AIKMLB Holdings, LLC is about to undertake its first local development project to create homeownership opportunities in Schenectady’s Hamilton Hill community.  This will be a joint effort between AIK Property Group, LLC, and MLB Construction Services, LLC.  

The aim of AIKMLB Holdings is to revitalize Summit Avenue while providing homeownership opportunities to create equity and local wealth to those who already live in the neighborhood first. 

 Equity which can eventually convert into generational wealth for a family.

The redevelopment effort will create 41 new housing units for the community on vacant parcels, including nine (9) long-vacant houses that will be demolished. The new townhomes will be 1,300 to 1,600 square feet with modern open concept designs and energy-efficient heating and cooling systems, starting at an affordable price of $139,000.  This will allow first time homebuyers and families traditionally unable to access homeownership to do so.  The homes will remain affordable to households earning $45,000 to $60,000 annually, which is 70% to 80% of the area median income in Schenectady County.

The development team is working closely with the City of Schenectady and the Capital Region Land Bank, which is administered by Schenectady County Metroplex Development Authority. The project will apply for financing through the newly released New York State Homeownership Opportunity Program (AHOP) managed by the New York State Homes and Community Renewal agency.