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Central New York Regional Economic Development Council Announces Roosevelt and Hillside Apartments Break Ground on Affordable Housing Projects

(June 26, 2012)

Central New York Regional Economic Development Council Announces Roosevelt and Hillside Apartments Break Ground on Affordable Housing Projects

The Central New York Regional Economic Development Council (CNYREDC) today announced the official start of construction on the redevelopment of Roosevelt and Hillside Apartments in the City of Syracuse, a project that will produce affordable rental homes for 90 families. The project is moving forward with $1,251,530 in awards from Governor Cuomo's Regional Economic Development Council initiative. The project 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).

"Consistent with the region's strategic plan, this project serves to revitalize our urban core by redeveloping existing physical assets and enhancing affordable housing options in the city," said Robert Simpson, president of CenterState CEO and co-chair of the CNYREDC. "The project stands to make a significant impact on the neighborhood's vibrancy, and I applaud the public and private sector partners for coming together to get this project off the ground."

"Roosevelt Hillside Apartments will provide more affordable family housing, redevelop two vacant, historic buildings, and breathe new life into an important Syracuse neighborhood," said Darryl C. Towns, Commissioner/CEO of New York State Homes and Community Renewal. "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 in these new developments 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.

Tim Fournier, President and CEO of Conifer Realty, LLC said, "Conifer is proud to be part of the collaborative effort to revitalize the city and offer families more opportunities for quality, affordable housing. I want to thank the Central New York Regional Economic Development Council and the City of Syracuse for making Roosevelt and Hillside a priority. We are thrilled to be officially breaking ground today and look forward to welcoming residents to their new homes."

Last year, a total of $785 million was awarded through the Consolidated Funding Application (CFA) for job creation and community development projects consistent with each region's strategic plans. As part of that process, Syracuse IV Star Redevelopment/Conifer Realty was awarded more than $1.2 million in Low Income Housing Tax Credits from New York State Homes and Community Renewal. These tax credits will produce more than $11.5 million in equity.

Syracuse Mayor Stephanie Miner said, "For years, the ElJay properties have blighted our City. Now, thanks to private and public investment and community support, these redevelopment projects will bring new energy to our neighborhoods and provide quality housing options for families."

Congresswoman Ann Marie Buerkle said, "The redevelopment of the historic Hillside and Kasson apartments is a positive step in the continuing revitalization of neighborhoods in the City of Syracuse. I thank and congratulate everyone who has worked so hard to see this project become a reality."

Senator David J. Valesky said, "The redevelopment of Roosevelt and Hillside apartments will benefit the City of Syracuse and its residents in many ways—by providing updated and affordable housing, revitalizing the neighborhood, and stimulating other development in the area. I congratulate all who worked diligently on this project, and thank Governor Cuomo and the Regional Economic Development Council for recognizing its significance."

Assemblymember Sam Roberts said, "Affordable housing for Central New York families is critical in these tough economic times. This project will help provide families and children with a safe and decent home to live in. It will also boost to our local businesses and economy, while presenting the opportunity to utilize the strong and diverse workforce unique to our region."

The Low-Income Housing Credit Program (LIHC) was established under the Tax Reform Act of 1986 to promote private sector involvement in the retention and production of rental housing that is reserved for low-income households. LIHC provides a dollar-for-dollar reduction in federal income tax liability for project owners who develop rental housing that serves low-income households with incomes up to 60% of area median income. The amount of LIHC available to project owners is directly related to the number of low-income housing units that they provide.

New York State Homes and Community Renewal (HCR) consists of all the State's major housing and community renewal agencies, including the Affordable Housing Corporation, the Division of Housing and Community Renewal, the Housing Finance Agency, State of New York Mortgage Agency, Housing Trust Fund Corporation and others.

To learn more about each Regional Council and their economic development plans, please visit www.nyworks.ny.gov.

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