NYS Housing Finance Agency Approves $7 Million Loan for Senior Apartments in Syracuse

NEW YORK, NY (08/22/2007)(readMedia)-- The board of the New York State Housing Finance Agency (HFA) today approved a $7 million loan to finance major improvements at the 176-unit McCarthy Manor Apartments in Syracuse.

In exchange for this financing, the owner of the project, The Related Companies LP, has agreed to keep rents affordable for an additional 40 years. Nearly all of the apartments in McCarthy Manor are set aside for seniors aged at least 62 with incomes 60% of the Area Median Income in the Syracuse area, which is $56,700.

The McCarthy Manor financing was one of four preservation projects approved for financing by the HFA board today. With these actions, HFA has now approved financing to preserve 1,216 units of affordable housing in New York State since January 1, 2007.

“Preserving affordable housing across New York State is a major priority for the Spitzer administration,” said Priscilla Almodovar, President and Chief Executive Officer of HFA. “This financing assures seniors living at McCarthy Manor that their apartments will be improved while their rents remain affordable for the foreseeable future.”

McCarthy Manor Apartments is an eight-story, 176-unit senior rental apartment complex located at 501 South Crouse Avenue in the City of Syracuse.

The HFA loan will finance a substantial rehabilitation of the project, though no tenant relocations will be necessary. The renovations include kitchen, lighting and heating improvements; an elevator upgrade; new signage and lighting; window and roof replacement; and replacement of the hot water heaters.

The total project cost is $10.9 million. In addition to the $7 million HFA loan, McCarthy Manor will receive a Federal Section 8 project-based subsidy, an annual allocation of $360,000 in Federal Low-Income Housing Tax Credits and a property tax abatement from the City of Syracuse.

McCarthy Manor was originally financed by the Syracuse Housing Authority with tax-exempt bonds in 1979. Those bonds were replaced with tax-exempt bonds issued by the Syracuse Senior Citizens Housing Corporation in 1996.

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The NYS Housing Finance Agency was created in 1960 to sell bonds to finance the construction and rehabilitation of multi-family affordable rental housing in New York State.

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