News
June 6, 2017Ida Yarbrough Redevelopment Moves Forward with Financing for Mixed Income Housing
The Albany Housing Authority (AHA) announces that Phase II of the redevelopment project at the 129-unit Ida Yarbrough Lo-rise Homes is now underway following its selection to receive New York State Homes and Community Renewal funding through a highly competitive allocation process. The project is a multi-phase, multi-year effort to reinvent a key location in Albany’s downtown community and develop new homes for low and moderate income families at 252 North Pearl Street and 531 Lark Drive in Albany. This also represents the first time that AHA has utilized federal and state tax credits for a community of mixed income levels. AHA is proud to act as developer of this project with several partnering organizations also lending assistance.
Phase II of the project calls for the development of 76 new housing units on two sites. These sites include a portion of the original Ida Yarbrough Lo-rise Homes, where 37 public housing units will be demolished and replaced by a new mid-rise and garden-style apartment; and just a thousand feet away on vacant land at 531 Lark Drive, all in the Arbor Hill neighborhood. The North Pearl Street site will consist of two buildings, a midrise seven-story multifamily building with a community room and a three-story, 10-unit building. The Lark Street site will also consist of two buildings, both two-story, two-unit detached buildings. The design will adhere to Enterprise Green Communities and ENERGY STAR standards.
Unique to Phase II is the mixing of incomes, including 12 units (16%) targeted for families with incomes above 60 percent of area median income. AHA will provide operating subsidies to 23 units (30%) in the form of project-based vouchers, and to 8 units (approximately 11%) in the form of Annual Contributions Contract (ACC) assistance. These 31 units are targeted to public assistance households with incomes less than or equal to 30 percent of median income. Thirty-three units (43%) will be marketed to persons with incomes between 50 and 60 percent of median income. Twelve units have been set aside for individuals in need of supportive services and a further 12 will be accessible and fully adapted for those living with mobility, vision and hearing disabilities.
“As this project moves into Phase II, we are proud that we are able to diversify the income levels that this project aims to serve as we’ve recognized a need for mixed income communities such as this,” said Steven T. Longo, executive director, Albany Housing Authority. “Our partners have been an invaluable asset to us and it is thanks to the tireless work of many that we’ve been able to realize this project and carry it forward into this new phase.”
AHA has invested a large amount of equity in this redevelopment project. Funding for this phase of construction is also made possible through New York State Homes and Community Renewal (HCR), HCR Federal Low Income Housing Tax Credit Equity, HCR State Low Income Housing Tax Credit Equity, a Housing Trust Fund loan, and through conventional financing. Applications are currently pending for additional financing through the Federal Home Loan Affordable Housing Program and the HOME Investment Partnership Program.
“When people have decent homes they can afford, families, neighborhoods, and entire cities benefit,” said RuthAnne Visnauskas, Commissioner of New York State Homes and Community Renewal. “I want to thank the Albany Housing Authority and the City of Albany for working with HCR to make the redevelopment of Ida Yarbrough Homes possible. When completed, Phases I and II together will fill a need for quality affordable housing, provide a variety of options for more than 130 families, and add to the fabric of a thriving community.”
“The continued redevelopment of the Ida Yarbrough Homes is further evidence the Albany Housing Authority is committed to equitably meeting the needs of our City’s residents,” said Albany Mayor Kathy Sheehan. “By ensuring units are reserved for both low- and moderate-income individuals and families, the Arbor Hill neighborhood and adjacent Warehouse District continue to become neighborhoods of choice for a mix of residential and commercial development.”
“An important part of a city’s economic sustainability is the availability of affordable housing options,” said Senator Neil D. Breslin. “I applaud the Albany Housing Authority for recognizing this critical need with the redevelopment of the former 129 unit Ida Yarbrough Lo-rise Homes.”
“The redevelopment of the Ida Yarbrough homes will add a new affordable living option to Albany’s downtown area; and I’m particularly glad to see that this project will benefit families and individuals from a diverse set of backgrounds,” said Assemblymember Patricia Fahy. “The investments the Albany Housing Authority and its partners are making to bring safe, cost-effective and energy efficient housing options to this city should be commended.”
“I am thrilled to see the continued progress not only at Ida Yarbrough but throughout the Arbor Hill and neighboring Warehouse District,” said Assemblymember John T. McDonald III. “This is an excellent example of a community based plan supported by the neighbors that is utilizing public funds for a public purpose, inspiring private sector investment in the neighborhoods as well. Synergy at its best!”
“I am pleased to see the progress being made in Arbor Hill to provide additional affordable housing options for Albany residents,” said Albany County Executive Daniel P. McCoy. “As this project moves toward completion, we are already seeing benefits in the neighborhood and this will spur additional economic activity in the area.”
Phase I of the project began in July 2016 and includes the construction of 61 townhomes and garden apartments for families with incomes below 50 percent of Area Medium Income. Phase I is expected to be completed later this year. The closing on the properties and beginning of construction represented major milestones in a four year process to redevelop the homes at 270 North Pearl Street.
