The Saranac Lofts apartment complex is seen on Monday. Applications for affordable apartments here are currently open, with a lottery to be scheduled to determine the order applications will be reviewed in. (Enterprise photo — Aaron Marbone)

SARANAC LAKE — Applications for apartments at the downtown Saranac Lofts complex are currently being accepted, as developers Kearney Group have extended the deadline to apply with no new deadline set yet.

Construction at the 69-unit, four-story building between Broadway and the Adirondack Rail Trail is ongoing and before it is opened up, people who apply to be entered into a lottery will have the chance to have their application evaluated for an affordable rental rate.

With funding and tax breaks from state and local governments, the developers are able to offer these apartments at affordable rates, cutting monthly rent almost in half for people earning the lowest level of the local area median income.

The initial application deadline was set for March 21 with a lottery set for April 4. The lottery to establish the order in which applications will be reviewed has also been postponed until further notice.

A PDF of the application can be downloaded here: https://tinyurl.com/4jdwa6rw

For more information on applying, call 845-306-7705.

An employee at the Kearney Group info desk, who did not want to give their name, said they have between 50 and 100 applications so far.

The employee said the completion date for the apartments is “up in the air” currently, but the construction is “towards the end.” On Monday, most of the windows in the building had been installed and some of the brickwork had been laid. Inside, the walls need to be completed, as they are still framing, but it appears utilities are being installed.

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Rent rates

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The project relies heavily on funding and tax breaks from state and local governments to offer the housing at affordable rates.

According to state Division of Homes and Community Renewal, 17 one-bedroom units and two two-bedroom units will be rented at $663 and $797, respectively, for people earning 50% of the area median income.

Also, 31 one-bedroom units and nine two-bedroom units will be rented at $808 and $968, respectively, for people earning 60% AMI.

Two two-bedroom units will be rented at $1,169 for people earning 70% AMI.

The remaining three one-bedroom units and five two-bedroom units will be rented at $1,187 and $1,418, respectively, for people earning 100% AMI.

For one person, 50% AMI here is an annual income of $29,250. For four people, it’s $41,750.

For one person, 60% AMI here is an annual income of $35,100. For four people, it’s $50,100.

For one person, 70% AMI here is an annual income of $46,760. For four people, it’s $58,450.

For one person, 100% AMI here is an annual income of $58,500. For four people, it’s $83,500.

For a complete list of AMI, household income and rent prices for the lofts, go to tinyurl.com/52bzjbk9. Keep in mind, the dates for the application deadline and lottery are the old dates.

All the units can be wheelchair accessible, seven are adapted for mobility impairment, three are adapted for hearing and vision impairment and renters can request “reasonable accommodation and modifications.”

The 1.11-acre site at 120 Broadway has two lots and is the former location of Adirondack Tire.

The Loft, which is nearing completion and which applications are currently open for, is designed to include 46 one-bedroom units and 17 two-bedroom units.

The Carry will be a three-story building with seven apartments and plans for commercial offices for start-up businesses, artists and co-working spaces. This construction has not started yet.

The start of work for both buildings was delayed in 2023 by the discovery of contaminated soil and the state designating the site as a brownfield site. In this case, the problem was former underground gasoline storage from a former filling station, automotive repair shop and woodworking factory. The cleanup at The Loft finished first.

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Artists

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Thirty-five units — half of the total — are set be designated for artists who meet eligibility requirements to live in.

The project has been commonly referred to as “artist apartments,” but the developers’ definition of an artist is pretty broad.

“Are you an individual who practices one of the fine, design, graphic, musical, literary, computer or performing arts culinary arts; or an individual whose profession relies on the application of the above mentioned skills to produce creative product; i.e. an architect, craftsperson, photographer?” the application asks. “All these creative products are defined as ‘art.'”

Artists get preference, Kearney Group Vice President Sean Kearney previously said, but the units are not set aside for them. So if they don’t fill all those 35 units with artists, it’s not like they’re going to leave them empty, he said.

One member of the household — a child, a student, a partner or a single person — needs to be certified as an artist. Art does not need to be a full-time job for them, or even a source of income. They do have to show evidence of a body of work and an “ongoing pursuit” of the arts.

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Funding

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The lion’s share of the funding for the Saranac Lofts comes from the state Division of Housing and Community Renewal in the form of tax credits. These tax credits are sold to investors — in this case, investment bankers Raymond James and Webster Bank.

In 2022, the Harrietstown board approved a 30-year Payment In Lieu Of Taxes agreement with the developers. Under this PILOT, Kearney Group will pay the town a base of $70,000 for 30 years, with a 2% increase every year, instead of paying full taxes on the property. With the 2% annual increase, in the second year, Kearney Group will pay $71,400 — an additional $1,400 from the base. In the third year it will pay $72,828 — an additional $1,428 from the year prior. This would continue for nearly three decades.

The project got $6.5 million in 2022 from the state for affordable housing development.

The project was also awarded $400,000 through the village’s $10 million Downtown Revitalization Initiative grant to outfit The Carry with a co-working space for entrepreneurs.

The full project has been awarded a $100,000 grant through the village’s Energize Downtown Fund, which was set up by the village’s DRI.

The developers are also eligible for tax credits to offset the costs of the brownfield cleanup.