led by Brooklyn-based developer Pennrose, aims to convert the school into a 65-unit affordable housing complex for seniors aged 55 and over. These units would be available to households earning up to 60% of the area median income, which is approximately $50,730.
The agreement under consideration is a payment in lieu of taxes (PILOT) deal, which could provide Pennrose with $2.2 million in tax savings over 32 years. According to the Daily Gazette, the specific terms include no tax payments for the first two years, followed by $19,500 in the third year, with a 2% increase annually thereafter.
The project also includes plans for on-site services provided by Gateway Hudson Valley, a nonprofit organization. These services will include case management, counseling, and financial literacy training. Additionally, the development will feature a fitness center, community garden, and other communal spaces.
However, the project faces several hurdles. The Hudson school district must agree to sell the property, and the Hudson Planning Board must approve a zoning change. A referendum is scheduled for October to determine if the school district will sell the property to Pennrose. The IDA has contracted BJH Advisors to assess the tax-break proposal, with results expected next week, according to Times Union.
Despite some opposition to PILOT agreements, there is support for this project due to its potential to provide much-needed senior housing. According to Gossips of Rivertown, there are more seniors than youths in Hudson, highlighting the importance of such initiatives. Construction could begin as early as November 2026, pending necessary approvals.