SARATOGA SPRINGS—Rents in the Liberty Saratoga Apartment complex, an affordable workforce housing complex currently going through city approval processes, will range from $995 to $1,200 for a one bedroom and $1,200 to $1,650 for a two bedroom, according to new information released by the city Thursday.
Liberty Affordable Housing, a not-for-profit, is looking to build over 200 units of workforce housing on the corner of Crescent Avenue and Jefferson Street near Saratoga Hotel and Casino.
The lot proposed for the development was originally zoned as rural residential, but was changed to urban residential by the council so that the project could move forward.
Over the past several years residents, workers, business owners, organizations and other officials have pushed to create affordable housing options in the city, which has seen housing market costs increase over the years.
The average sale price of a home in Saratoga Springs is now around the $540,000 range, up from 2019 when it was around $315,000, said Accounts Commissioner Dillon Moran, who has been a large proponent of the project.
He said the costs of homes and lack of them in the city has led to difficulties filling job openings.
“The development of this project offers a significant boost to the number of apartments at a time which there are few options available,” said Accounts Commissioner Dillon Moran, who has been a large proponent of the project, in a press release Thursday. “Healthcare and hospitality are core to the economy of Saratoga Springs, and the workforce should be able to live within the community that they work.”
Under the project, people making anywhere from $44,520 to $84,800 will be eligible to apply for an apartment in the Liberty Saratoga Apartment complex once it’s built.
Those income ranges are based on the average median income for the Albany-Schenectady-Troy region.
“The median family income in the Capital District region is $106,000,” states the release.
The property will be owned and managed by Liberty Affordable Housing and is being designed by Phinney Design Group.
The over 200 units will be split between two four-story buildings on the land, with 20 acres of land being conserved, including nine acres of wetlands, according to the release.
The project must comply with various green building programs and will include things like energy efficient appliances.
“Housing costs are increasingly impacting our community at all income levels and stages of life,” said Jason Golub, the Department of Public Works Commissioner. “This new residential community will connect our essential workforce to all that Saratoga Springs offers, and be a model of environmentally sustainable building.”
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