Governor Hochul announces the start of construction on a $24 million affordable housing development in Seneca Falls

Governor Hochul declares the beginning of development on a $24 million reasonably priced housing improvement in Seneca Falls

Gov. Kathy Hochul at this time introduced development has begun on the Huntington Flats, a $24 million adaptive reuse of the Nineteenth-century Huntington Constructing in Seneca Falls. When full, the event will embody 53 reasonably priced houses in an energy-efficient constructing, together with 27 with supportive companies for veterans in want of housing.

“The Huntington Flats will present a brand new future for dozens of households and veterans whereas preserving a chunk of Seneca Falls historical past,” stated Governor Hochul. “My administration is dedicated to utilizing the potential of group developments just like the Huntington Constructing to broaden housing for households, enhance high quality of life and create the colourful, reasonably priced communities that every one New Yorkers deserve.”

Situated on the nook of Fall Road and Veteran’s Memorial Bridge, the Huntington Flats are being developed by Residence Leasing and can make the most of the present three story historic constructing, rebuild the beforehand demolished fourth story whereas additionally including an addition to the west facet of the constructing. The finished improvement will consist of 5 studio residences, 45 one bed room residences and three two bed room residences, with one unit earmarked for the constructing’s superintendent. There will likely be 31 houses that will likely be reasonably priced for households incomes 50 p.c or much less of the world’s median earnings, whereas the remaining 21 houses will likely be reasonably priced for these incomes 60 p.c or much less of the AMI.

Supportive companies and hire subsidies for 27 residences are supplied by Eagle Star Housing and funded via the Empire State Supportive Housing Initiative and administered by the New York State Workplace of Momentary Incapacity Help. Companies supplied embody case administration, transportation companies, substance abuse connections, and medical and psychological well being companies.

The Huntington Flats will meet the EPA Power Star Licensed Houses V3.1 program and Enterprise Inexperienced Communities 2020 requirements. All residences will make the most of Power Star models and central air con.

At this time’s announcement enhances that of Governor Hochul Housing compact, a multifaceted technique designed to handle New York’s historic housing scarcity by constructing 800,000 new houses over the following decade. The Housing Compact will encourage progress by eradicating boundaries to housing manufacturing, encouraging new development and setting native housing targets in every group. The Housing Compact follows final 12 months’s launch of the governor’s $25 billion housing plan, which is able to create or preserve 100,000 reasonably priced houses throughout New York, together with 10,000 with assist companies for weak populations, and electrify a further 50,000 houses.

The redevelopment of the Huntington Flats is a part of Seneca Falls’ Downtown Revitalization Initiative. Town was chosen within the fourth spherical because the winner of the $10 million DRI Finger Lakes Area Award. The DRI serves as an integral a part of the state’s financial improvement coverage, remodeling inner-city neighborhoods into vibrant facilities of exercise that supply a top quality of life and appeal to companies, jobs, and financial and residential range.

New York State Houses and Neighborhood Renewal invested state and state low-income housing tax credit in Huntington Flats, which is able to generate $12.1 million in fairness and $3.7 million in subsidies. The New York State Historic Preservation Workplace supplied $7.1 million in federal and state historic tax credit. The New York State Division of State supplied $800,000 below the DRI, and the New York State Power Analysis and Growth Authority supplied $51,800 from its multifamily new development program. Neighborhood Preservation Company, a not-for-profit, multi-family finance firm, is offering a $475,000 everlasting mortgage, insured by SONYMA, to assist the venture.

Over the previous 5 years, New York State Houses and Neighborhood Renewal has invested over $20 million in Seneca County to create or preserve greater than 200 reasonably priced houses.

RuthAnne Visnauskas, Commissioner for Residence and Neighborhood Renewal, stated: “The adaptive reuse of the Huntington Constructing will protect a outstanding Nineteenth-century construction that has had a presence locally for generations, whereas offering reasonably priced housing for 53 households, together with 27 with veteran assist companies. This community-focused improvement is an instance of Governor Hochul’s dedication to assembly the necessity for reasonably priced housing all through New York. We thank Residence Leasing and our companions for his or her work in reaching this milestone.”

