23 rental apartments over 7 storefronts in a mix of rehabilitated and infill construction on North Swan Street. The project is intended to bring to the Arbor Hill community essential retail and professional services. A mixed-finance approach was used whereby HUD HOPE VI funding is combined with private equity from a 4% low-income housing tax credit allocation provided by the NYS Division of Housing and Community Renewal.
Since this property is owned and managed by a Public Housing Authority, all of the rents at this property are based on tenant incomes. Tenants will make a monthly contribution toward rent equal to 30% of their adjusted income. A housing authority may establish a minimum rent of up to $50.
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.
Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in a HUD rental assistance program in Albany but actual income limits may differ for units at Swan Street .
|AMI Band||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
Swan Street is managed by Albany Housing Authority.