Steamboat Square Phase 2 in Albany's South End: 343 Apartments on Green Street, First Tower Due in December 2026
Quick answerAs of October 6, 2026, the Albany Housing Authority is rebuilding Steamboat Square in Albany, New York: three towers at 200, 220 and 230 Green Street and the townhomes beside them, 343 apartments in all, 43 of them new. The first tower, 230 Green Street, is scheduled to finish on December 7, 2026. Current residents have a right to return, and their rent stays at 30% of income. No rents or application process have been published for the added apartments. The whole project runs to 2029.
Last checked: October 6, 2026, against the project's own site, reimaginesteamboat.com, and the presentation and minutes of its September 15, 2025 resident meeting; the Albany Housing Authority's 2026 Annual Plan and application page; State announcements of October 8, 2024 and December 2025; City of Albany building permits BLDG26-74548 and PLMC26-74929; a CBS6 report of September 16, 2026; and HUD's fiscal year 2027 fair market rents.
- 343apartments when the work is done, in three towers and the townhomes
- 43apartments being added in space that was out of use
- Dec. 7, 2026scheduled finish for the first stage, 230 Green Street
- 30%of income, the rent returning residents keep paying
- January 2029the end of the last stage on the project's phasing schedule; the Authority's plan says December 2029
- 0.2 milesto the BusPlus Blue Line at Morton Station
What Steamboat Square Phase 2 Is and Who Is Building It
Phase 2 is the gut renovation of the rest of the Steamboat Square public housing complex: the towers at 200, 220 and 230 Green Street and six groups of townhomes around Green and Rensselaer streets.
- Names: Steamboat Square Revitalization Phase 2, or SSR-P2 in the project's minutes. The project site says the towers were "originally known as Thacher Homes". Phase 1 was the tower at 20 Rensselaer Street, now called Steamboat 20, finished in October 2024.
- Size: the State describes "a 343-unit affordable and supportive project". Its 2024 announcement broke that into 300 existing apartments and "43 new apartments" in "presently decommissioned spaces", with 44 townhomes among them and eight commercial spaces.
- Team: the Albany Housing Authority is owner, manager and co-developer with Edgemere Development. SWBR is the architect and AOW the builder, according to the project site.
- Program: the Authority's plan says the "RAD/4% LIHTC transaction closed in October 2025". RAD, the federal Rental Assistance Demonstration, moves public housing to Section 8 contracts so it can borrow for repairs. The project site also lists State financing, historic tax credits and State supportive-housing funds.
- What changes inside: new elevators, air conditioning, appliances, finishes, windows and roofs, with "Geothermal heating, cooling and domestic hot water systems" and an "all-electric design".
| Question | One source | Another source |
|---|---|---|
| How many apartments | 343 (State, Housing Authority, CBS6) | "332 new or rehabilitated units" (project site) |
| Cost | $159 million (State, December 2025) | "$201 million" (CBS6, September 2026); $225 million planned (State, October 2024) |
| Income levels | "All units will be affordable to households earning up to 80 percent" of area median income (State, December 2025) | "up to 70%" (State, October 2024); "Twenty-eight of the units will be market rate" (CBS6) |
| When it ends | January 8, 2029 (project's phasing schedule, September 2025) | "December 2029" (Housing Authority's 2026 plan) |
What it means: the count of 343 is the one three official sources share. The cost, the top income level and the end date differ by source, so treat each as approximate.
Source: the documents named, each read October 5 or 6, 2026.
The Schedule, Tower by Tower
The work runs in three stages, and the first one, 230 Green Street with two groups of townhomes, is scheduled to finish on December 7, 2026.
- October 2025financing closes; work starts at 230 Green Street on October 15.
- Stage 1, to December 7, 2026230 Green Street and the first two townhome groups. The minutes give it 14 months.
- September 2026the City issues two sign permits for 230 Green Street and plumbing permits for Townhomes C and D. CBS6 reports families are scheduled to start moving into the high-rise "by the end of 2026".
- Stage 2, December 1, 2026 to December 29, 2027220 Green Street and two sets of townhomes.
- Stage 3, December 23, 2027 to January 8, 2029200 Green Street and the last two townhome groups.
- December 2029"full completion of all phases", in the Housing Authority's 2026 plan.
What it means: apartments come back a tower at a time. The first set returns around the end of 2026, the last in 2029.
Source: phasing slide and minutes of the September 15, 2025 resident meeting; Albany Housing Authority 2026 Annual Plan; City of Albany permits BLDG26-74548 and BLDG26-74549 (issued September 18, 2026) and PLMC26-74926 and PLMC26-74929 (issued September 28, 2026); CBS6, September 16, 2026.
