SCHENECTADY, N.Y. (NEWS10) – Mayor Gary McCarthy, along with Schenectady Municipal Housing Authority (SMHA) Executive Director Richard Homenick and Better Community Neighborhoods Inc. (BCNI) Chief Executive Officer Jennica Huff, announced affordable housing opportunities in the City of Schenectady.
Mayor McCarthy announced there are 965 affordable housing units that were recently completed or currently underway. This includes the significant redevelopment of 300 units at the new Yates Village on the city’s northside, 196 new units in Hamilton Hill at the Joseph Allen Apartments, Hillside View, and Hillside Crossing, and 55 new units at Renaissance Square on Eastern Avenue.
“The redevelopment of Yates Village is long overdue and these new quality apartments are affordable,” Mayor Gary McCarthy said. “Affordable housing rent is based upon the income of the resident. No low-income residents in affordable housing units pay more than 30% of their income on rent and utilities. Quality affordable housing is a lifeline for working families struggling during the pandemic which is why this initiative is so critical to the health of our community and the vibrancy of our neighborhoods.”
Affordable housing rent is income-based and determined by the U.S. Department of Housing and Urban Development (HUD) on the area median income (AMI) of the surrounding counties. At the newly redeveloped Yates Phase I, 57 units are affordable to low-income households earning up to 50% of AMI, 17 units to households earning up to 60% of AMI, and 15 units to households earning up to 80% of AMI.
Yates Village Phase II will include the redevelopment of 211 affordable housing units and no residents within the completed redevelopment will pay greater than 30% of their adjusted gross income on rent and utilities.
Better Community Neighborhoods Inc. will provide assistance to first time homeowners through financial literacy programs and homebuyer education to create more homeownership opportunities. The organization will also seek opportunities to develop new affordable housing – from renovating single and two-family homes to building and managing major housing initiatives.
The Mayor also urged the Schenectady City Council to authorize $994,996 in Emergency Solutions Grant (ESG-CV2) at their upcoming Monday meeting. The funding was allocated by the Coronavirus Aid, Relief, and Economic Security (CARES) Act and will be used for rental assistance, homelessness prevention, emergency shelter, and rapid rehousing.