A portion of the Ithaca City Apartments project, on which crews have finished their work, the office of Gov. Andrew Cuomo said in a news release. The project rehabilitated 31 existing buildings across 17 separate sites to preserve 98 mixed-income rental homes, Cuomo’s office said. (Photo credit: John Reis Photography, provided by INHS)
“This development is part of our continued efforts to invest in existing affordable housing and strengthen communities across the Southern Tier,” Cuomo said in the news release. “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.”
Ithaca–based INHS, the project’s developer, acquired and rehabilitated the 31 buildings that comprise the Ithaca City Apartments. The majority of the buildings were constructed as single or two-family homes and were converted to multi-family use prior to acquisition.
“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,” Johanna Anderson, executive director of INHS, said in Cuomo’s news release. “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.”
Project financing
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 NewYork State Housing Stabilization Fund administered by LISC and a seller’s note.
NewYork State Housing Stabilization Fund, which LISC administers, and a seller’s note provided additional financing.
LISC is the New York City–based Local Initiatives Support Corporation, described on its website as “one of the country’s largest organizations supporting projects to revitalize communities and bring greater economic opportunity to residents.”
In addition, Tompkins County also awarded $300,000 from the community housing development fund.
New York’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,” per Cuomo’s news release.
Contact Reinhardt at ereinhardt@cnybj.com
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