Utica & Rome getting community renewal loans & tax credits
UTICA & ROME, N.Y. - The New York State Housing Trust Fund Corporation has awarded low interest loans and tax credits to the City of Utica for Kennedy Plaza and the City of Rome for Liberty Gardens.
These awards were made through the New York State Division of Housing and Community Renewal’s (DHCR) 2010 Unified Funding Round. Assemblywoman Destito worked with DHCR along with the Assembly Standing Committee on Housing to bring this effort to fruition. “Low interest loans and tax credits will help raise tenants’ quality of life” Assemblywoman Destito said. “This is extremely important for improving our local housing stock so that the Mohawk Valley continues to have homes and apartments for low to moderate income working families that are safe, secure and accessible.” The Rome Housing Authority had applied for – and received – a $2.4 million low interest loan along with an allocation of Low Income Housing Credits of $1.65 million. This funding will finance the rehabilitation of 78 out of the 180 dwelling units. Liberty Garden Apartments has been a state public housing complex for fifty-eight years. The Rome Housing Authority and Omni Housing Development LLC of Albany form the core of the development team to undertake this major revitalization project. The Kennedy Plaza Apartments project – a Mitchell-Lama, Section 236 family affordable housing project built in 1971 – will receive approximately $1.3 million in low interest housing tax credits. Located in downtown Utica, it is in close proximity to many agencies and services and is also on the main bus route. Liberty Affordable Housing, Inc. of Rome has been named the designated developer of this project. Currently, the project has been divided into two main components—the high rise tower, and the low-rise complex. Both projects will be completed separately but simultaneously. Completion of this capital project will provide long-term preservation of safe, quality, affordable housing, and will improve the quality of life not only for 292 low-income families, but for residents of the Mohawk Valley. It will help stabilize the city’s downtown district, support local vendors and create local construction jobs, Destito noted. “During these challenging economic times, these funding awards are vital to both of our major cities here in the Mohawk Valley as they do their best to provide housing that is affordable as well as up to code requirements and various local ordinances, especially with regard to asbestos removal and weatherization,” Destito said. “I look forward to seeing these units when they are finally ready for occupancy, and I know that these apartments will be so important to the families of this community who are struggling to make ends meet.” Most Popular
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