Hudson hires developer to build dozens of affordable apartments

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HUDSON—An affordable housing developer is proposing to build three structures with a total of 85 units as the city of 6,000 hopes to ease its housing crisis.

The buildings, which will be developed by Kearney Realty & Development Group in conjunction with nonprofit Hudson River Housing, will consist of 60 mixed-income rental units on Mill Street, 21 mixed-income rental units with retail space additional ones on Fourth and Warren streets, and a duplex on Rossman Avenue with two attached apartments.

It has been increasingly difficult to find affordable housing in Hudson over the past two decades, a problem severely exacerbated by the COVID-19 pandemic as wealthy downstate residents have moved to environments safer, which has caused the cost of housing and rental prices to skyrocket. The median Hudson resident would now have to triple his income to afford his own home in the city.

The plan was kept secret until it was presented to the city’s council at a special meeting on Tuesday evening.

Representatives from Kearney told the meeting the apartments would be rented at prices affordable to households earning between 30% and 110% of the area’s median income, which in 2022 equates to between $26,610 and $97. $570, according to federal department figures. housing and urban development.

The duplex’s two units are to be sold to households earning between 30 and 80 percent of the area’s median income, depending on the presentation. Each unit would include an apartment that the new owners would rent out, providing additional housing for the city and a chance for owners to offset the cost of ownership.

The construction would include green building techniques, according to Kearney Vice President Sean Kearney. The completed units would use geothermal heat and rooftop solar panels.

The project will not seek tax breaks across the city, a process that has sparked controversy in the recent past and led to rethinking of tax breaks so that deals better benefit residents. Kearney will ask the state to have units assessed based on the revenue they produce, as opposed to how much they cost to build, which would result in lower assessed value and lighter taxes.

This method is commonly used in New York for affordable housing projects, and several developments in Hudson are already paying reduced taxes through these means, Hudson Treasurer Heather Campbell said during the presentation.

The plan delivers a major victory for Hudson Mayor Kamal Johnson, who has prioritized affordable housing since taking office in early 2020. The Galvan Foundation, a local developer, is currently in the process of finding funding 138 mixed-income housing units in the city, another effort under Johnson’s tenure.

Kearney anticipates his company will be able to submit plans to the city’s planning board this winter or next spring, hoping to prepare before the state’s deadline for claiming tax credits.

Developers expect construction to be complete, with units ready for occupancy, in the spring of 2024.

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