MOREAU -- An Ohio development group could begin construction as early as the spring for 16 proposed apartment buildings in the town for primarily low-income tenants.
The Cleveland-based NRP Group received final approval from the town Planning Board Jan. 23 to construct 80 units on property west of Sisson Road, between Harrison Avenue and Bluebird Road, provided that certain engineering issues for the project are resolved.
The total estimated project is $17.4 million, but the company said it can raise nearly $13.5 million through a federal tax credit swap with interested investors.
The NRP Group is currently negotiating the final terms with an investor group, Vice President of Development P. Christopher Dirr said.
The property, just over 21 acres, is currently vacant.
The project, known as the Sisson Reserve, will include 80 townhomes, each with its own one-car garage. Each apartment building will have a mix of one- to four-bedroom apartments, with a combination of single- and two-story units.
The rent will range from $425 to $1,150 per month.
The project was awarded a Low Income Housing Tax Credit by the state Homes & Community Renewal agency. The program requires that a certain amount of units be below a fixed percentage of the area median income.
The developer will make 85 percent of the apartments available to households with 60 percent or below the median Saratoga County income, Dirr said.
The current median income for the area is $78,100 per year for a four-person household, so eligible tenants must have a household income of $46,860 or less.
Fifteen percent of units will allow incomes up to 90 percent of the median, or $70,290.
Construction will probably take 14 months, Planning Board chairman Peter Jensen said.
According to state Homes & Community Renewal agency spokesman Christopher Browne, the apartments must keep rent affordable for 50 years.