DHCR Announces $9.4 Million to Create 301 Units of Affordable Housing in Central New York

ALBANY, NY (07/02/2009)(readMedia)--

The New York State Division of Housing and Community Renewal (DHCR) today announced more than $9.4 million in federal Low Income Housing Tax Credits (LIHC) and subsidies that will help construct and rehabilitate 301units of affordable housing in the Central New York Region. The funding is part of $48 million in awards that will create more than 2,100 affordable housing units and 2,000 new construction jobs statewide. Approximately 270 jobs are expected to be created in Central New York.

The housing developments announced today will also be eligible for additional funding through the federal American Reinvestment and Recovery Act (ARRA). New York is eligible for approximately $250 million in Tax Credit Assistance Program stimulus funding, which helps affordable housing projects bridge potential financing gaps in the wake of the current difficult real estate market.

Governor Paterson said, "This critical funding will not only improve access to quality, affordable housing, but also help put New York back to work by creating nearly 2,000 new jobs. In these difficult economic times, it is especially important that we do everything we can to help return our State to prosperity and improve the lives of everyday New York families."

DHCR Commissioner Deborah VanAmerongen said, "The need for tax credits to encourage the development and preservation of affordable housing for low and moderate-income people is high in New York, but the value of these tax credits in shrinking due to the volatility of the financial markets. Governor Paterson's leadership has helped keep the creation of affordable housing a priority, even in these turbulent economic times, and this commitment will result in quality, decent housing for thousands of New Yorkers."

Revitalizing Neighborhoods in Syracuse and Utica

Today's awards include $814,000 in LIHC for Kemble Square in the city of Utica. This 37-unit development continues the effort to revitalize the Corn Hill neighborhood with the rehabilitation of four two-story buildings and the new construction of two two-story buildings. Units will include Energy Star appliances, light fixtures, air conditioning and heating systems. Four units will be fully adapted for people with mobility impairments and two for people with hearing or vision impairments. Amenities include washer/dryer hook-ups, a community building with laundry facility, and a computer lab.

In the City of Syracuse, a $440,000 award of LIHC will go toward Phase II of Westside Townhouses, and will provide 20 units for very low-income people and those with physical disabilities and traumatic brain injury. The project consists of the new construction of 14 buildings and the rehabilitation of one single-family home and two duplexes. Features include Energy Efficiency and Green Building elements, including Energy Star appliances, air conditioning and heating systems. Three units will be fully adapted for people with mobility impairments and two for people with hearing or vision impairments. Amenities include washer/dryer hook-ups and outdoor garden space.

This is the second phase and is part of the Near Westside Initiative, a major collaborative by the City of Syracuse, Syracuse University and other community partners to revitalize the Near Westside neighborhood and create a vital, mixed-use, mixed income art district.

Toll Road Senior Apartments in the Village of North Syracuse will provide 60 units for low-income and frail elderly, made possible in part by an award of LIHC in the amount of $972,308. The development consists of the new construction of a two-story building with two wings connected by a community room. The building will be situated in an East-West direction to take advantage of passive solar heating and cooling. All units will have Energy Star appliances, central air, and will be handicap adaptable and visitable. The building will connect to a walking trail developed by the Village of North Syracuse.

A full list of projects is can be found on DHCR's web site at www.nysdhcr.gov.