Secretary of State Robert J. Rodriguez stated: “This Downtown Revitalization Initiative venture is the proper instance of how historic buildings could be re-adapted to fulfill the altering wants of a group. We all know that investing in reasonably priced housing helps our internal metropolis communities thrive, and when full, Huntington Flats will present high quality, power environment friendly, reasonably priced housing for Seneca Falls residents and assist rework the town right into a premier vacation spot for New Yorkers of all incomes and backgrounds that they will name residence. The power effectivity element is crucial because the state leads the nation in combating local weather change and the downtown revitalization initiative helps local weather pleasant tasks.”

Hope Knight, President, CEO and Commissioner of Empire State Growth stated: “Via the governor’s initiative to revitalize downtown and the constructive collaboration of a number of businesses, downtown areas throughout upstate New York are really turning into thriving, linked hubs and hearts of their communities’ imaginative and prescient of an accessible downtown the place folks wish to reside, work and play.”

Workplace of Momentary Help and Incapacity Help Commissioner Daniel W. Tietz stated: “Below the management of Governor Hochul, New York State is concentrated on drastically growing the state’s provide of supportive and reasonably priced housing. Huntington Flats will present supportive housing for veterans affected by homelessness, enabling them to have a protected, reasonably priced place to reside the place they will simply entry companies and stay secure.”

Doreen M. Harris, President and CEO of the New York State Power Analysis and Growth Authority, stated: “The Huntington Flats venture will present Seneca County residents with entry to new, reasonably priced housing that demonstrates the essential position historic buildings can play within the clear power transition. By integrating energy-efficient home equipment and high-performance tools and supplies, this venture will present climate-friendly, comfy residing areas together with important companies for weak New Yorkers.”

Senate Majority Chief Charles Schumer stated:“Each resident of Seneca Falls deserves entry to protected, reasonably priced housing, and I’m proud that the Federal Low-Revenue Housing Tax Credit score, which I’ve fought arduous to broaden, has supplied the tens of millions wanted to fulfill the… Start development of those dozens of recent, energy-efficient, reasonably priced houses for our veterans. Our veterans have served our nation, and in return we should serve them. It will assist guarantee veterans within the Finger Lakes have entry to the reasonably priced housing they want and can proceed to battle to acquire each greenback of federal help wanted to assist our veteran communities within the Finger Lakes.

State Senator Tom O’Mara stated:“Authorities funding in reasonably priced and supportive housing in our communities, together with for veterans in want, continues to strengthen the material of neighborhoods and the standard of life for renters and residents in communities all through this area and state. Huntington Flats is a vital dedication that can present reasonably priced housing and different essential short- and long-term advantages to proceed to revitalize and strengthen the Seneca Falls group.”

Congregation member Jeff Gallahan stated:“That is an thrilling funding in the way forward for Seneca Falls. Downtown areas are the center of our communities, and the redevelopment of the Huntington Constructing will assist assist the continued progress and prosperity of our downtown space. HCR continues to play a crucial position in fostering financial progress via the event of protected and reasonably priced housing in our area.”

Seneca Falls Metropolis Supervisor Michael Ferrara stated: “On behalf of the municipality and residents of Seneca Falls, we’re very enthusiastic about this venture. We wish to welcome residence leasing to our group and look ahead to September 2024 when new, power environment friendly, reasonably priced houses will likely be accessible for our group and our veterans. I additionally wish to thank the Koch household for his or her persistence and a long time of service to Seneca Falls.”

Residence Leasing CEO Bret Garwood stated: “Residence Leasing is proud to assist protect the Huntington Constructing and produce much-needed reasonably priced housing to Seneca Falls. We’re grateful to all of our companions and the group for working collectively to avoid wasting this essential historic constructing .”

Assistant Vice President & Mortgage Officer at The Neighborhood Preservation Company, stated Miriam Zinter“An reasonably priced, supportive place to name residence could be one of the efficient methods to carry stability and alternative again into folks’s lives. The Huntington Flats handle CPC’s mission to spend money on tasks that breathe new life into our historic buildings. changing them into sources that can meet the distinctive housing wants of our communities for years to return. Thanks to longtime companion Residence Leasing, all of our state companions, and Gov. Hochul to your dedication to creating New York extra reasonably priced and only for all.”

Dashing ahead from Finger Lakes

At this time’s announcement enhances “Finger Lakes Ahead,” the area’s complete technique to generate sturdy financial progress and group improvement. The regionally designed plan focuses on investments in key industries reminiscent of photonics, agriculture and meals manufacturing, and superior manufacturing. Extra info is obtainableRight here.

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