By Laura Calugar
Home Leasing plans to rehabilitate 210 units in the Arbor Hill neighborhood, along Clinton Avenue and Ten Broeck Triangle in Albany, N.Y. The $47.8 million investment will revitalize the mixed-income and affordable housing units.
The 210 units are scattered across 70 historic row houses and two vacant parcels. About half of the units are vacant and eight of the buildings are condemned. Roughly 85 to 90 percent of the units will be available for residents earning 50 to 60 percent of the area’s median income, and the remaining apartments target residents that earn between 60 and 90 percent of the area’s median income.
This project is estimated to create 65 construction jobs and five full-time jobs. Guided by the State Historic Preservation Office, the remodeling of the properties will utilize historic tax credits. Construction is planned to begin this spring.
New investment in downtown is building momentum and catalyzing growth in surrounding neighborhoods. Recently, nearly 100 new affordable homes came online in Sheridan Hollow.
The Arbor Hill rehabilitation project was made possible with support from the City of Albany Industrial Development Agency (CAIDA). CAIDA provided financial assistance to Home Leasing in the form of real property tax abatements. Over the next three decades, the properties are estimated to generate $2.6 million to the local taxing jurisdictions. The same agency provided support for the renovation of a 136-unit affordable community in Albany’s Washington Park neighborhood.
“This is just the beginning. New investment is making its way into the neighborhoods surrounding downtown and infusing them with energy,” said Capitalize Albany Corp. President & City of Albany Industrial Development Agency CEO Sarah Reginelli, in prepared remarks.
During the past three years, 500 units remained affordable due to CAIDA’s efforts. The CAIDA-assisted projects have stimulated more than $330 million of investment, generated more than $13 million for local taxing jurisdictions and created or maintained roughly 1,000 jobs. Overall, CAIDA projects support more than 5,000 jobs and pay more than $4 million to local taxing jurisdictions annually.
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