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Developer lands PILOT deal, support

Liberty eyes housing at Estee site in city

December 4, 2013

GLOVERSVILLE — The Common Council on Tuesday gave its support to a proposal to build affordable senior housing at part of the Estee Commons Complex....

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(7)

RobinWentworth

Dec-05-13 6:39 PM

(cont) "Liberty's team of architects, contractors, legal counsel and property management professionals are prepared to meet the unique challenges presented by the development and preservation of affordable housing, including use of the latest green, energy efficient materials and methods. We understand the intricacies of financing affordable housing and are more than able to act quickly in any purchase and development arrangement. Liberty has numerous banks, equity syndicators, and special lenders such as The Community Preservation Corporation standing by to provide construction and permanent financing. From major rehabilitation of an existing project to creative use of an existing but unused site or building, Liberty has the know-how to make the project concept come to life. We can deliver the approach and solution you are looking for!"

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RobinWentworth

Dec-05-13 6:37 PM

More from Liberty Affordable Housing website: "Our Staff and Board of Directors have a long history of innovation in the housing industry. We have forged an excellent working relationship with the U.S. Department of Housing and Urban Development (HUD), the New York State Division of Housing and Community Renewal (DHCR) and the New York State Housing Finance Agency (HFA). Further, Liberty is a proven partner of municipalities and public housing authorities in meeting their housing needs. To invoke greater community interest and give the people Liberty serves more direct input into its operations, Liberty has been established as a Community Housing Development Organization (“CHDO”). A CHDO is a special nonprofit community-based service organization whose primary purpose is to develop and otherwise provide affordable housing. Liberty is thus eligible to receive certain federal, state and local government funding earmarked for affordable housing." (cont)

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RobinWentworth

Dec-05-13 6:33 PM

Since the comment section does not allow website address here is some info from Liberty Affordable Housings' website: "Liberty Affordable Housing Inc. is a community based 501(c)(3) not-for-profit organization experienced in the development and preservation of affordable housing in Upstate New York. Liberty believes that “achieving the American dream” begins with housing and that everyone is entitled to safe, clean, and quality affordable housing. In such housing, sensitivity and caring are just as important as the right combination of bricks and mortar. Our primary objective is always to provide the best possible living arrangement for those whom we are privileged to serve. We also believe that neighborhoods and communities can be revitalized through our efforts. Liberty's business is to acquire and develop new affordable housing and substantially rehabilitate existing housing to extend its useful life and preserve its affordability for the long-term."

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RobinWentworth

Dec-05-13 6:28 PM

Just some info for people who are not familiar with Liberty Affordable Housing: *******libertyaffordable****/

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InIreland

Dec-05-13 4:13 AM

I agree with Lizzie, a “40 year PILOT”. Sounds to me like this may be a pretty sweet deal for this company. After the initial taxes the company will make annual payments in "lieu of taxes" to the city equal to 5 percent of total rents received from 35 one bedroom apartments. Does any Gloversville citizen get to pay property taxes on their rental property based on “rents received” versus assessed valuation. At 5% of "rents received" it sounds like a even sweeter deal for 40 years. This 'deal" should be studied by someone knowledgeable of tax values and rental property. This too may not pass the smell test. Is the city giving a break to this company to develop 35 one bedroom senior apartments while the current city taxpayers continue to pay some of the highest taxes in the state.

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DaveGibson

Dec-04-13 4:27 PM

I think I read previously that Liberty would demolish the old school and build new. I hope the Historic Review Board is tough on this one.

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lizzie

Dec-04-13 1:20 PM

A 40 year PILOT? I don't even know what to say about that.....

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