ADK Explorer: Homestead Development Corp. plans 22 additional homes for Lake Placid

The success of Homestead Development Corp.’s Fawn Valley affordable housing project in Lake Placid has encouraged the nonprofit to plan a similar venture off of Algonquin Drive in the west side of the village.

The Fox Hill project will build 22 homes on about five acres and sell them to people who have previously been priced out of the Lake Placid real estate market. The homes will include modular cape cods and ranchers that sell for $220,000 to $270,000, a little more than half of market price, said Homestead president Steve Sama.

The homes are income restricted, but at 200% of Area Median Income, they are available to middle class people with professional salaries.

Read the full Adirondack Explorer story at https://www.adirondackexplorer.org/community-news/housing/lake-placid-nonprofit-plans-second-affordable-housing-site/