Real Estate 20 Under 40

Affordable housing project planned for Moreau

2012-02-05T19:35:00Z 2012-02-24T01:32:10Z Affordable housing project planned for MoreauDAVID TAUBE--dtaube@poststar.com Glens Falls Post-Star
February 05, 2012 7:35 pm  • 

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.

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(25) Comments

  1. workforce
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    workforce - October 19, 2012 2:55 pm
    This sounds like a great asset to the town,The only thing that bothers me and other local tradesmen is driving through this jobsite I saw not one work truck with N.Y.plates.LOCAL JOBS-LOCAL WORKERS. Schermerhorn cant talk ,drive on one of his projects-nothing but mexican transplants working there.
  2. workforce
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    workforce - October 19, 2012 2:40 pm
    This sounds like a great asset to the town the thing that bothers me and other tradesmen about it is driving through the site ,I saw not one N.Y. plate on any of these work trucks!! LOCAL JOBS-LOCAL WORKERS?? and no trash talk from MR.SCHERMERHORN because he employes plenty of those mexican transplants himself !!!
  3. thezuule
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    thezuule - February 12, 2012 12:25 am
    TJ8 said: "Yep, Henry Hudson resurgence in SGF. What surprised me (actually I gotta call 'bull' on it) is that the median income for a family in that area is 78k. Seems way high for the typical SGF/Moreau household. Family of four means two children that don't work. Average dad works full-time for about $40 if he's lucky. Average stay at home mom doesn't work, but say the kids are in high school... she's part time making 15-20 if lucky. "

    So you are estimating 55-60k instead of 78k. Throw yourself in there a few six figure earners and maybe a millionaire or two and you'll see why your "median" figure is a bit off your estimation.

  4. Idoknow
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    Idoknow - February 11, 2012 11:36 am
    The median household income for Saratoga County between 2007 and 2010 was $65,100 and for all of NYS it was $10,000 less.

    I think it is lower now unless you work for one of our many government run agencies.
  5. Stephne
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    Stephne - February 11, 2012 10:58 am
    don't the people realize with the new economy many more (former) middle class families qualify as "low income".

    Where's the compassion?
  6. Abraham
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    Abraham - February 10, 2012 6:37 pm
    This will be just one more reason future Global Foundaries employees will want to stay south of SGF District.
  7. TJ8
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    TJ8 - February 10, 2012 11:39 am
    Yep, Henry Hudson resurgence in SGF. What surprised me (actually I gotta call 'bull' on it) is that the median income for a family in that area is 78k. Seems way high for the typical SGF/Moreau household. Family of four means two children that don't work. Average dad works full-time for about $40 if he's lucky. Average stay at home mom doesn't work, but say the kids are in high school... she's part time making 15-20 if lucky.
  8. Jonny
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    Jonny - February 09, 2012 12:50 pm
    Idoknow said: "I think this one they are prosposing is the one that is next to the caputo sumpsite.At least it is not going in nibco field where all the lead was dumped"
    The Caputo dump site is off Fort Edward rd, the houses off William st are next to that site. This is off Harrison, between Sisson and the elementary school.
  9. YMan
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    YMan - February 08, 2012 2:13 pm
    When one builds a supply of apt or houses, and the U.S. Census states there are hundreds of vacant habitable standing structures already in the area, that tells me theres no immediate demand. When the Supply goes up and the Demand Stays the same the prices (or value's) of current supply (of houses) goes down! A moratorium is needed in Saratoga, Warren, and Washington County
  10. Doubter_2
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    Doubter_2 - February 07, 2012 3:08 pm
    Last I knew Schermerhorn required 2 months rent upfront, liability insurance, and a credit check to get into his rental units. This requirements have always allowed Schermerhorn properties to cherry pick the best 'renters'. Possibly these 'requirements' have now been adjusted BUT you can be sure these units will not have that kind of protection in place. Can you imagine the 'renters' these units will have in 5 or 10 years once their newness has worn off. In the future even the Schermerhorn properties will be battling the 'not new' factor. Once there is a glut of rental units on the market... watch out!
  11. Idoknow
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    Idoknow - February 07, 2012 8:58 am
    I think this one they are prosposing is the one that is next to the caputo sumpsite.

