Two Finger Lakes housing projects are getting a financial boost from New York State.
Governor Kathy Hochul announced on Monday that over $260 million in tax credits and subsidies will be used to create or preserve over 1,800 homes in the Empire State.
“The only way to address New York’s housing crisis and bring down costs for families is to keep building and preserving homes in every region of our state,” Governor Hochul said. “With this funding, we are pushing forward with our agenda to unlock New York’s housing potential, and we will keep working closely with the Legislature to ensure that all New Yorkers have access to safe, stable, and affordable homes.”
$7.8 million will be used to rehabilitate 50 housing units across 13 buildings at Olympia Terrace in Auburn. Operated by the Auburn Housing Authority in partnership with 3D Development Group, the project will receive $1.25 million in Clean Energy Initiative (CEI) funding for whole-building electrification and stretch envelope ventilation goals.
Creekview Apartments II in Canandaigua is receiving $2.6 million. The money will help construct 72 apartments in nine two-story buildings. Eight of the apartments will be reserved for those with physical disabilities. The complex will feature on-site solar electric and geothermal heating systems thus meeting Passive House standards. Creekview Apartments II is being developed by Baldwin Real Estate Development.
New York State Homes and Community Renewal has provided $56 million in Federal and State Low Income Housing Tax Credits as well as $204 million in subsidies. The funding is part of the governor’s $25 billion comprehensive housing plan. The plan seeks to create or preserve 100,000 affordable homes across the state with the electrification of an additional 50,000 homes.
All projects receiving funding meet HCR sustainability standards. Developments will also offer free broadband to their residents.
