ONEONTA, N.Y. — Construction has begun on Dietz Street Lofts, a $19 million mixed-use, mixed-income affordable-housing development in Oneonta that will create 64 affordable homes. The project supports the economic-development efforts underway in Oneonta, as part of the city’s selection as a winner of the $10 million Downtown Revitalization Initiative (DRI) for the Mohawk Valley, […]
ONEONTA, N.Y. — Construction has begun on Dietz Street Lofts, a $19 million mixed-use, mixed-income affordable-housing development in Oneonta that will create 64 affordable homes.
The project supports the economic-development efforts underway in Oneonta, as part of the city’s selection as a winner of the $10 million Downtown Revitalization Initiative (DRI) for the Mohawk Valley, the office of Gov. Andrew Cuomo said in an April 30 news release.
Oneonta was named a DRI round 1 winner in 2016.
Crews are building the four-story Dietz Street Lofts on the site of a municipal parking lot in Oneonta’s DRI strategic-plan area. The developer is Parkview Development & Construction and Kearney Realty and Development Group of Baldwin Place in Westchester County will be the management agent.
Dietz Street Lofts will include 40 one-bedroom apartments and 24 two-bedroom apartments. The structure will include 42 apartments, with a preference for tenants involved in artistic or literary activities. Seven apartments will be fully adaptable for persons with mobility impairment and three will be adapted for persons with hearing or vision impairment.
All apartments will be affordable to households earning between 60 and 100 percent of the area median income or less, Cuomo’s office said.
In addition, Dietz Street Lofts will be home to Hartwick College’s Grain Innovation Center, which will be a regional source for studying the quality of potential wheat cultivars for whole-grain milling and baking. The educational facility will be located on the building’s first floor. The Mohawk Valley Regional Economic Development Council awarded a grant for $180,000 through Empire State Development in support of this project.
New York State Homes and Community Renewal (HCR) says the financing for the Dietz Street Lofts project includes federal and state low-income housing tax credits that will generate $11.1 million in equity, $2.8 million from the Housing Trust Fund, $975,000 through the Rural and Urban Community Investment Fund, and $665,000 through the Middle-Income Housing Program.
Additional state support includes a $1.4 million DRI grant administered by Empire State Development and $58,400 provided by the New York State Energy Research and Development Authority. The Community Preservation Corporation is providing a SONYMA-insured $1.6 million permanent loan through their partnership with the New York State Common Retirement Fund. SONYMA is short for State of New York Mortgage Agency.
“Dietz Street Lofts will offer 64 households, including those in the artistic community and those with disabilities, the opportunity to live affordably in new energy-efficient homes that blend with the design and architecture of the surrounding historic community,” HCR Commissioner RuthAnne Visnauskas said in the release. “We are pleased to partner with Parkview Development and Construction on this $19 million project that will advance Oneonta’s community renewal, enhance downtown revitalization and provide workforce housing that is convenient to public transportation, close to government services, health care and shopping opportunities.”
Oneonta Mayor Gary Herzig thanked state officials for their support of Oneonta’s downtown revitalization efforts.
“In addition to addressing our need for affordable middle-income housing, the Dietz Street Lofts will provide affordable live/workspace for local artists,” Herzig said. “This project will not only support Oneonta’s thriving arts community as part of our walkable downtown, it will also be home to the Hartwick College Grain Innovation Center — an Innovation Center which will support our local agribusinesses while providing hands-on training for the students of Hartwick College.”