Ithaca City Apartments Rehabilitates 31 Residential Buildings at Scattered Locations in Ithaca to Create and Preserve 98 Rental Homes
Investment Complements "Southern Tier Soaring" - The Region's Comprehensive Strategy to Revitalize Communities and Grow the Economy
Governor Andrew M. Cuomo today announced the completion of Ithaca City Apartments, a $20.4 million scattered-site affordable housing development in Ithaca. The project rehabilitated 31 existing buildings across 17 separate sites to preserve 98 mixed-income rental homes. The improvements will extend the life of the buildings and preserve affordability for current and future residents.
"This development is part of our continued efforts to invest in existing affordable housing and strengthen communities across the Southern Tier," Governor Cuomo said. "Affordable housing is vital to a thriving, successful community and Ithaca City Apartments will help ensure that residents of Ithaca have access to affordable housing for generations to come."
"In the Southern Tier and across the state, we are investing in affordable housing to ensure all New Yorkers have a great place to call home," said Lieutenant Governor Kathy Hochul. "The new Ithaca City Apartments will expand opportunities for families in the city, and make sure they have great housing options. This is not just an investment in infrastructure, it's part of our efforts to help communities grow and enhance quality of life in every region."
Governor Cuomo's commitment to strengthening communities and growing the Southern Tier economy is reflected in Southern Tier Soaring, the region's comprehensive blueprint to generate robust economic growth and community development. The State's investment in the Ithaca City Apartments complements the Southern Tier Soaring initiative by preserving existing affordable housing opportunities in areas with access to jobs and services. Since 2011, HCR has invested more than $170 million in the Southern Tier, creating or preserving affordable housing for more than 4,700 people.
Ithaca City Apartments consists of 31 buildings on 17 separate sites that were acquired and rehabilitated by INHS, the project's developer. The majority of the buildings were constructed as single or two-family homes and were converted to multi-family use prior to acquisition.
The completed development offers a mix of studios, one, two, three and four-bedroom apartments. Sixteen apartments are affordable to households earning at or below 50 percent of the Area Median Income, seventy-four apartments are affordable to households earning at or below 60 percent of the Area Median Income and 8 apartments are rented at market rates.
Rehabilitation work varied according to the needs of each individual apartment. The scope of work included updates to the kitchens and baths; installation of new light fixtures, bath exhaust fans and vented range hoods; installation of new doors and windows; roof replacement; new siding and insulation; and new finishes, paint and flooring. Building improvements incorporated LED and Energy Star lighting, Energy Star Appliances, low flow plumbing fixtures, high efficiency boilers or furnaces and highly efficient tankless hot water heaters and improved insulation. Rehabilitation work was completed with current tenants residing in place or temporarily relocated.
State financing for the $20.4 million project includes $4.2 million in permanent tax-exempt bonds, federal Low-Income Housing Tax Credits that generated $5.7 million in equity and an additional $1.2 million in subsidy from New York State Homes and Community Renewal. Additional financing was provided by the NYS Housing Stabilization Fund administered by LISC and a seller's note. Tompkins County awarded $300,000 from the Community Housing Development Fund.
Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "With Ithaca City Apartments, we are preserving and modernizing aging housing stock, beautifying neighborhoods, improving the quality of life for 98 households and ensuring that rents remain affordable. These rehabilitated apartments will build a better future for the City of Ithaca and will keep the Southern Tier Soaring."
Senator Tom O'Mara said, "This state effort and investment to complete the rehabilitation and renovation of Ithaca City Apartments represents a critical addition to safe, affordable housing for families and residents. It promises to make an enormous difference in countless lives and we are hopeful to be able to foster ongoing efforts like this to strengthen the community."
Assemblywoman Barbara Lifton said, "The scattered sites rehabilitation project was a big and complicated undertaking by INHS, and I was very pleased to support the state funding that helped make it possible. As we continue to push for more affordable housing in our communities, it is critical that we also maintain and preserve our current stock of affordable housing. Thank you to Governor Cuomo, the Office of Homes and Community Renewal, INHS, and the many others who were responsible for bringing this important project to fruition."
Ithaca Mayor Svante Myrick said, "These funds will make the City of Ithaca a more affordable place to live - helping to solve the largest problem in our community. I am thankful to the staff of HCR and Commissioner Visnauskas for their support."
Tompkins County Board of Legislators Chair Martha Robertson said, "We're excited about this project because it has made these 98 apartments safer and more efficient, without making them more expensive for the tenants. Usually when building improvements are done, the price goes up and lower-income folks are pushed out. We're grateful to INHS and New York State for partnering with the Community Housing Development Fund to get this important project across the finish line!"
Johanna Anderson, Executive Director, INHS, said, "With ICA being one of the largest and oldest affordable housing portfolios in the city, this project took a large amount of planning, effort and teamwork. However, with the necessary support systems in place, we were able to stay true to our mission of providing safe and high quality homes to our residents. We are grateful for the opportunity to continue to serve our communities by revitalizing neighborhoods and preserving homes."
Accelerating Southern Tier Soaring
Today's announcement complements "Southern Tier Soaring," the region's comprehensive blueprint to generate robust economic growth and community development. The State has already invested more than $6.2 billion in the region since 2012 to lay the groundwork for the plan - attracting a talented workforce, growing business and driving innovation. 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 Binghamton, Johnson City and Corning as a destination in which to grow and invest. Now, the region is accelerating Southern Tier Soaring 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 10,200 new jobs. More information is available here.