Governor Hochul Announces Completion of $11.7 Million Affordable Housing Development in Broome County

Governor Kathy Hochul today announced completion of the 34-apartment, 17-building Fairmont Park Apartments, a new sustainable, flood-resistant development in the town of Union's Fairmont Park neighborhood. The development was designed to rejuvenate the neighborhood and offer affordable family housing opportunities in the high-performing Johnson City Central School District.

"This beautiful development is the result of the town's careful planning process and the state's ongoing and concentrated effort to fight the effects of climate change while providing high-quality, affordable housing opportunities in neighborhoods with good schools and excellent resources," Governor Hochul said. "Together we are building a more resilient, safe, affordable, and stable New York for everyone."

Lieutenant Governor Brian Benjamin said, "With these new homes standing where others had been threatened by high water, we are taking advantage of an undeniable opportunity to stabilize this community while encouraging sustainable growth and opportunity for its new residents."

The planning for Fairmont Park Apartments was coordinated among New York State, Broome County and the town of Union to reinvigorate and stabilize the Fairmont Park neighborhood and to meet the state's housing goal of providing affordable family housing in high-performing school districts.

The new buildings are constructed on 20 lots purchased through FEMA and New York State-sponsored Community Development Block Grant Disaster Recovery programs that left the property available for planned, sustainable and flood resistant redevelopment. In all, there were 149 buyouts primarily in the areas of Argonne Avenue, South Endwell, Fairmont Park, Westover, and West Corners.

The Fairmont Park Apartments consists of 17 duplex buildings each with a two-bedroom and three-bedroom apartment, for a total of 34 homes.

The buildings are energy efficient, built to FEMA flood resiliency standards, and constructed above base flood elevations with no living space or mechanicals on the first floor. Carports are provided under the elevated structures along with surface parking.

Additional features include driveways at each duplex building, ENERGY STAR or equivalent appliances and lighting, and washer/dryer hooks ups in the units. Rents are set to be affordable to households earning between 30 and 80 percent of the Area Median Income.

State financing for the development includes Federal Low-Income Housing Tax Credits that generated $6.7 million in equity from New York State Homes and Community Renewal and $3.4 million in subsidy. The New York State Energy Research and Development Authority provided $41,000 in support. Other funding includes $835,000 from the Federal Housing Trust Fund and $600,000 from NBT Bank.

This new community was developed by Lakewood Development II, LLC and The SEPP Group and is co-managed by SEPP Management Co., Inc. and Two Plus Four Management.

The development is part of the state's $20 billion, five-year Housing Plan to make housing accessible and to combat homelessness by building or preserving more than 100,000 affordable homes and 6,000 homes with supportive services. In the last decade, HCR has invested nearly $276 million in Southern Tier multifamily developments to produce nearly 3,000 affordable apartments.

HCR Commissioner RuthAnne Visnauskas said, "The people in the town of Union can be confident the Fairmont Park Apartments are built to last and that are anchoring the future of the neighborhood. More than that, they are situated in a high-performing school district that will provide choice and opportunity for the families who live here."

President and CEO of NYSERDA Doreen M. Harris said, "The completion of the Fairmont Park Apartments project ensures that Broome County residents have access to homes that are not only affordable but energy efficient and resilient to the impacts of climate change. NYSERDA is proud to provide support as part of the State's continued commitment to upgrading our existing buildings as we advance our concurrent goals to reduce harmful greenhouse gas emissions while ensuring all New Yorkers benefit from the State's clean energy investments."

S.E.P.P. Group Executive Director John M. Bernardo said, "The 17 newly constructed Fairmont Park Apartment duplexes consists of 34 conveniently located and affordable two & three-bedroom energy efficient units that are in compliance with NYSERDA Low-Rise New Construction Program. Through the assistance of state and local officials we are happy to be part of the redevelopment efforts in Fairmont Park and look forward to being a neighbor in this well established and proud neighborhood in order to deliver an essential service designed for families in the affordable housing marketplace."

Senator Fred Akshar said, "Safe, sustainable and affordable housing is an essential step in helping revitalize our community's neighborhoods and keeping our residents safe and secure from future weather events."

Assemblywoman Donna Lupardo said, "I'd like to thank NYS Homes & Community Renewal, Broome County, and the Town of Union for their efforts to bring 17 new duplex buildings to the Fairmont Park neighborhood. This apartment development will revitalize a flood prone area of our community with housing built to withstand future weather events. This is the kind of ingenuity that addresses the need for affordable housing that is both energy efficient and flood resistant."

Broome County Executive Jason Garnar said, "This great project is another successful example of our commitment to addressing housing issues in Broome County. The Fairmont Park Apartments not only provide affordable and quality housing units for 34 families in our community, but also help with our efforts to make our flood-prone neighborhoods more resilient. Thank you to NYSHCR, our State representatives, SEPP, the Town of Union, and my partners in County Government for working together on this project."

Broome County Legislature Chairman Dan J. Reynolds said, "Congratulations to the SEPP Group on the official opening of the new Fairmont Park Apartments affordable housing project. We're pleased to have supported this project as these new affordable housing opportunities build on our community's efforts to address affordable housing needs throughout Broome County."

Hon. Richard Materese, Union Town Supervisor, said, "The Town of Union welcomes the completion of the Fairmont Park Housing Complex. This project brings additional life to the Fairmont Park area by making affordable housing more available to Town residents and our ever-changing population needs."

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 regionally designed plan focuses on attracting a talented workforce, growing business and driving innovation. Now, the region is accelerating Southern Tier Soaring with a $500 million State investment through the Upstate Revitalization Initiative. 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.