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Developer seeks IDA support for 42-unit affordable conversion at 15 North Cherry Street
Summary
KARC Planning Consultants presented a proposal on Sept. 24 to convert a four-story building at 15 North Cherry Street into 42 affordable apartments (80% AMI). The applicant seeks IDA assistance including tax exemptions and a pilot; the IDA will initiate a third-party cost-benefit analysis and open an escrow account for that work.
KARC Planning Consultants appeared before the City of Poughkeepsie Industrial Development Agency on Sept. 24 to present an application from North Cherry Holdings LLC to convert the building at 15 North Cherry Street into 42 affordable apartments.
Kelly Leiboldt, representing the applicant, described the property as a four-story, roughly 40,000-square-foot building that previously received site-plan approval from the City Planning Board in 2022 for conversion to 42 apartments. Leiboldt said all units would be affordable at 80% of area median income (AMI). She described the unit mix in the presentation and subsequent Q&A as 36 one-bedroom units and 6 two-bedroom units. Rents were presented in the application and in Leiboldt's remarks as "$14.51" for a one-bedroom and "$16.32" for a two-bedroom,…
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