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Hudson officials, developer unveil affordable housing proposal

Sep 22, 2022 1:00 am

Roger Hannigan Gilson reports in the Times Union that an affordable housing developer has proposed building three structures in Hudson with a combined total of 85 units, in an effort to ease the housing crisis. The buildings will be developed by the Kearney Realty & Development Group in conjunction with the nonprofit Hudson River Housing. The project will consist of 60 mixed-income rental units on Mill Street, 21 mixed-income rental units with additional commercial spaces at Fourth and Warren streets, and a duplex on Rossman Avenue with two attached apartments. The plan was kept under wraps until it was presented to the Hudson Common Council during a special meeting on September 20. Representatives from Kearney said during the meeting the apartments would be rented at prices deemed affordable to households making between 30 and 110 percent of the area median income, which, in 2022, is equivalent to between $26,000 and $97,600, according to federal data. 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 developers will not apply to the city for tax breaks. Kearney will ask the state that the units be valued according to the income they produce, as opposed to how much they cost to build, which would result in a lower assessed value and lighter taxes. Kearney anticipates his company will be able to submit plans to the city’s Planning Board this winter or by spring, hoping to get ready before the state's deadline for tax credit applications. The developers believe construction will be completed, and the units ready to be occupied, in the spring of 2024. Read the full story in the Times Union.