Townhomes approved for sale. Open house planned for May 23.
Contact: Emily Kilburn Politi, Program Manager
Homestead Development Corporation
Phone: 518-524-8766
Email: ekpoliti@homesteadadk.org
Lake Placid, N.Y.—Homestead Development Corp., a non-profit developer of attainable and sustainable housing, has received state approval to sell 16 newly built townhomes on Pioneer Lane in Lake Placid.
The townhomes are part of Homestead’s Fawn Valley complex off Wesvalley Road and are nearly complete. The two-story, 880-square-foot homes cost $200,000 for an end unit, and $190,000 for an interior model.
Before Homestead could put the units on the market, state officials needed to approve the Pioneer Lane Homeowners’ Association Offering Plan. Deed restrictions on the project limit buyer income to 200 percent of the Area Median Income (AMI) — $162,400 for a family of four — and restricts the resale price of the units if a buyer chooses to sell.
With state approval in hand, buyers could begin moving in by early June.
"We are thrilled to have reached this pivotal moment in our journey,” said Steve Sama, president of Homestead Development Corp. “The state’s approval of our offering plan literally opens doors for individuals and families seeking quality, attainable housing options in our community."
Sama, a builder by trade, launched Homestead in 2019 in response to a housing needs assessment showing that essential workers such as teachers, nurses and others had been priced out of the local housing market.
Construction on the townhomes began in spring of 2023, after the completion of Phase 1 of Fawn Valley. Sama credited the numerous donors, lenders, and future homeowners for their patience throughout this endeavor.
Several elected officials and others offered their support for the project, expressing hope it would ease the area’s well-documented housing shortage. State Sen. Dan Stec, R-Queensbury, said, "The approval of the Pioneer Lane Homeowners Association Offering Plan is a testament to the dedication and hard work of everyone involved. This project will provide much-needed housing options in our community.”
Assemblyman Billy Jones, D-Chateaugay Lake, also shared his enthusiasm. "I commend Homestead Development Corporation for their commitment to housing initiatives,” he said. “The approval of this plan is a significant step forward in addressing housing needs in our region."
Cali Brooks, CEO of Adirondack Foundation, said, "Adirondack Foundation is proud to have supported Homestead Development Corporation in their efforts to create sustainable housing solutions. Providing options for people to live in the communities where they work is key to a thriving region.”
Mary Jane Lawrence, COO of the Regional Office of Sustainable Tourism, added, "The approval of the Pioneer Lane Homeowners Association Offering Plan is a win-win for our community and local economy. It exemplifies the importance of responsible development and the need to create more housing for local workers.”
The complex includes four buildings with four townhomes each. The floorplan for each unit is the same: The first floor includes a kitchen and dining area, living room and half bath, with two bedrooms and full bath with tub on the second floor. Each unit also has a basement which can be finished.
An open house is scheduled for May 23rd from 5 p.m. – 6 p.m. Everyone is welcome.
Interested buyers are encouraged to visit www.homesteadadk.org/townhouses for more information and to complete an application. Maximum income restrictions, resale and residency restrictions apply.
About Homestead Development Corporation: Homestead Development Corporation is dedicated to creating sustainable, attainable housing solutions. Our mission is to empower individuals and families by providing opportunities for home ownership of quality homes that enhance the well-being of our community. We are a 501(c)(3) charitable organization and we sell our homes at cost.
