Affordable Albany Community to Undergo $22M Renovation
- Nov 24, 2016
Albany, N.Y.—The City of Albany Industrial Development Agency (IDA) will provide support for the renovation of a 136-unit community located at 2 Thurlow Terrace in Albany’s Washington Park neighborhood. The financial assistance comes in the form of New York State sales and mortgage recording tax exemptions, and real property tax abatements for the $21.6 million renovation. The decision does not affect the monthly tenant payments due to city of Albany IDA assistance, but it will increase the revenue provided to Albany’s taxing jurisdictions by 30 percent.
“Affordable housing projects will continue to be a priority for the IDA. Thurlow Terrace adds to the more than 360 affordable housing units assisted by the City of Albany IDA over the past two years,” Sarah Reginelli, city of Albany IDA CEO & Capitalize Albany Corp. president, said in a prepared statement.
The measure allows Capital District Apartments LLC to maintain the nine-story property’s function as affordable housing for the next 40 years, through a new agreement. The renovation of the 85,000-square-foot structure built in 1979 will include repairs and upgrades of all common areas, to improve the safety and quality of life of residents. Roof repairs, rehabilitation of sidewalks and parking areas, installation of a new boiler system, improvements to the elevators and exterior landscaping are also included in the project.
Tenants will not be displaced during the renovation, even though there is work planned for the individual units as well. The new owners will provide new kitchens and baths, appliances and replacement of all windows. The rehabilitation of Thurlow Terrace will create 75 construction jobs.
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