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Homes and Community Renewal

New York State Homes and Community Renewal Celebrates Completion of $13 Million Affordable Housing Development in Seneca County

Pine View Circle Apartments Creates 48 Affordable and Supportive Homes in Tyre

Investment Complements "Finger Lakes Forward" - The Region's Comprehensive Strategy to Revitalize Communities and Grow the Economy

 

July 17, 2018 – New York State Homes and Community Renewal today celebrated the ribbon cutting for Pine View Circle Apartments, a newly constructed $13 million housing development in the Town of Tyre in Seneca County. Pine View Circle Apartments, developed and managed by Ithaca Neighborhood Housing Services, Inc., includes 48 rental homes with apartments reserved for disabled veterans and individuals with intellectual or development disabilities.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Governor Cuomo is increasing access to affordable homes to ensure that all hardworking New Yorkers can have a safe, quality place to call home. With Pine View Circle Apartments, about 100 residents will have an affordable home that is close to their work place so that they can seize the opportunities of the growing economy that is moving the Finger Lakes Region forward.” 

Governor Cuomo's commitment to growing the Finger Lakes economy is reflected in Finger Lakes Forward, a $500 million state investment through the Upstate Revitalization Initiative that builds on the more than $5.2 billion the State has injected in the region since 2012. The State's investment in Pine View Circle Apartments complements the Finger Lakes Forward initiative by creating new housing opportunities in areas with access to jobs and transportation. Since 2011, HCR has financed the creation or preservation of nearly 5,000 affordable multifamily homes in the Finger Lakes.

Pine View Circle Apartments features 11 one- and two-story townshouse style buildings on State Route 318 in the Town of Tyre. Amenities include a community room, playground, community garden and laundry facilities.  The development is in proximity to the New York State Thruway, creating easy access to area employers including Waterloo Outlet Mall and Del Lago Resort & Casino.

Four apartments are reserved for veterans with physical disabilities or traumatic brain injury. Additionally, another four apartments are reserved for individuals with intellectual or development disabilities.  The Office for People with Developmental Disabilities is providing rental subsidies for these units and ARC of Seneca Cayuga Counties is the supportive service provider.

The building’s design meets LEED standards with high efficiency gas heating, central A/C, and Energy Star appliances. By incorporating energy efficient features, the project helps move the State toward Governor Cuomo’s goal of reducing greenhouse gas emissions by 40 percent in 2030, including a target the Governor set in April that achieves one-third of that reduction by 2025 – the equivalent of energy used to power 1.8 million homes.

New York State Homes and Community Renewal provided $3.2 million in financing for the development in the form of a subsidy from HCR’s Housing Trust Fund. HCR’s annual Federal tax credit allocation generated $9.2 million in equity. The development also received $140,000 from New York State Electric and Gas Corporation and $76,350 from the New York State Energy Research and Development Authority. 

Governor Cuomo’s commitment to providing all New Yorkers with access to safe, affordable housing is reflected in the State's unprecedented $20 billion, five-year Housing Plan. The plan makes housing accessible and combats homelessness by building and preserving more than 112,000 affordable homes including 6,000 with supportive services.

Joe Bowes, Director of Real Estate Development for Ithaca Neighborhood Housing Services, said, “This project is an example of how important housing is to the economic growth of rural communities Upstate.  Pine View Circle is the result of strong support from staff and elected officials in the Town of Tyre and the State of New York.”

Accelerating Finger Lakes Forward

Today’s announcement complements “Finger Lakes Forward,” the region’s comprehensive blueprint to generate robust economic growth and community development. The State has already invested more than $5.2 billion in the region since 2012 to lay the groundwork for the plan – investing in key industries including photonics, agriculture‎ and food production, and advanced manufacturing. Today, unemployment is down to the lowest levels since before the Great Recession; personal and corporate income taxes are down; and businesses are choosing places like Rochester, Batavia and Canandaigua as a destination to grow and invest in.

Now, the region is accelerating Finger Lakes Forward with a $500 million State investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. The State’s $500 million investment will incentivize private business to invest well over $2.5 billion – and the region’s plan, as submitted, projects up to 8,200 new jobs. More information is available here.

 

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