Ida Yarbrough Homes Redevelopment Will Provide 161 Affordable Homes In Albany

June 20, 2018

Ida Yarbrough Homes redevelopment’s Phase I is now completed and construction of Phase II has started. The Ida Yarbrough Homes Redevelopment is a multi-phase, multi-year effort to reinvent a key Albany location and develop new homes for low- and moderate- income families. Developed by the Albany Housing Authority, the Ida Yarbrough Homes is part of the Arbor Hill Neighborhood Plan to improve the housing, economic, cultural and quality of life issues in the Arbor Hill neighborhood.

The Ida Yarbrough Homes Redevelopment Phase I consists of 11 newly constructed buildings with 61 townhomes and garden apartments. Located at 270 North Pearl Street, the complex includes 17 two-bedroom homes; 22 three-bedroom homes; 19 four-bedroom homes and 3 five-bedroom homes. Ten units have been set aside for formerly homeless families.

Construction at 270 North Pearl Street began in July 2016 and involved the demolition of five of the original Ida Yarbrough Homes low-rise buildings. The newly constructed homes are now fully occupied. The Ida Yarbrough Homes Redevelopment Phase II includes the new construction four buildings with 76 apartments on two separate sites at 252 North Pearl Street and 531 Lark Drive. These sites include a portion of the original Ida Yarbrough Homes low-rise buildings, which will be demolished and replaced.

The 252 North Pearl Street site will consist of a seven-story multifamily building with 62 apartments and a community room and a three-story building with ten apartments. The 531 Lark Street site will consist of two two-story, two-unit detached buildings. Phase II includes 12 units set aside for homeless families and an additional 12 will be accessible and fully adapted for those living with mobility, vision and hearing disabilities.

Phase II’s buildings include 19 one-bedroom apartments; 48 two-bedroom apartments; four three-bedroom apartments; four four-bedroom apartments; and one five-bedroom apartment. All four Phase II buildings will adhere to Enterprise Green Communities and ENERGY STAR standards.

The original Ida Yarbrough Homes were built in the 1970s and managed by the Albany Housing Authority.  By demolishing the pre-existing and obsolete buildings, existing space has been reutilized efficiently to add more units to the property while also allowing for more green space.

The Ida Yarbrough Homes Redevelopment project advances the goals of the City of Albany’s Arbor Hill Neighborhood Development Plan by creating newer, more modern housing and revitalizing the neighborhood’s economy. New York State’s investment in Ida Yarbrough joins developments like Sheridan Hollow Village and The Barn and Academy Lofts that are supporting the city’s strategic plan for Arbor Hill—transforming vacant structures, injecting new energy into the community, and improving housing options and quality of life.

Financing for the total redevelopment of Ida Yarbrough Homes includes $6.3 million in loans from New York State Homes and Community Renewal’s Housing Trust Fund, as well as State and Federal Low-Income Housing Tax Credit annual allocations from HCR that will generate nearly $30 million in equity for the project.

Additional financial assistance was provided by the New York State Environmental Facilities Corporation, New York State Energy Research and Development Authority, Federal Home Loan Bank of New York, Key Bank, Local Initiatives Support Corporation, the Albany Housing Authority and the City of Albany.