ALBANY, N.Y. ( NEWS10 ) – An independent female developer from Albany recently held a ribbon cutting for an affordable housing property, located in the same neighborhood she grew up in. NEWS10 talked to her about how she did it and the importance of local influence on revitalization efforts.
Developer Sierra Murray grew up in Arbor Hill and still lives in the neighborhood. She describes how she went from being an aspiring homeowner to owning several properties.
Get the latest news, weather, sports and entertainment delivered right to your inbox! A neighbor moved out when Murray said she was at the right place at the right time. Her grandfather did a walk through with her.
“And we were like, ‘Ok, how much?’ and he goes, ‘10 grand.’ And me and my grandfather look at each other like, ‘Ok he wants $10,000 down.’ And he goes, ‘No, just $10k,” said Murray. “I couldn’t believe he gave me that opportunity.”
She was able to fund the gut rehabilitation of the property with funding she got through the nonprofit organization, Community Preservation Corporation (CPC).
Its mission is to transform underserved neighborhoods into vibrant communities, goals that align with Murray’s goals for Arbor Hill.
“I understand my community. I live here, right? So I understand the financial challenges that tenants may experience and so I make it my best to try to do renovations and complete developments in a manner that’s going to be affordable but something that we can maintain as a company as well,” said Murray.
She turned to CPC amid the pandemic, when renovations at 269 Sheridan Avenue had already started, but then everything came to a screeching halt.
“I found myself dwindling my savings, and all these things, and I felt I was stuck so I said to myself there’s no way I can just leave this building abandoned. I have to try and take action and I remember meeting a member from CPC‘s team, Tracey,” said Murray.
Tracey played a critical role and connected Murray to CPC’S ACCESS Incubator.The two met at a ribbon cutting in 2020. Fast forward to now, Murray hosted her own ribbon cutting on Thursday.
“In life nothing is easy, if you have a passion for something go for it. Study, research what it is you want to do, and go for it,” said Murray.
269 Sheridan is a two unit apartment building, helping Murray build generational wealth.
“However this building is going to set the tone for my next endeavors and things of that nature so CPC was just instrumental and helping me get this building to the finish line,” said Murray.
Murray’s not finished yet. She now owns 13 units across 6 properties, including one Judson which is next on her list. She’s working with CPC on a new program for first time homebuyers.
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