Kingston has taken two steps designed to help add additional affordable housing to the inventory in the city.
The first step involved working out a regulatory agreement to convert the 266-unit Stony Run apartment complex into affordable and workforce housing. An earlier tentative agreement with property owner Aker Companies had drawn some public criticism as being too favorable to the landlord.
“I am happy to report that, through thoughtful and deliberate discussions, all parties involved have come to a resolution that will benefit the residents of Stony Run and our entire community,” Kingston’s Mayor Steven T. Noble said on May 1. “Our agreement includes both an updated regulatory agreement as well as a memorandum of agreement between the city and the property owners. With this agreement, Stony Run will become the largest affordable and workforce private housing complex in the City of Kingston and Ulster County.”
Under the agreement, 10% of apartments will be capped at 110% of Area Median Income (AMI), 15% capped at 100% of AMI, 20% capped at 90% of AMI and 55% capped at 80% of AMI. There would be 50 units of supportive housing for individuals making 60% AMI or less. Kingston residents will be given preference to rent apartments in the complex. The agreement is binding for 40 years.
In a second housing move, Kingston and the nonprofit organization RUPCO have partnered in a First-Time Homebuyer Program. The city is putting $395,000 of Community Development Block Grant funds into the program, which RUPCO will administer. The program will provide up to $50,000 to qualifying income-eligible first-time homebuyers to cover up to 50% of a down payment required to obtain a mortgage along with closing costs. Funds also will help subsidize the mortgage principal amount.
To be eligible for the program, a single-person can earn up to $53,800. The income limit increases with family size all the way up to $95,250 for a family of seven.
“This program will significantly impact many families in Kingston, allowing them to own their homes and create a sense of stability and security for themselves and their loved ones, said Faith Moore, a senior vice president at RUPCO.
