COR Development, Morgan Management to receive money from Jefferson County agencies

Two projects in the town of Watertown will receive $6.74 million in low-interest loans from three local agencies through the Community Rental Housing Program.

The program, a partnership of the Development Authority of the North Country and the Fort Drum Regional Liaison Organization, seeks to improve the supply of rental housing for Fort Drum soldiers and the native population.

“I applaud the community’s efforts in significantly helping to close the projected housing deficit in the region,” Fort Drum garrison commander Col. Noel T. Nicolle said in a news release from DANC and the organization. “Having our soldiers and families adequately housed only helps us better accomplish our mission.”

COR Development Co., Fayetteville, will receive $3 million for its Beaver Meadows Apartments, a 305-unit project south of Target in COR’s Towne Center, Route 3.

“The important part is that this reaffirms the community’s commitment to addressing the housing needs of the community, as well as Fort Drum,” DANC CEO James W. Wright said. “Twenty percent of the units are affordable at COR, which is very important to us.”

Morgan Management, Pittsford, will receive $3.74 million for its 394-unit project off Route 202.

“The Authority has advanced new housing development and rehabilitation in the region for over 25 years,” DANC Chairman Alfred E. Calligaris said in the release. “Projects like these not only provide housing solutions for both military and civilian families, but provide new investment in our community and create jobs.”

The $6.74 million local contribution represents a 13:1 ratio of return, with more than $90 million in private investment through the two companies.

“This community has a long history of supporting Fort Drum, its soldiers and families,” said Elizabeth C. Fipps, chairwoman of the liaison organization. “Meeting the needs of this growing community, especially those related to housing, is a major objective of the FDRLO.”

A committee of officials from DANC, FDRLO, Jefferson County and the Jefferson County Industrial Development Agency and other community leaders has been evaluating proposals from three developers since Aug. 9. The projects were selected over Jefferson Apartments, proposed by Dawn Homes, Albany, for the town of LeRay, based on a competitive process and evaluation of the developer’s experience, project design, financial viability and feasibility and readiness.

“All of the projects met and exceeded the minimum requirements,” said Kevin J. Jordan, DANC project development director. “The Community Rental Housing Program, while it has been a major player in terms of getting large-scale, multi-family housing other there, certainly isn’t the only vehicle to getting projects online. There are many smaller projects, both multi-family and single-family homes, that are going on the market.”

DANC provided $3 million to the program and the county and JCIDA each added $2 million.

“While the JCIDA is not historically involved with the funding of housing, we recognize that the shortfall is a huge obstacle to Fort Drum, our largest economic engine in the region,” JCIDA Chairman David J. Converse said in the release.

JCIDA, the county, the town of Watertown and the Watertown City School District now will be involved in negotiations on property tax payment-in-lieu-of-taxes agreements.

“We need to close the ranks on that as soon as we can,” JCIDA CEO Donald C. Alexander said. “We’ll do everything we can to close the gap.”

Discussions on how the county’s contribution will flow, because it must avoid direct contributions to market-rate housing, also must occur.

“In seven months, we made some major strides to bring housing to the north country,” Carolyn D. Fitzpatrick, chairwoman of the Jefferson County Board of Legislators, said. “I believe we can accomplish as much in the next seven to make sure everybody has a safe place to live and a roof over their heads. There are many people in the county who need housing.”