COLONIE - Plans to turn the vacant Ann Lee Nursing Home into housing for homeless veterans in Colonie could be finalized should funding be secured by the end of the year.

Soldier On CEO Jack Downing said the organization is waiting on confirmation from state and federal funding sources to determine how the project will be financed.

The Albany County Legislature in 2016 approved a 50-year lease agreement for the project, which allowed developers to apply for funding to aim for financing for the project.

“We anticipate hearing from them relatively soon,” Downing said. “We were aware going into this round of funding that there is another round in December, so between now and December there should be an answer.”

The plan, valued at $25 million to $30 million, is to renovate the 91,320-square-foot former nursing home into about 100 apartments and to build two three-story buildings with another 100 apartments. The Ann Lee Home, off of Albany Shaker Road, closed in 2008.

The complex will also include on-site job training and counseling services. It would be modeled after the Gordon H. Mansfield Veterans Community in Pittsfield, Mass., which opened six years ago.

Mansfield is a former deputy secretary of veterans affairs. An Army veteran, he was paralyzed in Vietnam. The Colonie community will also carry his name.