As officials in Troy seek to expand housing options, Habitat for Humanity is now taking applications for a planned project in the city's North Central neighborhood.
A vacant lot in Troy's North Central neighborhood is marked with orange safety cones and a white sign that gives a glimpse of what could be.
Habitat for Humanity of the Capital District is accepting applications for those interested in purchasing single-family townhomes on Park Ave.
A rendering of the homes depicts two two-story structures, each with a pair of units.
Habitat for Humanity Capital District Executive Director Christine Schudde says the homes are intended for first-time homebuyers with household incomes between 50 and 80 percent of the Area Median Income.
“We're selling them, not so that someone can turn around and flip it in six months, you know, and price that house out of the neighborhood and price additional families out of the neighborhood. But we're also, you know, we don't trap families and houses either,” Schudde said.
According to the New York State Division of Housing and Community Renewal, Rensselaer County’s median household income is $66,000.
Schudde says putting property back on the tax rolls helps the city and the surrounding neighborhood.
“When there's home ownership in a neighborhood, and not all homeownership, right? You want a good blend, but when there is home ownership in the neighborhood, you see crime rates go down, you see public safety improve,” Schudde said.
The homes are priced between $160,000 and $165,000 — what's considered fair market price for the area.
Schudde says Habitat ensures the homes will remain affordable, even if the original occupant moves on.
“Most Habitat homebuyers actually end up staying in their house for forever or for decades. But in the event that they do sell their house, we have mechanisms in place that allow them to both capture some of the some of the appreciation, some of the value from their house, so that they're in a better financial position than they were when they bought it,” Schudde said.
Applications are open for the Park Avenue Habitat for Humanity homes until March 3rd. The homes are expected to be completed by the end of the year.
Troy City Council President Sue Steele, a Democrat, says investment in under-resourced neighborhoods such as North Central, where the new homes will go up, is key to bringing people back to the city. She says she’s thrilled to have Habitat for Humanity investing in Troy.
“The city of Troy earmarked ARPA funds, American Rescue Plan Act funds for this project, as an indication of our commitment to the project,” Steele said.
Troy contributed more than half a million dollars of ARPA money to the project, including $30,000 to demolish 7 Park and $500,000 to Habitat to build the new homes. The office of state Attorney General Tish James also granted the Land Bank $20,000 in mortgage settlement funding to demolish the former structure at 9 Park. Republican Mayor Carmella Mantello applauds the project.
“It’s critical. It's a true need here in the city of Troy, and we provided ARPA money to that project. So we're a huge partner,” Mantello said.
The land Habitat wants to build on was purchased from the Land Bank and the city. Land Bank Executive Director Brad Lewis says this isn’t the first time Habitat has used Land Bank land for its projects — four units were recently completed on nearby River Street.
Lewis says putting these properties on the market also gives community businesses work during the slower seasons.
“If a contractor would have come to us, say, in September to get the ball rolling on a project that we had, a lot of times they can use these sort of buildings as winter work for their employees, where they might be slower in work, but actually they keep their guys off unemployment,” Lewis said.
Other projects currently underway to create affordable housing in the Collar City include the redevelopment of the former Catholic Central High School and new construction at the corner of Fourth and Congress downtown.
Steele, who also serves as chair of the Troy Housing Authority, says while the Habitat homes are a start, more needs to be done to provide housing for young homeowners and first-time buyers.
“All of Troy could use reinvigoration as far as focusing on making housing affordable for young families and those in need,” Steele said.
Chris Hodson, who now lives in Pennsylvania, spent nearly two decades in Latham. In 2018, he and his son Preston bought 48 Ida Street from the Troy Community Land Bank. Hodson says he and his son fixed up the property — teaching lessons that helped launch a career.
“He would start reading these books on landlords and Section Eight housing. And so he came to me, and I said, “I’ll tell you what, if you're interested in that, why don't we look for something that you can use your expertise and your skills on, and I'll help bankroll it and finance it,” Hodson said.
Hodson says after it was finished, Preston lived there about two years before having to move on, but there are renters in the space now.
