Investment will Rehabilitate and Preserve Long-Term Affordability of 215 Homes in the Geneva Housing Authority
Investment Complements "Finger Lakes Forward" - The Region's Comprehensive Strategy to Revitalize Communities and Grow the Economy
Governor Andrew M. Cuomo today announced $45 million in funding to upgrade and preserve 215 affordable homes within the Geneva Housing Authority. The financing agreement is part of the State's efforts to revitalize federal public housing and protect long-term affordability through HUD's Rental Assistance Demonstration program, which allows housing authorities to access private financing to meet capital needs.
"No family should face the fear of losing their home and we are committed to ensuring public housing across the state meets the needs of all New Yorkers," Governor Cuomo said. "By revitalizing and preserving over 200 homes in Geneva, we are investing in the future of the families they serve and building a stronger community to move the Finger Lakes Forward."
"This significant investment to expand affordable housing in Geneva will ensure the preservation of supportive housing for individuals and families in the area," said Lieutenant Governor Kathy Hochul. "The Housing Authority project will keep 215 units affordable for residents and allow for upgrades to the public housing facility. The agreement is part of our aggressive efforts to develop and retain affordable housing and continue to move the Finger Lakes economy forward."
Originally built in the 1960s, Elmcrest Senior Apartments and Courtyard Apartments—consisting of 199 total apartments—will undergo extensive renovations. The project also includes the conversion of the former St. Francis de Sales School into 16 new affordable homes. The Geneva Housing Authority will continue to manage these properties.
Elmcrest Senior Apartments and Courtyard Apartments will include updated kitchens and baths, electrical and plumbing upgrades, elevator improvements, new roofing and insulation, new windows, as well as improved community rooms, landscaping and parking.
The former St. Francis de Sales School, originally constructed in 1823, will be preserved and converted into 16 one-bedroom apartments for seniors. All renovations at this facility will protect the original architecture to meet the state and federal historic preservation requirements.
All three properties will include improvements to energy efficiency include Energy Star labelled appliance, LED interior and exterior lighting, lighting controls including motion sensors, and low-flow faucets and toilets.
HCR Commissioner RuthAnne Visnauskas said, "This investment will improve the standard of living for 215 seniors and families in Geneva. Governor Cuomo's $20 billion housing plan is bringing much-needed public and private investment to public housing across the state to preserve this crucial source of affordable housing for New Yorkers. By preserving and upgrading these homes for future generations, we are building a stronger economy in Geneva and keeping the Finger Lakes moving forward."
Assembly Minority Leader Brian M. Kolb said, "This is an exciting project that will elevate the quality of life for seniors in our community, while providing a welcomed boost to the local economy. This $45 million investment sends a strong message that those in need of affordable housing will be provided the accommodations and support they deserve. Congratulations to the Geneva Housing Authority and to all those involved in this important initiative's development and execution."
Senator Pam Helming said, "Safe, affordable housing is critical for the success of our community. This project will help enhance housing options for both working families and senior citizens. The success of our job-creating businesses relies first and foremost on the success of our families and communities, who need affordable, dependable housing in order to grow and thrive. This investment by HCR is important and exciting for Geneva because it will allow the Housing Authority to renovate and enhance more than 200 apartments. Projects like this help drive economic development and job creation. I look forward to continuing to work with both HCR and the Geneva Housing Authority on behalf of our region."
Chairman of the Ontario County Board of Supervisors “Jack” Marren said, “Many thanks to New York State Homes and Community Renewal for issuing the bonds and allocating the tax credits for this essential project in the City of Geneva. I congratulate the Geneva Housing Authority for being a champion that improves and preserves affordable housing opportunities in Geneva. It also is gratifying to see the former St. Francis de Sales School building will be preserved and re-purposed to provide more vital senior housing for our community.”
This investment in the Geneva Housing Authority complements the Finger Lakes Forward initiative— the region's comprehensive blueprint to generate robust economic growth and community development—by preserving public housing and expanding affordable housing opportunities. Since 2011, HCR has invested $442 million in the Finger Lakes region that has created affordable housing for about 14,650 residents.
The development team included the GHA-controlled Finger Lakes Community Development Corporation and 3d Development Group, LLC. Bank of America is the equity partner and Resetarits Construction of West Seneca, NY is the General Contractor.
New York State Homes and Community Renewal's financing includes $4.2 million in tax-exempt bonds, federal Low Income Housing Tax Credits that will generate a total of $17.5 million in equity for the project, and an additional $15.4 million in HCR subsidy. Additional financing includes $1.8 million in Federal and State Historic Tax Credit equity. All 215 apartments will be covered under a new, Project-Based Section 8 Housing Assistance Payment through the HUD RAD program.
This investment reflects the State's commitment to providing all New Yorkers with access to safe, affordable housing is reflected in the state's unprecedented $20 billion, five-year Housing Plan. The plan makes housing accessible and combats homelessness by building and preserving more than 100,000 units of affordable housing and 6,000 of supportive housing. The plan is a comprehensive approach to statewide housing issues and includes multifamily and single-family housing, community development, and rent stabilization.
Accelerating Finger Lakes Forward
Today's announcement complements "Finger Lakes Forward," the region's comprehensive blueprint to generate robust economic growth and community development. The State has already invested more than $6.1 billion in the region since 2012 to lay the groundwork for the plan - investing in key industries including photonics, agriculture and food production, and advanced manufacturing. Today, unemployment is down to the lowest levels since before the Great Recession; personal and corporate income taxes are down; and businesses are choosing places like Rochester, Batavia and Canandaigua as a destination to grow and invest in.
Now, the region is accelerating Finger Lakes Forward with a $500 million State investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. The State's $500 million investment will incentivize private business to invest well over $2.5 billion - and the region's plan, as submitted, projects up to 8,200 new jobs. More information is available here.