June 20, 2018
Ida Yarbrough Homes Redevelopment Will Provide 161 Affordable Homes for Families
June 20, 2018 – New York State Homes and Community Renewal today announced the completion of the Ida Yarbrough Homes Redevelopment’s Phase I and the start of construction on Phase II. The Ida Yarbrough Homes Redevelopment is a multi-phase, multi-year effort to reinvent a key location in Albany’s downtown community and develop new homes for low- and moderate- income families. Developed by the Albany Housing Authority, the Ida Yarbrough Homes is part of the Arbor Hill Neighborhood Plan to improve the housing, economic, cultural and quality of life issues in the Arbor Hill neighborhood.
Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “The Ida Yarbrough Homes Redevelopment fulfills a need for quality, affordable housing for 161 families in downtown Albany. This development delivers on Governor Cuomo’s commitment to providing vital affordable housing for people in the community that they love while building a stronger neighborhood overall. These new apartments are laying the ground work for ongoing economic development in Arbor Hill.”
The Ida Yarbrough Homes Redevelopment Phase I consists of 11 newly constructed buildings with 61 townhomes and garden apartments. Located at 270 North Pearl Street, the complex includes 17 two-bedroom homes; 22 three-bedroom homes; 19 four-bedroom homes and 3 five-bedroom homes. Ten units have been set aside for formerly homeless families.
Construction at 270 North Pearl Street began in July 2016 and involved the demolition of five of the original Ida Yarbrough Homes low-rise buildings. The newly constructed homes are now fully occupied.
The Ida Yarbrough Homes Redevelopment Phase II includes the new construction four buildings with 76 apartments on two separate sites at 252 North Pearl Street and 531 Lark Drive. These sites include a portion of the original Ida Yarbrough Homes low-rise buildings, which will be demolished and replaced.
The 252 North Pearl Street site will consist of a seven-story multifamily building with 62 apartments and a community room and a three-story building with ten apartments. The 531 Lark Street site will consist of two two-story, two-unit detached buildings. Phase II includes 12 units set aside for homeless families and an additional 12 will be accessible and fully adapted for those living with mobility, vision and hearing disabilities.
Phase II’s buildings include 19 one-bedroom apartments; 48 two-bedroom apartments; four three-bedroom apartments; four four-bedroom apartments; and one five-bedroom apartment. All four Phase II buildings will adhere to Enterprise Green Communities and ENERGY STAR standards.
The original Ida Yarbrough Homes were built in the 1970s and managed by the Albany Housing Authority. By demolishing the pre-existing and obsolete buildings, existing space has been reutilized efficiently to add more units to the property while also allowing for more green space.
The Ida Yarbrough Homes Redevelopment project advances the goals of the City of Albany’s Arbor Hill Neighborhood Development Plan by creating newer, more modern housing and revitalizing the neighborhood’s economy. The state’s investment in Ida Yarbrough joins developments like Sheridan Hollow Village and The Barn and Academy Lofts that are supporting the city’s strategic plan for Arbor Hill—transforming vacant structures, injecting new energy into the community, and improving housing options and quality of life.
Financing for the total redevelopment of Ida Yarbrough Homes includes $6.3 million in loans from New York State Homes and Community Renewal’s Housing Trust Fund, as well as State and Federal Low-Income Housing Tax Credit annual allocations from HCR that will generate nearly $30 million in equity for the project.
Additional financial assistance was provided by the New York State Environmental Facilities Corporation, New York State Energy Research and Development Authority, Federal Home Loan Bank of New York, Key Bank, Local Initiatives Support Corporation, the Albany Housing Authority and the City of Albany.
Congressman Paul Tonko said, “The Ida Yarbrough redevelopment project will not only bring new vitality to an historic downtown neighborhood, it will strengthen Albany’s assets in safe, affordable housing. Ensuring families have a roof over their head provides opportunity and security for our neighbors to stay in school, find a job and take care of their family. Congratulations to the project leaders and staff for completing the first phase and advancing the project to make more affordable housing in Albany a reality.”
Senator Neil Breslin said, “The completion of the Ida Yarbrough Homes Redevelopment's Phase 1 will greatly improve the quality of life of residents throughout the Arbor Hill neighborhood. I applaud the New York State Homes and Community Renewal and the New York State Environmental Facilities Corporation, New York State Energy Research and Development Authority, Federal Home Loan Bank of New York, Key Bank, Local Initiatives Support Corporation, the Albany Housing Authority and the City of Albany for partnering together to help bring this important affordable housing project to fruition.”
Assemblymember John T. McDonald III said, “It is great to see the completion of Phase I of the Ida Yarbrough Homes Redevelopment Project. I appreciate the ongoing support of New York State Homes and Community Renewal and Governor Cuomo as the project enters construction on Phase II. This funding is an example of many major investments throughout the City of Albany which utilize public funds for a public purpose.”
Assemblymember Patricia Fahy said, “The redevelopment of the Ida Yarbrough Homes marks a critical step in increasing the availability of affordable homes in Arbor Hill and Albany. Sincere thanks to Governor Cuomo and NYSHCR for their efforts and investment in creating a more modern and livable community.”
Albany County Executive Daniel P. McCoy said, “This exciting project, standing in part where the former Ida Yarbrough Homes once stood, is a reminder of how far the City of Albany has come. By creating more mixed-income housing, we are investing in our hardworking families and creating stronger, thriving communities we can all be proud of.”
Albany Mayor Kathy Sheehan said, “Affordable housing is an integral component of vibrant communities. The completion of Ida Yarbrough Phase I and the groundbreaking of Ida Yarbrough Phase II ensures state-of-the-art housing is available to low- and moderate-income individuals and families for years to come. Thank you to the Albany Housing Authority, U.S. Department of Housing and Urban Development, and Governor Cuomo for their commitment to enhancing affordable housing in New York’s Capital City.”
Steve Longo, Executive Director, Albany Housing Authority said, “This project was made possible through a decade of implementing the Arbor Hill Neighborhood Plan, which is focused on bringing new homes and new opportunities to the Arbor Hill community. We would not have been able to bring the Ida Yarbrough homes to the community if it weren’t for the tireless work of the many city, state, and federal partners that helped to make this dream a reality. The completion of this project will provide a diverse community for Albany’s mixed-income families.”
About the Albany Housing Authority
Since its creation in 1948, the Albany Housing Authority has evolved to provide leadership in meeting the needs and aspirations of its residents and their communities. More than just housing, today the Authority offers families a foundation from which to build successful lives, inspiring investment in self and community through quality rental, homeownership, employment and small business opportunities. We are able to partner for those who wish to transform their future, and that of their community, into one of choice. Visit us at www.albanyhousing.org.
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