Here's a quick update on the ongoing Sheridan Hollow redevelopment project in Albany, one of the most interesting real estate projects in the Capital Region...
The 57 rental units centered around Sheridan Ave and Dove Street have been rented or otherwise set aside, and a large majority of them are now occupied. (There was an official ribbon cutting this week.) The units are distributed among 17 buildings constructed by the Syracuse-based org Housing Visions, and they join the 20 owner-occupied single-family and two-family homes already built there by Habitat for Humanity Capital District. (Habitat's now working on 10 new homes nearby.)
The rents for the affordable housing units are based on a sliding scale, according to Housing Visions. For example: rents for a 1BR unit range from $615-$1076 based on a household's income. If you're curious, there's a more detailed breakdown of the rents after the jump.
Housing Visions has also built two mixed-use buildings at the site. Both will include residential units upstairs, one of them with units set aside from tenants referred to Housing Visions by social services orgs. Also planned for the mixed-use buildings: office space for Habitat and a cafe -- the Hungry Hollow -- scheduled for a grand opening in October.
The Housing Visions rental units in Sheridan Hollow are available to households with incomes that are 40-70 percent of the area median income (AMI) for a household's size. For 2016, the AMI for a family of four in the Albany-Schenectady-Troy metro is $82,000. (For one person, it's $57,400.) So, for a family of four, 40 percent of the AMI is $32,800 and 70 percent is $57,400.
Depending on where a household's income falls on that spectrum, its rent is set accordingly. Rents -- including utilities -- can be up to 30 percent of a household's income.
Here are the maximum rent ranges for the Sheridan Hollow units, according to Housing Visions:
1BR: $615 - $1,076
2BR: $738 - $1,297
3BR: $853 - $1,492
4BR: $952 - $1,664
(Housing Visions says there are just two 4BR units in the Sheridan Hollow project.)
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