Where It Is
The towers stand on Green Street near Rensselaer Street in the South End, in ZIP code 12202.
| Building | Stage | What the sources say |
|---|---|---|
| 230 Green Street | 1 | Tower. Residents were already relocated by September 2025; balconies stay |
| 220 Green Street | 2 | Tower |
| 200 Green Street | 3 | Tower |
| Townhomes on Green and Plum streets | 1, 2 and 3 | Six groups; two to five bedrooms, CBS6 reports |
| 20 Rensselaer Street (Steamboat 20) | Phase 1, finished 2024 | 88 apartments; not part of Phase 2 |
What it means: if you are offered an apartment, the address tells you which stage it belongs to and when it is due.
Source: project site; minutes of the September 15, 2025 meeting; CBS6, September 16, 2026; State announcement, October 8, 2024. The Census Bureau's geocoder places all three Green Street addresses in ZIP code 12202.
The State's 2024 announcement calls the area both "Albany's Capital South neighborhood" and the South End, and says the complex is in the Steamboat Square Historic District.
Rents, Apartment Sizes and Income Limits
Returning residents keep paying 30% of their income, and no rent has been published for anyone else.
- Rent"Rent no change – 30% of income unless flat renter".
- Right to returnlisted first among residents' rights in the minutes, and promised to current residents on the project site.
- New paperwork"Instead of Section 9, it will be Section 8. This involves new lease and new certifications."
- Relocation"Everyone will need to be temporarily relocated while buildings are under construction", with moving costs covered.
What it means: for a household already living at Steamboat Square, the rent formula does not change.
Source: minutes of the September 15, 2025 resident meeting, posted on the project site.
| Apartment | Size on the plans | Where |
|---|---|---|
| 1 bedroom | 677 or 735 square feet | Towers |
| 3 bedrooms | 1,092 square feet | Townhomes |
| 1 to 5 bedrooms | not published for each | Across the project |
What it means: singles and couples are housed in the towers and families in the townhomes.
Source: "Typical Unit Plans" slide, September 15, 2025 presentation; project site FAQ, which says "at least 5% of the units will be fully accessible". CBS6 reports the high-rise "will feature one-bedroom apartments" and the low-rises "anywhere from two to five bedrooms".
| Household | 30% | 50% | 60% | 80% |
|---|---|---|---|---|
| 1 person | $25,900 | $43,100 | $51,720 | $68,950 |
| 2 people | $29,600 | $49,250 | $59,100 | $78,800 |
| 3 people | $33,300 | $55,400 | $66,480 | $88,650 |
| 4 people | $36,950 | $61,550 | $73,860 | $98,500 |
| 5 people | $39,950 | $66,500 | $79,800 | $106,400 |
What it means: the State says every apartment is for households at or under 80%, so the last column is the ceiling for 2026. County figures are on the Albany County income limits page.
Source: HUD fiscal year 2026 income limits for the Albany-Schenectady-Troy area. The 30% column is HUD's extremely-low-income limit; the 60% column is 1.2 times the 50% figure.
Examplethe only rents ever published in the complex are for 23 apartments at Steamboat 20 that carry no subsidy. A 2023 State-format advertisement listed 20 one-bedrooms at $950 and 3 two-bedrooms at $1,141 for households at 70% of area median income, with water, sewer and hot water included.
Using a Section 8 Voucher at Steamboat Square
Most Phase 2 apartments come with their own Section 8 contract, so a separate voucher matters only for apartments leased without one.
- Converted apartmentsthe subsidy is attached to the apartment and the tenant pays 30% of income. That is what the minutes mean by Section 8 replacing Section 9.
- Apartments without a subsidy, if Phase 2 has anyat Steamboat 20 the advertisement said, "Minimum income listed may not apply to applicants with Section 8 or other qualifying rental subsidies."
- Federal tax-credit lawthe project uses 4% tax credits, and that law requires an agreement "which prohibits the refusal to lease to a holder of a voucher or certificate of eligibility under section 8" (26 U.S.C. 42(h)(6)(B)(iv)).
- The Authority's voucher listclosed when its site was checked on October 5, 2026.
What it means: ask the Authority whether the apartment you are offered has project-based assistance. If it does, you do not need a voucher for it.
Source: minutes of the September 15, 2025 meeting; Albany Housing Authority advertisement for Steamboat 20, December 2023; the statute linked above; the Authority's application page.
