{"id":34553,"date":"2020-02-10T12:34:36","date_gmt":"2020-02-10T17:34:36","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?p=34553"},"modified":"2020-03-04T12:54:01","modified_gmt":"2020-03-04T17:54:01","slug":"housing-authority-norstar-development-to-partner-on-affordable-housing-project","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2020\/02\/housing-authority-norstar-development-to-partner-on-affordable-housing-project\/","title":{"rendered":"Housing Authority, Norstar Development To Partner On Affordable Housing Project"},"content":{"rendered":"<figure id=\"attachment_34552\" aria-describedby=\"caption-attachment-34552\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-34552\" src=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2020\/03\/housing-project-hc.jpg\" alt=\"\" width=\"1000\" height=\"772\" srcset=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2020\/03\/housing-project-hc.jpg 1000w, https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2020\/03\/housing-project-hc-300x232.jpg 300w, https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2020\/03\/housing-project-hc-768x593.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-34552\" class=\"wp-caption-text\">This is a rendering of the a 63-unit affordable workforce housing project planned by the Saratoga Housing Authority and Norstar Development, designed by Balzer &amp; Tuck Architecture.<br \/>Courtesy Balzer &amp; Tuck Architecture<\/figcaption><\/figure>\n<p>by Andrea Palmer<br \/>\nThe Saratoga Housing Authority is partnering with Norstar Development on a 63-unit affordable workforce housing project in Saratoga Springs.<br \/>\nWhen Paul Feldman took over as authority executive director he was asked to serve on a task force to address the affordable housing needs in the city. As the task force started looking, there was not much available land on which to develop housing.<br \/>\n\u201cI realized I had some land already owned by the Housing Authority, under a declaration of trust, that we could develop. We had three acres of land behind the Stonequist high-rise. It was basically going unused other than a picnic area out there for Stonequist residents, and some community gardens,\u201d said Feldman.<!--more--><br \/>\nThe project, called Promenade Apartments, received $3.9 million for the project on land adjacent along West Circular Street.<br \/>\nFeldman met with Steve Longo from the Albany Housing Authority to get input on how to proceed. The authority then took on Norstar as a partner. They worked with Norstar on the design and plan and came up with funding from the state.<br \/>\nIn addition to the 63-unit project, Feldman also submitted an application to the state for $3.2 million to put another 24 units near the Jefferson Terrace complex.<br \/>\n\u201cWe\u2019ll be putting up 87 units of affordable housing over the next year and a half or so,\u201d said Feldman.<br \/>\nPromenade is expected to be complete in the spring of 2021.<br \/>\n\u201cWhen I was on the affordable housing task force, I met with several business owners and had a lot of sharp business owners on my board of the Housing Authority. Saratoga Springs is primarily a service-oriented, tourism-driven city. We have all these places that employ people but don\u2019t pay them very much. Many employees can\u2019t afford to live in Saratoga,\u201d said Feldman.<br \/>\n\u201cSo if you\u2019re running a restaurant, and you have employees driving to work from Albany or Lake George, maybe in a car that isn\u2019t very good, you\u2019ll get call-offs and that impacts your business. If you\u2019re a teacher or a cop or fireman just starting out, it\u2019s hard to afford to live here. There are real ramifications to everyone in not having affordable housing in Saratoga Springs,\u201d said Feldman.<br \/>\n\u201cSo we decided we would gear the project towards the workforce. With this project, people can literally walk to work if they work on Broadway.\u201d<br \/>\nThe task force had a market study done, and found there were over 1,000 housing units built over the prior 10 years\u2014none of which was affordable housing.<br \/>\nAffordable housing is generally defined by HUD as spending 30 percent or less of one\u2019s income on housing. In Saratoga Springs, this is based on the Albany-Schenectady-Troy average median income.<br \/>\nThe Saratoga Housing Authority will also be looking to rehabilitate the existing public housing in Saratoga Springs, starting with Stonequist Apartments.<br \/>\n\u201cWe did a procurement for the rehabilitation project and are partnering with Norstar on that as well,\u201d said Feldman.<br \/>\n\u201cOur Housing Authority\u2019s direction is to add and upgrade the housing stock of the city, and we\u2019re off to a pretty good start,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>by Andrea Palmer The Saratoga Housing Authority is partnering with Norstar Development on a 63-unit affordable workforce housing project in Saratoga Springs. When Paul Feldman took over as authority executive director he was asked to serve on a task force to address the affordable housing needs in the city. As the task force started looking, [&hellip;]<\/p>\n","protected":false},"author":196,"featured_media":34552,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-34553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-construction-planning"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>Housing Authority, Norstar Development To Partner On Affordable Housing Project - Saratoga Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2020\/02\/housing-authority-norstar-development-to-partner-on-affordable-housing-project\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Housing Authority, Norstar Development To Partner On Affordable Housing Project - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"by Andrea Palmer The Saratoga Housing Authority is partnering with Norstar Development on a 63-unit affordable workforce housing project in Saratoga Springs. When Paul Feldman took over as authority executive director he was asked to serve on a task force to address the affordable housing needs in the city. 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