FOR IMMEDIATE RELEASE
February 17, 2023
Mayor Noble and Stony Run Property Owners Propose Conversion from Market Rate to Workforce Housing
KINGSTON, NY – Mayor Steven T. Noble was pleased to present a plan to convert the Stony Run apartment complex from market rate to workforce housing, which was approved by the Laws & Rules Committee, and will be considered by the full Council at the March meeting.
At Wednesday’s Laws & Rules Committee meeting, Mayor Noble and the property owners presented a plan to establish a non-profit Housing Development Trust Fund to create long-term affordable housing with no PILOT agreement. This regulatory agreement would prohibit the apartment complex from being market rate for 40 years.
Under this agreement, all current Stony Run tenants will continue to receive all ETPA protections as currently in place in the City of Kingston. All new tenants will have to meet AMI requirements and all rents will be capped at no more than 120% AMI. The property will remain on the tax roll; no PILOT is being requested. The agreement would also require that reserve funds be set up for maintenance and repair costs.
“My administration has been working with the owners of this property to develop a solution that would create long-term affordability while also helping to protect current and future residents and making sure necessary upgrades are made to the facility. I am happy to report we have come up with proposal that we believe is in the best interest of the City and the tenants of the facility,” said Mayor Noble. “I believe this is an innovative approach to take a market rate apartment complex and convert it to a workforce housing complex while ensuring that both current and future tenants have a well-kept and fiscally sound housing facility. I encourage other market rate apartment complexes to consider this unique approach to creating affordability.”
Alderwoman Barbara Hill, Ward 1 said, “The tenants union at Stony Run are very pleased with the progress they have made to create a more cohesive and interactive relationship with the owners over the past few months. This agreement will definitely increase the tenants’ peace of mind. It is a huge win-win-win for the tenants, the owners, and the City.”
To watch the Laws & Rules meeting, visit the City of Kingston’s YouTube channel.