View the data table
| Apartment | 90% of HUD's rent | 110% of HUD's rent |
|---|---|---|
| 1 bedroom | $1,283 | $1,568 |
| 2 bedrooms | $1,540 | $1,882 |
| 3 bedrooms | $1,835 | $2,243 |
| 4 bedrooms | $2,024 | $2,474 |
What it means: this applies only to an apartment rented with a voucher you bring. Steamboat 20's 2023 rents of $950 and $1,141 were under the bottom of it.
Source: HUD's fiscal year 2027 fair market rents for the Albany-Schenectady-Troy area ($1,425, $1,711, $2,039 and $2,249, utilities included); 90% and 110% calculated by VoucherMatch and rounded to the dollar. The Albany Housing Authority does not post its payment standards; its Section 8 Administrative Plan commits to this range.
- Utilities: the buildings are all-electric. Who pays the electric bill in Phase 2 is not published. See how the utility allowance works.
- Public housing or Section 8? After conversion these are Section 8 apartments owned and managed by the Authority. See Section 8 and public housing compared and the Albany Section 8 guide.
- The State law is in court. New York's source-of-income protection was held unconstitutional as it applies to Section 8 on March 5, 2026, and the Attorney General has appealed. The federal tax-credit rule is separate. See the Commons West ruling.
How Steamboat 20's Rents Compared With ZIP Code 12202
The two rents published for the complex were $330 and $399 below HUD's current estimate of an ordinary rent in ZIP code 12202.
View the data table
| Apartment | Steamboat 20, 70% AMI, 2023 | HUD fair market rent, ZIP 12202 |
|---|---|---|
| 1 bedroom | $950 | $1,280 |
| 2 bedrooms | $1,141 | $1,540 |
What it means: the unsubsidized apartments in Phase 1 were priced well under the area figure. Phase 2 has published no rent to compare.
Source: Albany Housing Authority advertisement for 20 Rensselaer Street, December 2023; HUD Small Area Fair Market Rents for fiscal year 2027. The two figures are three years apart, and HUD's includes all utilities.
- HUD raised this ZIP code's figure. The one-bedroom figure for 12202 went from $1,180 to $1,280 for fiscal year 2027. The fair market rent change report covers other areas.
- For most residents it does not apply. A rent set at 30% of income is not compared with market rents at all.
What the Apartments Will Have, and the Bus Lines
The towers get the same package as the finished Phase 1 tower, and the BusPlus Blue Line stops about 0.2 miles away.
- In every towera new accessible elevator, air conditioning, new appliances and finishes, new laundry rooms and more security cameras.
- Like Phase 1the minutes say the towers "will have similar design features as 20 Rensselaer", with "central air throughout the units" and new windows.
- Townhomes"a bit different": "mostly" new appliances and finishes.
- Accessible apartments5% of the total. The minutes say, "If you need an accessible unit – you must qualify and let us know."
- Shops"All commercial spaces will be moved to the ground floor."
- Not statedpets, parking and who pays for electricity.
Source: presentation and minutes of the September 15, 2025 resident meeting.
| Stop | Lines | Straight-line distance |
|---|---|---|
| South Pearl Street and Schuyler Street | routes 106, 107, 801 and 805 | about 0.1 miles |
| Morton Station, South Pearl Street and Rensselaer Street | BusPlus Blue Line; routes 100, 106, 107, 801, 805 and 806 | about 0.2 miles |
| Albany Bus Terminal | BusPlus Red Line and Purple Line | about 0.5 miles |
What it means: all three rapid lines are within half a mile.
Source: stops and routes from the Capital District Transportation Authority's schedule data, valid September 20 to November 28, 2026; distances calculated by VoucherMatch in a straight line from the middle of the three tower addresses, so the walk is longer.
How to Apply to Live at Steamboat Square
Applications go to the Albany Housing Authority, not to a leasing office, and the Authority has not said how the added Phase 2 apartments will be filled.
- 1If you lived thereyou have a right to return. The minutes say tenants get "a new lease when their unit is complete". Keep the Authority updated on your address.
- 2If you are newapply through the Authority's application page. On October 5, 2026 it listed Steamboat 20 among the sites taking applications, and public housing applications had been open since August 31, 2026.
- 3Use the online formthe Authority's pre-application covers its public housing, project-based and non-subsidized sites. A Spanish form is linked from the same page.
- 4Name the sitethe Steamboat 20 advertisement asked applicants to include "the name and address of the building where you want to apply".
- 5Ask about Phase 2call the Authority at 518-641-7500 and ask how apartments at 230 Green Street will be offered once returning residents are housed.
