Can New Dutchess County Apartment Complex Help with Rising Rents?
It's no secret that real estate prices in the Hudson Valley have been steadily climbing, and the same has been true for rent. With rising costs and shrinking inventory, many Hudson Valley residents are struggling to find a place to live. A new apartment complex in Dutchess County may be able to help.
New Affordable Apartments
The Woods at Pawling, a newly proposed apartment complex for low-income renters was just approved by the Pawling Planning Board. With 80 planned units, the development will more than double the current number of low-rent designated apartments in the town. Originally designated for senior-only living, the new apartments will now be open to all age groups, broadening the amount of potential residents.
How to Become a Resident
Applicants must fall into a certain income bracket to be eligible to apply. Pawling has set the threshold at an income level between 30% and 90% of the town's median income. As an example, a family of four would need to have a minimum income of roughly $30,000 or a maximum of just over $90,000 to qualify. Developers expect applications to be accepted starting in December of 2023, with construction beginning in March of 2022.
How Much is Rent?
As with the range of accepted family income, rent will also be variable. Rents will range from $540 to nearly $2,200 per month. The most affordable units will also be the most scarce, with less than 10 units planned on being available, and also being reserved for the most vulnerable populations.
Impact on the Future
Much could be riding on the success of this project. Factors such as environmental impact, as well as the possible influx of new students to local schools have all been taken into consideration. Many towns may be looking to Pawling when considering such projects in the future.