By R.J. DeLuke<\/p>\n
An apartment complex project is in the
\nworks that is aimed at affordable housing
\nintended for people in the Saratoga County
\nwork force who are having trouble finding
\naffordable housing.<\/p>\n
The project is planned for property off
\nRoute 50 in the town of Ballston, a few
\nmiles from Luther Forest Technology Park.
\nOfficials for Cleveland-based NRP — a developer,
\nbuilder and property management
\ncompany — said it will consist of 52 units
\nof workforce housing.<\/p>\n
Earlier this year, Gov. Andrew M. Cuomo
\nannounced over $95 million in awards for
\nshovel-ready projects to build affordable
\nhousing across the state. Among them, $3.3
\nmillion was awarded to the NRP Group for
\nthe project. <\/p>\n
The low-interest loans and tax credits will build and preserve nearly 2,100 units of affordable housing and are expected to leverage more than $435 million in grants, loans and private resources across the state, according to the governor’s office.<\/p>\n
Chris Dirr, vice president of development working out of NRP’s Buffalo office, said the state money is “an allocation of tax credits” from the housing and Community Renewal agency. NRP sells those credits to investors “who will provide equity (for the project) in exchange for tax credits.<\/p>\n
“That will allow us to borrow less, which allows us to agree to limit our rents,” Dirr said.<\/p>\n
According to the state, it will provide opportunities for households with incomes up to 60 percent of area median income.<\/p>\n
“By removing barriers, streamlining the application process for communities and combining private and public resources, these projects can begin right away, creating jobs and providing the affordable housing New Yorkers deserve,” Cuomo said in April.<\/p>\n
“All of the growth in Saratoga County is great,” said Dirr, “But a lot of people are being priced out of the county for housing. This project makes it more affordable.”<\/p>\n
It will be a combination of one-bedroom and two-bedroom apartments, most of them the former. In the complex will be a community room with a kitchenette for people to host functions and there will also be a picnic area.<\/p>\n
Dirr said the company hopes to start the project between October of this year and March of next year. The weather could be a determining factor.<\/p>\n
“It’s real challenge if you want to take on a project in the fall” because of potentially harsh weather, he said. Once started, it will take 12 months to complete. All 52 units will be built.<\/p>\n
“We have confidence in the depth of the market. These 52 units will not go far in addressing the need and demand” for affordable housing, said Dirr. “But it will help.”<\/p>\n
The company is also working on the second phase of a 146-unit housing project in the town of Moreau. That project involves a total of 186 units, but aimed at a different demographic. It consists of townhouses with either two or four bedrooms.<\/p>\n
It is located off Sisson Road, between Harrison Avenue and Bluebird Road. Some 80 units comprised the first phase, which is complete and fully occupied, Dirr said. It also included a clubhouse for the residents.<\/p>\n
The second phase is 64 more units. Work is in progress and Dirr estimated it should be completed by April of 2015.<\/p>\n","protected":false},"excerpt":{"rendered":"
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