- Preferencethe Authority gives preference to "working families, or those unable to work due to age or disability AND who live or work in the City of Albany".
- Contact"All future contact with you will be done by mail." A returned letter closes your file.
- The waitthe Authority's 2026 plan counts 11,108 families on its public housing waiting list.
- Not publishedwhether Phase 2 will have its own list, and when new households can move in.
What it means: without the Albany preference the Authority says "it is unlikely we will ever reach your name", so apply to other buildings as well.
Source: Albany Housing Authority application page, read October 5, 2026, and its 2026 Annual Plan.
- Head of household. name, address, phone number and Social Security number
- Everyone who will live there. "all family members who will reside in the unit with you must be listed"
- Income. your yearly income amount
- Special needs. a questionnaire on features such as accessibility
- A mailing address that works. address changes must be made in writing or through the online update form
Source: Albany Housing Authority application page.
What Is Known and What Is Not Yet Published
The schedule, the buildings and the returning residents' rent are on the record; rents and the route in for new households are not.
- Knownthree towers and six townhome groups; 343 apartments by the State's count; three stages ending between January and December 2029.
- Knownreturning residents pay 30% of income and get a new lease when their apartment is done.
- Not publishedrents and income levels for the 43 added apartments, and how many apartments will be supportive.
- Not settledwhether any apartments are market rate, and the total cost.
- Not publishedhow new households apply for Phase 2, and who pays the electric bill.
If You Need an Apartment Sooner
The first Phase 2 apartments are due at the end of 2026 and go to returning residents first, so apply elsewhere now.
- Other Authority sites: the same application covers Capital Woods Apartments and Ida Yarbrough Phase II, which the Authority listed as taking applications on October 5, 2026.
- State-financed buildings: NYS Housing Search lists open lotteries and waitlists across New York.
- No voucher yet: check which waiting lists are open and read how Section 8 lotteries work.
- Nearby housing authorities: the New York directory lists each one's phone number, and the New York Section 8 page covers the State's rules.
- Already have a voucher elsewhere: see how portability works. For income-based buildings where you apply directly, see low-income apartments.
Frequently Asked Questions
When will Steamboat Square Phase 2 be finished?
The first stage, 230 Green Street, is scheduled to finish on December 7, 2026. The project's phasing schedule ends the last stage on January 8, 2029. The Housing Authority's 2026 plan says all phases will be complete in December 2029.
How much is rent at Steamboat Square?
Returning residents pay 30% of income, the project's minutes say. No rent is published for the 43 added apartments. In 2023, 23 unsubsidized apartments at Steamboat 20 were advertised at $950 for a one-bedroom and $1,141 for a two-bedroom.
Who can live at Steamboat Square after the renovation?
Current residents have the right to return. The State says every apartment is for households earning up to 80% of area median income, which in 2026 is $68,950 for one person and $98,500 for four.
Does Steamboat Square take Section 8?
After the conversion most apartments carry their own Section 8 contract, so tenants pay 30% of income without a voucher. For any apartment leased without one, federal tax-credit law bars refusing a voucher holder for holding a voucher.
Is Steamboat Square the same as Thacher Homes or Steamboat 20?
The project site says the towers were "originally known as Thacher Homes". Steamboat 20, at 20 Rensselaer Street, is the Phase 1 tower finished in 2024. Phase 2 is 200, 220 and 230 Green Street and the townhomes.
How do you apply for an apartment at Steamboat Square?
Through the Albany Housing Authority's online pre-application, not a leasing office. The Authority has not said how the added Phase 2 apartments will be filled. Its main number is 518-641-7500.
How many apartments is Steamboat Square Phase 2?
343, according to the State, the Housing Authority and CBS6: 300 existing apartments renovated and 43 added. The project's own site says 332.
Sources for this article (15)
- reimaginesteamboat.com (reimaginesteamboat.com)
- presentation (assets.courbanize.com)
- minutes (assets.courbanize.com)
- 2026 Annual Plan (albanyhousing.org)
- application page (albanyhousing.org)
- October 8, 2024 (hcr.ny.gov)
- December 2025 (hcr.ny.gov)
- building permits (albanyny-energovpub.tylerhost.net)
- CBS6 report of September 16, 2026 (cbs6albany.com)
- 26 U.S.C. 42(h)(6)(B)(iv) (law.cornell.edu)
- Section 8 Administrative Plan (albanyhousing.org)
- Small Area Fair Market Rents (huduser.gov)
- schedule data (cdta.org)
- pre-application (nyalbany.tenmast.com)
- NYS Housing Search (housingsearch.hcr.ny.gov)
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