Extensive Rehabilitation Project to Infuse Albany Neighborhoods with New Energy

December 21, 2017

Home Leasing has committed to rehabilitating 210 units of housing in the Arbor Hill neighborhood and along Clinton Avenue and Ten Broeck Triangle. Local momentum caught the Rochester based developer’s attention, nearly 100 new affordable homes recently came online in Sheridan Hollow—implementation of a comprehensive neighborhood revitalization strategy redeveloped the Sheridan Hollow neighborhood into a mixed-use, mixed-income sustainable neighborhood of choice. New investment in downtown is building momentum and catalyzing further growth in surrounding neighborhoods.

Construction is currently planned to begin in spring 2018. This $47.8 million affordable housing and mixed-income project is estimated to create 65 construction jobs and five full-time jobs. Home Leasing plans to host a local job fair in order to connect Albany residents. The scattered-site undertaking involves the revitalization of 210 units within 70 row houses and 2 vacant parcels.  Approximately half of the units are vacant, with eight of the buildings condemned. Approximately 85-90% of units will be affordable housing at 50 or 60% of the Capital Region area median income (AMI) and 10-15% of units will be middle income at 60 to 90% AMI. The comprehensive rehabilitation of the properties will utilize historic tax credits and be guided by the State Historic Preservation Office. 

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