LAKE PLACID – The odds were still in favor of 60 potential tenants on Monday when their names were drawn first in a lottery for apartments at MacKenzie Overlook, a new affordable housing development on Westvalley Road.

Construction at MacKenzie Overlook is nearing completion this fall – the culmination of a more than two-year process undertaken by Ardsley-based developer Regan Development, which secured state funding for the project, asked project approval from local government boards and the Adirondack Park Agency, and navigated construction supply chain bottlenecks related to the coronavirus pandemic to complete the apartments ahead of the World University Games in winter of 2023. The end result will be 40 one-bedroom apartments and 20 two-bedroom apartments which will first be used as staff accommodation during the 23 FISU Games before being handed over to tenants at term at rents geared to income by March 2023.

The names of approximately 150 people who applied for an apartment at MacKenzie Overlook were entered into a lottery that determined the order in which they would be considered for a rental at the complex. Each contestant’s name was printed on a slip of paper and entered into the lottery. A worker at one of Regan Development’s Senior Horizons housing complexes said she felt like Harry Potter on Monday as she twirled the slips in a glass jar and pulled them out randomly. Candidates’ names were put on a priority/waiting list in the order they were drawn. Although there are only 60 apartments available, each candidate’s name has been recorded on the list. People can watch a video of the lottery at tinyurl.com/bdz9jnm3.

The first 60 people drawn will be considered first for apartments, but that doesn’t mean the remaining 90 or so applicants will be eliminated from the race; some applicants may decide they no longer want to live at MacKenzie, and applicants’ income qualifications must be checked before their apartment is secured.

People whose names have been entered into the lottery will be notified and potential tenants will be asked to make an appointment to provide proof of income and other documents to ensure that potential tenants do not have an income. that exceeds the maximum limit. The qualification process will begin in December, according to employees associated with Regan Development carrying out the draw, but everyone who applied for an apartment will be notified of their place on the waiting list in the coming weeks.

Regan Development Corporation receptionist Fern Spinazzola said earlier this summer that those qualifying documents would go through a third-party verification process; then, between that process and moving in next March, Spinazzola said tenants would be asked to sign a lease and leave a security deposit.

If people who have applied for an apartment at MacKenzie Overlook do not receive a notification about their place on the waitlist, they should call or text 845-717-0528.

Qualifications

MacKenzie Overlook is a tax credit property, according to Spinazzola, so only people who make up to 80% of the area’s median income are eligible for a unit. A household that collectively earns between 40% and 80% of the region’s median income was eligible to apply for an apartment. The cost of rent varies depending on the number of people living in a single unit and their annual collective income.

Forty percent of the AMI is a maximum of $21,480 for one person living in one dwelling, $24,560 for two people living in one dwelling, $27,640 for three people sharing accommodation, and $30,680 for four people living in the same dwelling. A maximum of 50% is $26,850 for one person, $30,700 for two people, $34,550 for three people and $38,350 for four people. For a 60% limit, one person could earn up to $32,220, two people could earn up to $36,840, three people could earn up to $41,460, and four people could earn up to $46,020. The maximum income for an 80% limit is $42,460 for one person, $49,120 for two people, $55,280 for three people, and $61,360 for four people.

A one-bedroom apartment for a household earning 40% of the AMI would have an estimated rent of $441, and a two-bedroom apartment with the same income limit would rent for around $525 a month. For a household with a maximum collective income of 50% of the CHI, a one-bedroom apartment would cost $573 and a two-bedroom apartment would cost $683. A one-bedroom apartment with a 60% limit would rent for $705, and a two-bedroom apartment with the same limit would rent for $841. With an 80% limit, a one-bedroom apartment would rent for $813 and a two-bedroom would rent for $937.

Heating, hot water, electric kitchen, apartment electricity and air conditioning are not included in the rental price, according to the original request of the development. One-bedroom apartments should have a utility allowance of $87 and two-bedroom apartments should have a utility allowance of $108.

MacKenzie Overlook is the only upcoming development in Lake Placid with units that will be leased at a judged rate “affordable” for people in the local workforce according to a 2020 Housing Needs Assessment Study.

A housing needs assessment study released in 2020 showed that with a target of 50% of the local workforce living within the community, North Elba and Lake Placid need approximately 1,534 “workforce and affordable level” housing units. Most of this assessed need, 1,013 units, is for people earning less than $35,150 per year. In the study, affordable rent for this income bracket is defined as less than $879 per month for an apartment and less than $123,000 for a house.



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