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Evergreen says Hudson Terrace would remain affordable
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| The Hudson Terrace low-income apartment complex on Front Street, Hudson. Potential owners Evergreen says the rent would increase but residents will still only have to pay 30 percent of income. Jamie Larson/Hudson-Catskill Newspapers |
By Jamie Larson
The company poised to purchase and manage the Hudson Terrace subsidized housing complex on Front Street says they will not be raising rent on tenants. They also plan to completely renovate the nearly 40-year old buildings.
Evergreen Partners are looking to raise rent overall on the units but due to a Section 8 subsidy from the U.S. Department of Housing and Urban Development (HUD), tenants will still only be required to pay 30 percent of their monthly income as rent. Officials say Evergreen is in good position to receive the increased rate from HUD.
Evergreen hopes to close a deal with Hudson Terrace’s current owner, Apartment Investment and Management Company (AIMCO), to buy the complex. According to Evergreen they would then spend $50,000 per unit on a complete renovation of all 168 apartments, originally built in 1972.
Charles Allen, a principal in Evergreen Partners has been talking with Hudson officials and the Industrial Development Agency about his company’s intentions as the purchase has developed. The process has slowed because of a shortage of investors in the market due to the economic recession but Allen says he is hopeful the deal will close by the end of the year or shortly after.
The Terrace has participated in a Payment in Lieu of Taxes (PILOT) program since it was constructed, saving AIMCO tax dollars in return for providing the city with affordable housing. Evergreen has asked the IDA to grant them the same or similar PILOT when they take over.
Allen also addressed the whispers and rumors that some would like to see the Terrace turned into unsubsidized, upscale condominiums, given their view of the Hudson River and proximity to the ever-evolving waterfront. Allen said affordable housing is what Evergreen specializes in and that is all they are looking to provide.
So far the majority of the funding for the purchase has been funded by low income housing tax credits, furthermore, Allen said they would be mandated to keep the rent low by HUD if granted the Section 8 subsidy.
The renovations planned by Evergreen are sweeping in scope. “The property is aging and in need of recapitalization,” a statement from Evergreen reads, “In the past few years conditions at the property have deteriorated rapidly.”
“The scope of the rehabilitation will address both the interior and exterior needs at the site,” the development synopsis continues. “Kitchens, bathrooms, flooring and doors will be replaced. Apartments will be fully painted and hardwired smoke detectors will be installed. Roofs, windows and siding will be replaced and improvements will be made to the building’s insulation. New gas-fired heating systems will be installed to replace the existing electric baseboard heat.”
Evergreen says the property will be safer, more attractive, and more comfortable along with reducing their utility bills.
Allen said Evergreen does this type of rehabilitation all the time and uses a process called “occupied rehab” to make the renovations without overburdening residents. To do this Evergreen waits for a certain numbers of apartments to go vacant. They move residents around the complex while they work on a section of units at a time. Then residents who were previously moved are moved back into the newly-remodeled apartments.
Allen says the rehabilitation of the apartments will benefit residents and neighbors. There is still money left to raise and hurdles to jump but Allen says the deal for Hudson Terrace with AIMCO is “reasonably likely” to get done this year.
Evergreen Partners are looking to raise rent overall on the units but due to a Section 8 subsidy from the U.S. Department of Housing and Urban Development (HUD), tenants will still only be required to pay 30 percent of their monthly income as rent. Officials say Evergreen is in good position to receive the increased rate from HUD.
Evergreen hopes to close a deal with Hudson Terrace’s current owner, Apartment Investment and Management Company (AIMCO), to buy the complex. According to Evergreen they would then spend $50,000 per unit on a complete renovation of all 168 apartments, originally built in 1972.
Charles Allen, a principal in Evergreen Partners has been talking with Hudson officials and the Industrial Development Agency about his company’s intentions as the purchase has developed. The process has slowed because of a shortage of investors in the market due to the economic recession but Allen says he is hopeful the deal will close by the end of the year or shortly after.
The Terrace has participated in a Payment in Lieu of Taxes (PILOT) program since it was constructed, saving AIMCO tax dollars in return for providing the city with affordable housing. Evergreen has asked the IDA to grant them the same or similar PILOT when they take over.
Allen also addressed the whispers and rumors that some would like to see the Terrace turned into unsubsidized, upscale condominiums, given their view of the Hudson River and proximity to the ever-evolving waterfront. Allen said affordable housing is what Evergreen specializes in and that is all they are looking to provide.
So far the majority of the funding for the purchase has been funded by low income housing tax credits, furthermore, Allen said they would be mandated to keep the rent low by HUD if granted the Section 8 subsidy.
The renovations planned by Evergreen are sweeping in scope. “The property is aging and in need of recapitalization,” a statement from Evergreen reads, “In the past few years conditions at the property have deteriorated rapidly.”
“The scope of the rehabilitation will address both the interior and exterior needs at the site,” the development synopsis continues. “Kitchens, bathrooms, flooring and doors will be replaced. Apartments will be fully painted and hardwired smoke detectors will be installed. Roofs, windows and siding will be replaced and improvements will be made to the building’s insulation. New gas-fired heating systems will be installed to replace the existing electric baseboard heat.”
Evergreen says the property will be safer, more attractive, and more comfortable along with reducing their utility bills.
Allen said Evergreen does this type of rehabilitation all the time and uses a process called “occupied rehab” to make the renovations without overburdening residents. To do this Evergreen waits for a certain numbers of apartments to go vacant. They move residents around the complex while they work on a section of units at a time. Then residents who were previously moved are moved back into the newly-remodeled apartments.
Allen says the rehabilitation of the apartments will benefit residents and neighbors. There is still money left to raise and hurdles to jump but Allen says the deal for Hudson Terrace with AIMCO is “reasonably likely” to get done this year.
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