Over the objections of the Stony Run Tenants Union, the Kingston Common Council’s Laws and Rules Committee voted unanimously on Wednesday to approve a resolution that clears the way for a regulatory agreement that supporters say will preserve long-term affordability at the 267-unit apartment complex on Hurley Avenue. The full council is expected to take up the proposal next month.

Under the terms of the agreement, Stony Run owners Aker Companies would shift ownership of the complex to a specially-created housing nonprofit and designate the apartments “Workforce affordable.” Leases at the complex would be limited to people making no more than 120 percent of the Area Median Income or about $100,000 for a two person household. Rents for all current and future tenants would be set by the city’s Rent Guidelines Board which meets annually to set maximum increases on new leases at properties, like Stony Run, that are covered by the Emergency Tenants Protection Act. Current tenants would continue to receive all protections offered under the ETPA while the property would remain under the oversight of the state Department of Homes and Community Renewal. The agreement will remain in effect for 40 years. Aker representatives say they need the affordable housing designation to access low interest federal loans and other programs in order to complete a renovation project at the complex that has stalled due to lack of capital.

But the proposal has faced pushback from the Stony Run Tenants Union and the progressive advocacy group For the Many. About a dozen union members showed up to the committee meeting carrying signs opposing the deal. In a statement following the meeting, the groups acknowledged that at least one of their concerns had been addressed with the addition of language to the agreement that guarantees new tenants ETPA protections. But the statement went on to reiterate demands that the AMI threshold be lowered and that tenants be guaranteed representation on the board of the nonprofit set up to administer the complex. The statement went on to state that tenants had been largely left out of the approval process. The union noted, for example that they were never told that language affording ETPA protections to new tenants had been added to the draft agreement.

“The entire process has been incredibly opaque, confusing, and sloppy,” the statement reads. “The Common Council should consider what tenants want, not just their landlords.”

Aker representative Will Brocker meanwhile sought to reassure tenants that the regulatory agreement would protect their interests. Brocker said that the decision to set the income limit to 120 percent AMI was intended to allow the company to access a broader range of federal programs aimed at affordable housing. He added that the income limit would have no impacts on what tenants have to pay since rents would remain under the control of the RGB.

“The whole concept of this agreement was to have absolutely no adverse effects on any current resident,” said Brock. “It was carefully constructed not to do that.”

Laws and Rules Committee member Rennie Scott-Childress meanwhile said that while tenants should be heard, and have a seat at the table when Mayor Steve Noble finalizes the deal, quick action was needed since Aker was already in technical default on a construction loan, while the failure of two banks over the weekend could portend an era where additional credit will be much harder to come by.

“The concern is that, if we wait too long something bad could happen and Stony Run could end up with a new owner who doesn’t care about maintaining the property, who doesn’t care about keeping it affordable,” said Scott-Childress. “Nobody wants to see that happen.”

The unanimous vote means that the resolution, which gives Noble the authority to negotiate and execute the deal, will go before the full nine-member council next month for a final up or down vote.