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By PETE KLEIN
For the Express
One or two affordable homes could be built in Long Lake this year.
Over 60 people turned out for an affordable housing forum held at the Long Lake Town Hall, the latest step that the Town of Long Lake has taken to address the lack of affordable housing within its borders.
Long Lake Supervisor Gregg Wallace began the Wednesday, April 23 meeting by saying that the affordable housing community within the town would be known as “Stanton Hill Acres,” in remembrance of the Old Stanton Farm, where the 38-acre community would be built, and in recognition of the property having been purchased from Susan Hill.
ALMOST
$1M IN GRANTS
Wallace said the project began in 2005 with a $25,000 grant from the Governor’s Office of Small Cities to study solutions to the lack of affordable housing.
This grant was followed by a Small Cities Community Development Block Grant of $400,000 in 2006 and approval of a $492,000 New York State Housing Trust Fund grant in 2007, on an application made in partnership with the Housing Assistance Program of Essex County (HAPEC, www.hapec.org).
COUNSELING MAY 17
HAPEC will provide mortgage and credit counseling to program participants. It will sponsor the first of several homeownership counseling workshops from 10 a.m. to 4 p.m. on Saturday, May 17 in Long Lake.
Anyone interested in the workshop should call (518) 624-5441 to reserve a spot. There is a registration fee of $25.
In addition to partnering with HAPEC, the town also partnered in 2007 with the Adirondack Community Housing Trust (ACHT).
Wallace said the partnership with ACHT was formed to take advantage of ACHT’s long-term land lease program that helps to make housing affordable by leasing the land on which the housing is built.
Homes will be built as applicants are approved. Wallace said he hopes to see one or two built later this year.
LOTS WILL BE LEASED
Under the Long Lake affordable housing program, the lots will have an average value of $30,000 but will be leased for 99 years at $25 a month. Participants in the program will own their homes (have deeds) and develop equity in their homes but rent the lot.
Wallace explained, “Owners of homes may transfer the deed to their children just as any other homeowner could. If they sell the home, the resale price is calculated by a formula that keeps the home price reasonable and affordable.
“This component of the project will ensure that future generations of homebuyers in need of affordable housing will have access to affordable housing in Long Lake.”
THREE CHOICES
As explained at the meeting, homebuyers will choose from three models designed by Rucinski Hall Architecture, Saratoga Springs: a two-story home, a chalet, or a one-story ranch.
These will be two- or three-bedroom stick-built homes that meet Energy Star requirements and are wheelchair accessible on the first floor. They will be equipped with stoves, refrigerators and dishwashers, and will have town water and septic systems provided. All utilities will be underground.
The total average value of the homes, including the lots, will be about $150,000 but will require mortgages of only about $85,000 when land and other grant subsidies are deducted for eligible purchasers. This should keep the cost of the monthly mortgage, including school and land taxes, under $700.
INCOME GUIDELINES
Maximum allowable incomes are one person $29,500, two people $33,700, three people $37,950, four people $42,150, five people $45,500, six people $48,900, seven people $52,500 and eight people $55,650.
Tax returns for the past three years will be required for proof of income. Recent pay stubs and a credit check will also be required. Financing will be done through local banks.
Applications may be obtained from Town Hall or by calling the Town at (518) 624-5441 or HAPEC at (518) 873-6888.
All applications will be submitted to and reviewed by HAPEC. No one from the town will be involved in reviewing applications or determining which applications are approved.
FIRST COME,
FIRST SERVED
Everything will be done on a first come, first served basis, said Wallace, including choosing lots. Applicants need not be residents of the town or Hamilton County.
There is no minimum number of years that approved purchasers must remain in a house. They may sell at any time. However, they can’t rent the house to someone else or use it for commercial purposes.
Senior housing and/or assisted living are separate issues the town will attempt to address in the future, Wallace said.
Sometime in May, Wallace said, there will be a Web page (www.stantonhillacres.com) with detailed information on the affordable housing program, including drawings of the homes that will be built.