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Homes and Community Renewal

Stone Quarry Apartments Opens in Ithaca

Stone Quarry Apartments Opens in Ithaca


HCR joined Ithaca Neighborhood Housing Services (INHS), PathStone Development, and Ithaca Mayor Svente Myrick yesterday for the ribbon cutting of  Stone Quarry Apartments. The 35-unit development is now available to rent to low-income households. The property, located on Spencer Road at the corner of Stone Quarry Road is completely visitable by a person with a mobility impairment. This includes all apartments, common rooms, and outside areas.

"The affordable and fully visitable housing at Stone Quarry Apartments is a great addition to the City of Ithaca," said HCR Commissioner/CEO Jamie Rubin. "Governor Cuomo has charged HCR with investing in projects that make life better for New Yorkers and Stone Quarry is a shining example. I applaud Mayor Myrick, INHS, PathStone, and all the other partners who made this possible. We thank you for your commitment to expanding quality affordable housing opportunities for hard working New Yorkers."

Stone Quarry Apartments offers seven one-bedroom, 10 two-bedroom, and 18 three-bedroom apartments, as well as three bedroom townhomes. The apartments and townhomes are all centrally heated and air conditioned, and the complex features a community room, off-street parking, a playground, and an onsite coin-operated laundry facility. The development is LEED certified, and features low-VOC paints and finishes and energy efficient appliances, insulation and windows.

"Stone Quarry Apartments was truly a team effort," said Paul Mazzarella, Executive Director of Ithaca Neighborhood Housing Services. "It would not be possible without the hard work of staff from NYS Homes and Community Renewal, the City of Ithaca, and all of our financing partners.  It is a great example of how strong public-private partnerships can transform communities."

"Pathstone is proud to partner with New York State, the City of Ithaca, and Ithaca Neighborhood Housing Services to increase affordable housing options in the city," said Monica McCullough, Senior Vice President of Pathstone Corporation. "High quality affordable housing helps individuals, families, and communities thrive. Thank you to all the partners who made Stone Quarry a reality."

Stone Quarry  is a joint venture between HCR, INHS and PathStone Development Corporation of Rochester, N.Y., with generous funding also coming from Enterprise Community Partners, The Community Development Trust, J.P. Morgan Chase Bank, Ithaca Urban Renewal Agency (IURA), N.Y., Community Housing Trust (City of Ithaca, Cornell and Tompkins County), and NeighborWorks America. Architect design is by HOLT Architects, Landscape design by Trowbridge Wolf Michaels, and construction by LECESSE Construction of Rochester, N.Y.

HCR provided funding for the Stone Quarry development through the Federal Low-Income Housing Credit (LIHC) and State Low-Income Housing Credit (SLIHC) Programs, which leveraged City of Ithaca URA funds, Community Development Trust funds, a Tompkins County CHTP grant, sponsor loans, and deferred developer fee. The $10.016 million Stone Quarry is a joint venture among HCR, INHS and PathStone Development Corporation of Rochester, N.Y., with generous funding also coming from Enterprise Community Partners, The Community Development Trust, J.P. Morgan Chase Bank, Ithaca Urban Renewal Agency (IURA), N.Y., Community Housing Trust (City of Ithaca, Cornell and Tompkins County), and NeighborWorks America. Architect design is by HOLT Architects, Landscape design by Trowbridge Wolf Michaels, and construction by LECESSE Construction of Rochester, N.Y. Interested applicants should apply in person at the INHS's office. An application can be also downloaded at http://www.ithacanhs.org/stone-quarry.html.

Press Coverage:

http://www.ithacajournal.com/story/news/local/2015/08/31/stone-quarry-apartments-opens/71483422/

 

Stone Quarry Apartments Opens in Ithaca

Left to right: Monica McCullough, SVP, PathStone Corporation; Alma Balonon-Rosen, Director, Enterprise Community Partners; Steven Hugo, VP, Holt Architects, P.C.;  Stuart Mitchell, President & CEO, PathStone Corporation; Mayor Svante Myrick, City of Ithaca; Joe Bowes, Senior Real Estate Developer, Ithaca Neighborhood Housing Services; and Bret Garwood SVP, Multifamily Programs, NYS Homes and Community Renewal

Stone Quarry Apartments Opens in Ithaca

Stone Quarry provides 35 high-quality apartments and townhomes, increasing affordable housing options in Ithaca.

Stone Quarry Apartments Opens in Ithaca

Apartments and townhomes are all centrally heated and air conditioned, and the complex features a community room, off-street parking, a playground, and an onsite coin-operated laundry facility.


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