This article is a continuation from last week's 'Homes for everyone.'
Affordable housing is now available on both sides of the river, thanks to Baldwin Real Estate Corporation.
Bill Durdel, president of BREC, is simultaneously working on two affordable housing projects in the greater Baldwinsville area -- the renovation of Mercer Mills apartments in the town of Van Buren (featured in last week's article) and the construction of Riverknoll apartments in the town of Lysander.
"Higher rental rates have caused some people to move out of the area they have lived in all their lives," Durdel said. "Seniors and young families are most affected by these market conditions. Riverknoll will give these people an opportunity to remain in or return to the community."
Affordable housing is reduced-cost housing designed for individuals and families that are below the area medium income. This is made possible through soft financing -- low interest and longer-term loans made available to developers. For example, instead of obtaining a conventional loan at 6.5 percent for 20 years, a developer can apply for a 30-year mortgage at one percent financing in exchange for agreeing to house people at predetermined income levels for public benefit.
This type of financing has allowed Riverknoll Apartments in Radisson to offer a 716-square foot apartment for as low as $315 per month. But, not only are the properties affordable to those in need, they also offer a high quality product.
"Riverknoll is an attempt on our part to bring to the affordable housing market in Baldwinsville a housing alternative that offers styling, amenities and services that are typically found in upscale, market rate apartment living," Durdel said.
Riverknoll is located in a quiet wooded setting off of Route 31. Each apartment features spacious square footage with a master bath, walk-in closets and private entrance. Residents not only have access to a clubhouse, fitness center and computer lab, they can also enjoy all the amenities that Radisson offers such as swimming pools, tennis courts and walking trails. An added bonus will be the new YMCA facility that will be built on Drake's Landing on the north side of Route 31.