Homestead Development Corp. celebrates new milestones
Written by The Sun Community News, 12/18/21
LAKE PLACID | Homestead Development Corp. continues to generate momentum and progress toward achieving its goals of developing and sustaining affordable housing ownership opportunities for working residents of Lake Placid.
Recently, the Local Enhancement Advancement Fund (LEAF) board awarded Homestead Development a grant of $125,000 to aid in the implementation of infrastructure needed for the Fawn Valley development. The LEAF grant will assist in the replacing of a 100-year-old municipal sewer line and the installation of a new road, as well as new water and electrical services.
Homestead’s first development is part of a multi-phased effort to address the housing needs of Lake Placid workers, and will include six two-bedroom Cape-style homes with full basements. The upstairs quarters of each home can be further developed to include two additional bedrooms and a second bath. A total of 16 two-bedroom condo residences divided between four buildings will also be offered for sale to local essential workers. All condos and homes developed by the Corporation will be sold at cost and will include deed restrictions designed to keep the homes affordable in perpetuity. The Cape homes are projected to cost roughly $200,000, and the condos $180,000.
Homestead Development Corp. anticipates the delivery of the six Cape-style homes in 2022, with three expected to arrive in June and three more to arrive in August. The residences have been contracted from Simplex Homes. Preparations for the new residences continue to be made at the site of the 3.09-acre lot off Wesvalley Road in Lake Placid. Logs have been removed, cuttings have been chipped and distributed to the perimeter of the property, and infrastructure work is ongoing. The development project is being closely monitored by North Woods Engineering to ensure that DEC guidelines are followed, as outlined in the Storm Water Protection Plan.
“The development of the Fawn Valley site could not come at a more critical moment for the Lake Placid community,” said Board Trustee Emily Kilburn-Politi. The 2019 Town of North Elba/Village of Lake Placid Community Development Plan identified a critical shortage of affordable housing for the working residents of Lake Placid. The continuation of the pandemic has exacerbated these conditions.
Interested residents of Lake Placid are encouraged to apply via the corporation’s website, homesteadadk.org, to be considered for this unique opportunity. Applications are being accepted on a rolling basis and are reviewed at the beginning of each month. Eligible households wishing to apply must earn less than 200 percent of the Area Median Income. Specific information outlining the income requirements of applicants is available on the Homestead Development Corp. website.
