CNY Groundbreakings Further Spitzer’s Housing Agenda

ALBANY, NY (07/31/2007)(readMedia)-- Governor Eliot Spitzer today reconfirmed his commitment to affordable housing as he broke ground at two sites that will be developed into 250 affordable units in Syracuse and Watertown.

“Increasing affordable housing opportunities is a key component of our plan to attract new businesses and new jobs to the Syracuse region,” Spitzer said. “These projects are just the first steps in our efforts to revitalize neighborhoods and cities throughout Upstate New York.”

Deborah VanAmerongen, commissioner of the Division of Housing and Community Renewal (DHCR) said the projects are “the result of very successful collaborations between State and local governments, for profit and not-for-profit developers and financial institutions. These are the kind of coordinated efforts that allow us to maximize our resources to have the most powerful and positive impact.”

The Maple Heights projects in the City of Syracuse, developed by Housing Visions Unlimited, Inc., will help to transform and beautify a gateway corridor into the City. The project includes demolition of the long-vacant Cherry Hill Apartment Complex, which had become a dangerous eyesore.

The complex will be replaced by 14 attractive and energy-efficient buildings with 50 housing units for low income families, including 12 units reserved for homeless veterans with supportive services and six handicapped accessible units

Funding for this project will be provided by the NYS Housing Trust Fund, the federal Low-Income Housing Credit Program, NYS OTDA Homeless Housing Assistance Program, Housing Visions, Ltd. and Key Bank. Key Community Development Corporation will be the investor with a pay-in of approximately $9.5 Million.

The Summit Wood project, being developed by Norstar in the town and city of Watertown, will provide 200 mixed-income units, 160 of which will be reserved for low and very-low income families.

Participants in the project include the Fort Drum Regional Liaison Organization (FDRLO) and the Development Authority of the North Country (DANC) Large Scale Multi-family Development Program.

Funding for this project will be provided by the NYS Low Income Housing Tax Credit Program, the Development Authority of the North Country, Community Preservation Corporation and the federal Low Income Housing Credit Program. In addition, Sterling Financial, Inc. will syndicate the tax credits to produce an equity contribution of approximately $9,375,000 for the State credits and $5,798,729 for the federal credits.

The City and Town of Watertown are providing real property tax assistance as well as building infrastructure to assist the development.

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