Butternut Crossing Replaces Dilapidated Buildings with 53 Affordable Apartments, Continues Revitalization of Northside Neighborhood
Investment Complements "Central NY Rising" - The Region's Comprehensive Strategy to Revitalize Communities and Grow the Economy
Governor Andrew M. Cuomo today announced the groundbreaking of a $16 million construction project for a new mixed-use affordable housing development that provides 53 affordable apartments and commercial space to Syracuse's Northside neighborhood. The development, known as Butternut Crossing, will include six newly constructed buildings and the substantial rehabilitation of an additional building. To make way for the construction, 11 structurally unsound and dilapidated buildings from the Greater Syracuse Land Bank and two buildings from St. Joseph's Hospital have been demolished.
"Preventing blight and providing affordable housing is key to our efforts to expand available opportunities and revive neighborhoods like Syracuse's Northside," Governor Cuomo said. "With the addition of Butternut Crossing, this new development will keep Central New York's economy rising as it expands housing options and brings new life the surrounding community."
The Governor'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 112,000 units of affordable housing. The plan is a comprehensive approach to statewide housing issues and includes multifamily and single-family housing, community development, and rent stabilization.
The development's seven sites are located along Butternut and North Townsend Streets and the mixed-use building with commercial space is located directly across the street from the St. Joseph Health Center campus. It is anticipated the commercial space will cater to local professionals, residents, and hospital patrons.
Butternut Crossing, developed by Housing Visions, includes six apartments that will be fully accessible and move-in ready for persons with mobility impairment, and three apartments that will be move-in ready for persons with a hearing or vision impairment. Additionally, eight apartments will serve persons with a physical disability and/or traumatic brain injury.
47 of the apartments will be affordable for households with incomes from 30 percent to 60 percent of the area median income, and six apartments will be for households making at or below 90 percent of the area median income. The Syracuse Housing Authority will provide project based rental assistance to 13 units.
Butternut Crossing includes green building and energy efficiency measures to meet the New York State Energy Research and Development Authority's Energy Star Labeled Homes Program, and Enterprise Green Communities requirements. Energy efficient features include low-flush toilets, WaterSense labeled fixtures, spray foam building insulation, native vegetation, low-VOC paints and sealants, Energy Star programmable bath fans and Energy Star shingles.
New York State Homes and Community Renewal provided $5.4 million in financing for the development, including Low Income Housing Tax Credits that will generate more than $9.5 million in equity. The development also received $320,000 from the Central NY Regional Economic Development Council, and $31,800 from the NYSERDA. Additional funding includes $800,000 from Local Initiatives Support Corporation's NYS Housing Stabilization Fund program; $558,975 from the city of Syracuse's HOME funds; and a $400,000 loan from Leviticus Fund.
Since 2011, HCR has built and preserved 3,145 affordable homes in Central New York, with nearly $188 million in HCR resources, leveraging more than $352 million in other public and private resources.
HCR Commissioner RuthAnne Visnauskas said, "This development is another example of Governor Cuomo's vision for strengthening economic development in the communities of Central New York. By replacing dilapidated and unused buildings with affordable homes and space for a new local business, Butternut Crossing will create a stronger and more vibrant Northside neighborhood, and will keep Central New York rising."
Assemblyman William Magnarelli said, "The groundbreaking for Butternut Crossing in Syracuse is beneficial to the Northside neighborhood as it continues to be rehabilitated. This is a wonderful example of a collaboration of Housing Visions, the Greater Syracuse Landbank and other local organizations to better serve the needs of the residents on the Northside."
Onondaga County Executive Joanie Mahoney said, "The new development at Butternut Crossing provides the right combination of neighborhood revitalization, affordable housing, and commercial space and will add to the vibrancy to our community for years to come. Thank you Governor Cuomo for continuing to focus on Central New York and thank you for leading the investment which will go a long way toward creating a better quality of life for residents of Syracuse."
Syracuse Mayor Ben Walsh said, "Butternut Crossing exemplifies how mixed-income projects can provide the affordable and accessible housing options that our residents need. Thank you to Governor Cuomo and Housing Visions for investing in this project that will increase quality of life on our Northside."
Rebecca Newman, President and CEO, Housing Visions said, "Housing Visions is pleased to celebrate the groundbreaking of Butternut Crossing. This development is the culmination of coordinated planning with Governor Cuomo and our state partners, the City of Syracuse, Greater Syracuse Land Bank, Northside UP, and NEHDA. Working together, we are able to multiply our efforts that seek to create a culturally and economically diverse neighborhood in the Northside of Syracuse."
Accelerating Central NY Rising
Today's announcement complements "Central NY Rising," the region's comprehensive blueprint to generate robust economic growth and community development. The state has already invested more than $4.7 billion in the region since 2012 to lay the groundwork for the plan - capitalizing on global market opportunities, strengthening entrepreneurship and creating an inclusive economy. 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 Syracuse, Oswego and Auburn as a destination to grow and invest in.
Now, the region is accelerating Central NY Rising 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 5,900 new jobs. More information is available here.