Application period opens for Westvalley housing | News, Sports, Jobs

By on June 15, 2022 0

MacKenzie Overlook, an affordable housing complex on Westvalley Road, is seen here under construction on Tuesday. The application period for units in the complex is now open and the developers expect the units to be ready to move in by February 2023. (Business Photo – Lauren Yates)

LAKE PLACID – People can now apply to live in a flat at MacKenzie Overlook, one of two new developments being built on Westvalley Road.

The complex will first be used as staff accommodation during the 2023 FISU World University Winter Games before the apartments are handed over to long-term tenants. After the end of the games on January 22, the apartments will be cleaned and returned to tenants by February. Gabe Regan – a development associate at MacKenzie Overlook developer Regan Development Corporation – said the company is targeting a February 1 move-in date.

There are 60 units available at MacKenzie Overlook – 40 one-bedroom apartments and 20 two-bedroom apartments. People can apply for a unit at tinyurl.com/44ajft85 until 5 p.m. on August 1. People can request a paper application at the development society office at 914-693-6613.

Tenants will be selected in a lottery, according to Regan. At 3 p.m. on August 29, there will be a draw where potential tenants will be chosen. Regan said any tenants who are not selected will be put on the waiting list for an apartment. The lottery will be streamed live at https://tinyurl.com/2cpw2n7t.

Regan Development works with a property management company to submit and review applications. If someone is not qualified for an apartment, their name will not be entered into the lottery.

Construction at MacKenzie Overlook is ahead of schedule, according to Regan, with completion slated for mid-August.

MacKenzie Overlook is one of two housing developments being built on Westvalley Road at the moment. The other, Fawn Valley, will be a combination of six two-bedroom Cape Cod-style single-family homes and 16 two-bedroom condominiums located in four condominium buildings. MacKenzie Overlook is the only development with units that will be rented at a reputable rate “affordable” for people in the local workforce according to a 2020 Housing Needs Assessment Study.

A housing needs assessment study released in 2020 showed that with a target of 50% of the local workforce living within the community, North Elba and Lake Placid need approximately 1,534 “workforce and affordable level” housing units. Most of this assessed need, 1,013 units, is for people earning less than $35,150 per year. In the study, affordable rent for this income bracket is defined as less than $879 per month for an apartment and less than $123,000 for a house.

Income limits

MacKenzie Overlook is a tax credit property, according to Regan Development Corporation receptionist Fern Spinazzola, so only people who make up to 80% of the area’s median income would be eligible for a unit. A household that collectively earns between 40% and 80% of the AMI is eligible to apply for an apartment. The cost of rent varies depending on the number of people living in a single unit and their annual collective income.

Forty percent of the AMI is a maximum of $21,480 for one person living in one dwelling, $24,560 for two people living in one dwelling, $27,640 for three people sharing one dwelling, and $30,680 for four people living in the same dwelling. A maximum of 50% is $26,850 for one person, $30,700 for two people, $34,550 for three people and $38,350 for four people. For a 60% limit, one person could earn up to $32,220, two people could earn up to $36,840, three people could earn up to $41,460, and four people could earn up to $46,020. The maximum income for an 80% limit is $42,460 for one person, $49,120 for two people, $55,280 for three people, and $61,360 for four people.

A one-bedroom apartment for a household earning 40% of the AMI would have an estimated rent of $441, and a two-bedroom apartment with the same income limit would rent for around $525 a month. For a household with a maximum collective income of 50% of the CHI, a one-bedroom apartment would cost $573 and a two-bedroom apartment would cost $683. A one-bedroom apartment with a 60% limit would rent for $705, and a two-bedroom apartment with the same limit would rent for $841. With an 80% limit, a one-bedroom apartment would rent for $813 and a two-bedroom would rent for $937.

People earning more than that would not qualify for an apartment at MacKenzie Overlook.

Once tenants are selected in the lottery, they would be notified and asked to make an appointment to provide proof of income and other documents to ensure that potential tenants do not have an income that exceeds the maximum limit . Spinazzola said these documents would go through a third-party verification process; then, between late August and next February, Spinazzola said tenants would be asked to sign a lease and leave a security deposit.

Heating, hot water, electric kitchen, apartment electricity and air conditioning are not included in the rental price, depending on the application. One-bedroom apartments should have a utility allowance of $87 and two-bedroom apartments should have a utility allowance of $108.

Candidates’ income would be calculated just before signing a lease; if their income increases or decreases after this period, depending on demand, it will not affect their income qualification.

In addition to providing information about their income in their application, applicants are asked about their employment information, rental history, and whether they have sources of financial assistance outside of work income.



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