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New $20.4 Million Affordable Housing Development Opens In Ithaca

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Governor Cuomo yesterday (June 10) announced the completion of Ithaca City Apartments, a $20.4 million scattered-site affordable housing development in Ithaca.

That project rehabilitated 31 existing buildings across 17 separate sites to preserve 98 mixed-income rental homes, most of which were built as single or two-family homes and have now been converted to multi-family use.

The now-completed development offers a mix of studios, one, two, three and four-bedroom apartments.

Sixteen apartments are affordable to households earning at or below 50 percent of the Area Median Income, 74 apartments are affordable to households earning at or below 60 percent of the Area Median Income and eight apartments are rented at market rates.

State financing for the $20.4 million project includes $4.2 million in permanent tax-exempt bonds, federal Low-Income Housing Tax Credits that generated $5.7 million in equity and an additional $1.2 million in subsidy from New York State Homes and Community Renewal.

Additional financing was provided by the NYS Housing Stabilization Fund administered by LISC and a seller’s note.

Tompkins County awarded $300,000 from the Community Housing Development Fund.

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