Our Plan

In 2019 the Town of North Elba / Village of Lake Placid Community Development Commission engaged Camoin Associates to conduct a housing needs assessment for the Town and Village. This assessment was completed in 2019 and presented to the public in the fourth quarter. Key points from this assessment include:

·        local workers are less able to afford community housing as existing house prices are much greater than what these workers can afford.

·        the fact that the inventory of housing that could be afforded by this segment of workers has disappeared may be a result of the rise of short term rentals and the cost barriers of development (1)

As a result, the community is unable to provide housing for its essential workers.

Homestead Development Corporation’s goal is to help develop more affordable housing ownership possibilities for Lake Placid as indicated in the Housing Section of the 2014 Joint Comprehensive Plan. The housing is intended to support local skilled tradespeople, professional workers and their families, those with handicaps, and elderly residents.

The development of Fawn Valley will be sited on 3.09 acres of donated land off Wes Valley Road just south of Chickadee Lane. The current plan includes six (6) single family homes, and sixteen (16) two-bedroom townhouses in four (4) townhouse buildings. This is a total of 22 housing “units”. This housing is targeted for families with incomes up to 200% of the Area Median Income (AMI).

(1)      Community Housing Needs Assessment, Town of North Elba / Village of Lake Placid Joint Housing Committee, Camoin Associates, January 2020

(2)      PD allowed density: 12 units / acre

Benefits

The Fawn Valley Development will bring many benefits to the community including:

  • Help to make affordable housing available for those who provide essential services to the community.

  • Attract families who desire to become residents and part of the community – engaging in activities and the educational system.

  • Support socioeconomic, trade and professional diversity of the middle class in Lake Placid, contributing to community sustainability.

  • Provide additional property tax revenues to the Town of North Elba / Village of Lake Placid.

  • Provide ownership possibilities to those who have been prevented from buying a home in the Community due to the high cost of homes.

  • Provide well-paying jobs during construction as well as engage local professionals in its development and sales of properties.  

About Homestead Development Corp.

Homestead Development Corporation (HDC) was founded in April 2020 as a non-profit corporation. We are a public charity and a private developer and have been granted 501C3 tax exempt status by the IRS. Our board is made up of local individuals with expertise in construction, development, community housing, finance, and real estate. We will be selling these homes and townhouses at our cost.

Homestead Development Corporation’s goals are:

  • Develop affordable housing for the essential workers of Lake Placid.

  • Place housing throughout the community so that it is an integral part of the community.

  • Promote energy efficiency in the construction and operation of the new homes.

  • Form relationships with local businesses and organizations, such as North Woods Engineering.