With every city containing families from all walks of life, the Albany Housing Authority came up with a plan to build an apartment complex that could cater to all. On Tuesday, the AHA announced they brought on Hunt Company and Boulevard Group as the developers to officially begin the project.
"It'd be mixed income, it won't be just public housing. It involves some different incomes including market-rate rent in an effort to deconcentrate poverty in the area and create new opportunities for neighborhood growth," said AHA Executive Director Dan McCarthy.
The finished project called the Oaks at North Intown will be completed in phases and will bring around 60 new units to Albany. McCarthy says the extra space may bring some of the burden off of the public housing waiting list, especially with the ability to move into tenants to a different tier of units as their income level changes.
"It is possible to transition from one to the next, and that's the thought, to have the options for public housing families as well to, as they move forward in life, to have the option to move into an affordable unit and possibly a market rate unit at some point," said Senior V.P. of Public/Private Partnership with the Hunt Company, William Little.
The model will allow those living in the complex to pay a rent that's livable, but officials say by applying for a program to categorize the units as multi-family, they're also ensuring no one is underpaying.
"There are some different rules about what happens to you if you become over income. Additionally, in that scenario, everybody pays the rent based on the income, there's no flat or market rents. So the rents would be so high people would move out before they hit those income levels anyway," said McCarthy.
With the details worked out, developers will now move forward with trying to obtain tax credits to bring in private investors to fund a good portion of the first phase's $8 million price tag. If all goes according to plan, representatives hope to break ground in the summer of 2014.