HCR's President of Finance and Development, Marian Zucker, recently helped kick off construction on Roosevelt and Hillside Apartments in the City of Syracuse. The project is developed by Conifer LLC and Christopher Community and will produce affordable rental homes for 90 families. It is moving forward with $1,251,530 in awards from Governor Andrew Cuomo's Regional Economic Development Council initiative. The investment, through the federal Low Income Housing Tax Credit Program, will generate more than $13 million in economic activity in the area and leverage funds from other partners including the City of Syracuse, the Federal Home Loan Bank of New York, and the New York State Energy Research and Development Authority (NYSERDA).
Commissioner/CEO Towns said "Roosevelt Hillside Apartments will provide more affordable family housing, redevelop two vacant, historic buildings, and breathe new life into an important Syracuse neighborhood. With an award from Governor Andrew Cuomo's Regional Economic Development Council initiative, this project is moving forward and injecting millions of dollars into the city. I congratulate the many public and private partners that are making these homes a reality, including the Central New York Regional Economic Development Council, Mayor Miner, and our partners at Conifer Realty. All have come together to make an investment that will stimulate development in this neighborhood and make Syracuse and our state a better place to live."
Each building will include a community room, computer lab, and common laundry. The project will provide one and two-bedroom units, nine units for persons with mobility impairments, and four for persons with hearing or vision impairments. Rent plus utilities will range from $520 to $740 per month and will be affordable for households at or below 60% of area median income.
|The redevelopment of Hillside/Roosevelt will help revitalize core neighborhoods in the City Of Syracuse.||The group also got a glimpse of construction underway at Kasson/Leavenworth Apartments. With the help of HFA financing, two historic buildings will be preserved and transformed into state-of-the-art apartments featuring a mix of market-rate and affordable units.|
Last Updated: 07/24/2012