    At least it is not going in nibco field where all the lead was dumped
  12. greatscott
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    greatscott - February 06, 2012 7:19 pm
    Have any of you who are complaining the loudest bothered to google NRP Group? I did, what beautiful buildings they put up. Their grounds look like parks. I was pleasantly surprised.
  13. moreaucitizen
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    moreaucitizen - February 06, 2012 5:35 pm
    Actually from what I have read, the school enrollment is down. If you have no students then you receive no state aid then your taxes will really go up. Guess you should talk to the Village Board about downtown revitalization. Apparently this piece of property must be zoned for these apartments.
  14. middleclaz
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    middleclaz - February 06, 2012 3:08 pm
    With skyrocketing shoool taxes and slum hotels the last thing SGF needs is low-income apartments. What is wrong with the town board? How about high income homes that actually pay taxes and don't burden the police with drugs and gangs. Next a actual downtown revialization plan is desperatly needed.
  15. klrbones
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    klrbones - February 06, 2012 1:52 pm
    Timely... http://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-rising
    . It would be nice to be able to help people get into the vacant houses that dot our village and town, especially with rates so low. Unfortunately the tight lending (rightfully so?) practices of banks these days pushes people to the rentals. You can't afford the money down, nor can you afford to save, paying rent that's higher than a mortgage/escrow payment. Quite the quandary. I expect many more complexes to pop up along Bluebird, Harrison, Sisson, and Fort Edward Roads. Hopefully our infrastructure will be prepared (and budgeted for).
  16. Jonny
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    Jonny - February 06, 2012 12:42 pm
    The math makes no sense. 80 units, 17million, 217k each, and they will be rented for 400-1k, federal subsidies, anyone? I don't want another John Burke or Henry Hudson townhouses in my backyard! For that money, lets just build and give away free homes with land. Without a subsidy, this isn't a viable proposition. I don't want it here, and I don't want to pay for it!
  17. politicoQB
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    politicoQB - February 06, 2012 9:20 am
    Yocal sez 'schermerhorn's apartments are too expensive'???
    Evidently we have a culture war brewing roun' these parts because the folks I associate with see Lord Schermerhorn's Manor as transient magnets for the influx of recent underemployed immigres. (Yet I myself fall into the below-average income bracket -- go figure).
    What are you searching for Yocal - decent living space for less than 20% of the area's median income? Gotta move to Japan or Sweden for that. They're called residential hostels.
  18. localyocal
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    localyocal - February 06, 2012 8:38 am
    I bet this has Schermrhorn in tizzy. Finally, someone has stepped up to the plate to create AFFORDABLE housing. Schermrhorn has monopolized the area with expensive apartmenents and townhomes for years. Although this is proposed by an out of state company, I surely haven't seen any local developer step up to the plate! (besides Schermerhorn)
  19. upstateSAHM
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    upstateSAHM - February 06, 2012 8:33 am
    Is this the same development that was supposed to be senior living? I agree with the area having way too many apartments and low income housing just puts the icing on the cake. A four bedroom with less then 46k- can we say scum? I know there are some decent people that might need help but not an entire complex of them. I also agree with the previous post about setting restrictions for criminals and truly believe they need a manager/landlord that's LOCAL!
  20. bulldogshame
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    bulldogshame - February 06, 2012 8:11 am
    Looks like our leaders are at it again. Is this the only vision they have for Moreau, apartments & low income housing... It really seems like we cater to this type of construction. Why?
  21. strong
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    strong - February 06, 2012 6:46 am
    Like i have said in the past SGF will be the ghetto of Glens Falls someday !!!!!!
  22. maxpain
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    maxpain - February 06, 2012 5:32 am
    please god no!!!!
  23. 1776-Patriot
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    1776-Patriot - February 06, 2012 12:44 am
    Sounds like the tax payers are going to be subsidizing housing for people who should be able to afford it on their own. More liberal wealth re-distribution, Dear Leader would be proud.
  24. Doubter_2
    Report Abuse
    Doubter_2 - February 05, 2012 11:25 pm
    A number of things bother me about this development...
    First, why the out of state developer? If the project was viable, you would think a 'local' developer would have proposed it. Does this mean it will be managed much like an absentee landlord?
    Second, anything larger than two bedroom apartments with such low income restrictions seem very risky to me. The old Henry Hudson Townhouses and their many problems come to mind.
    And finally, isn't this particular area getting over-developed with apartments. I can foresee an immediate negative impact on the school system.
  25. newshound
    Report Abuse
    newshound - February 05, 2012 10:01 pm
    moreau doesnt need any more low income housing..we need private homes where people have ownership and have a vested interest in the place...this place will turn out to be crime ridden if they dont have strict rules who lives there...should be in the lease anyone convicted of certain crimes is evicted immediately.

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