Ray Gillen, chairman of the Metroplex Development Authority, said Pennrose will be part of the project for the long haul. Pennrose's involvement will allow the property to be put on the tax rolls for the first time, Gillen said.
Gillen said he has been working with the housing authority and Pennrose to develop a payment in lieu of taxes plan that they will present to the city Industrial Development Agency.
This will mean, though, the housing complex will no longer be publicly subsidized.
So, if Yates Village residents want to return to the housing complex, they will be given assistance through the federal Section 8 program, which is based vouchers, Homenick said.
“Anybody who lives there now that wants to return will have that option,” Homenick said. “Some people might refuse because they live somewhere where they are happy and might not want to come back. But some will.”
Once everything is finalized with the first phase of the project, Homenick said they will work with Pennrose to begin finding financing for the second phase.
Homenick said because of the scope of the whole project, he believes it may take four phases to complete.
Mayor Gary McCarthy said he was “very pleased” with the news about the award.
“I spent 10 years as a commissioner on the Schenectady Housing Authority Board,” McCarthy said. “So, I’m interested in what happens there and want to make sure we’re providing safe and decent housing to all residents of the community.”'
Homenick said he hopes construction on the first phase of the project begins in early 2019.
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