Auburn IDA Public Hearing: 40-42 South Street Rehabilitation

The 4042 South project would rehabilitate the historic home located at 40-42 South Street, across from the Seward House, which was damaged by a fire. It will be reactivated as 22 rental units under a state regulatory agreement for affordability. Housing Visions, a third party nonprofit, will be managing the rentals and regulatory requirements. AIDA previously approved $81,510 of financial assistance in the form of only sales tax and mortgage recording tax abatements. The project costs have since increased, and the project is now requesting a total of $137,163 in sales tax and mortgage tax abatements. They are not requesting a PILOT. Members of the public are welcome to attend the hearing to provide feedback on the proposed increase in financial assistance for this project.