$20M Affordable Housing Development In Ithaca Opens

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.”

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.

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