Among those on hand for the ceremony were: New York State Lt. Governor Mary O. Donohue; Otis Jones, deputy commissioner, Housing Office of Housing Management within the State Division of Housing and Community Renewal; Dutchess County Executive William Steinhaus; Hyde Park Town Supervisor Yancy McArthur and Alfred Dellibovi, president and chief executive officer of the Federal Home Loan Bank of New York.

Wilder Balter officials explain that the 82-unit affordable senior community was in fact an adaptive reuse project that involved the conversion of an abandoned Hyde Park nursing home. The five-story elevator building, consists of 62 one-bedroom apartments, 20 two-bedroom apartments, as well as a community room, laundry facilities and outside patio/courtyard. These apartments are available to households earning up to 45 percent of the area median income, which they say translates to monthly rents of $422 to $476 for one-bedroom units and $503 to $568 for two-bedroom apartments.

The senior housing project was financed through the federal Low Income Housing Credit (LIHC) program, which is administered by the New York State Division of Housing and Community Renewal. The development also received a low-interest loan from the Housing Trust Fund Program, which is administered by the New York State Housing Trust Fund Corporation (HTFC), and a Federal Home Loan Bank Loan. Company officials add that Heritage Pointe also received HOME Loans from Dutchess County and equity financing through Mass Mutual.