The proposed project is the acquisition and rehabilitation of Lawrence Avenue Apartments in Potsdam. This acquisition will preserve and extend the affordability restrictions at the property, likely for 25-plus years to those families making no more than 60% of Area Median Income.
Originally built in 1978, the property consists of 137 affordable multifamily units in 6 residential buildings all situated on a 10.483-acre site. The property is subject to a 20-year HAP contract (Project-Based Section 8) that expires on 9/30/2037 which provides subsidy to 136 of the 137 units.
The anticipated rehabilitation costs are over $45,000 per unit. The rehabilitation will consist of unit upgrades (new kitchens, bathrooms, flooring, etc..), common area upgrades, building system upgrades, new roofing, siding and windows, as well as site work. No tenants are expected to be permanently displaced as a result of the rehabilitation activities (for the most par the work will be “tenant-in-place”.
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