KINGSTON – Mayor Steven Noble has announced that he has finalized the regulatory agreement to convert the Stony Run apartment complex at 305 Hurley Avenue in Kingston to affordable and workforce housing.
“Our agreement includes both an updated regulatory agreement as well as a memorandum of agreement between the city and the property owners. With this agreement, Stony Run will become the largest affordable and workforce private housing complex in the City of Kingston and Ulster County,” the mayor said.
Since working with the Stony Run Tenants Union, changes to the original agreement include requiring a municipal preference program so that Kingston residents have access to these below-market-rate apartments and the creation of a mandatory Stony Run Resident Board that will include three representatives of the property owners and two tenant representatives elected by the tenants.
Grassroots organization For the Many hailed the agreement, said Aaron Narraph Fernando.
“The reason workforce housing was created is because the landlords needed additional money repairs,” he said. “Unfortunately, they spent a lot of money on pretty frivolous things. They spent money on a pool house; they spent a lot of money on things the residents didn’t need, and they didn’t do essential repairs, so the workforce housing agreement would allow them to get money for repairs to fix up some of the apartments that have fallen into disrepair.”
The Stony Run apartment complex is owned by Aker Cos. of Beacon.
