A new four-story development with 42 affordable apartments on Ithaca’s waterfront is finished. The all-electric, energy-efficient building stands in Cayuga Park next to the city’s community gardens and offers numerous amenities.
“Our latest investment in Ithaca continues a pattern of sustained growth and provides an opportunity for more people to enjoy the benefits of this vibrant city and its wonderful waterfront,” Governor Kathy Hochul said. “The opening of Marketview Apartments demonstrates that commitment to addressing the housing crisis will benefit residents in communities across the state and ensure more New Yorkers have an affordable, modern, and secure place to call home.”
In the last five years, New York State Homes and Community Renewal has created or preserved more than 1,000 affordable homes in Tompkins County. Marketview Apartments continues this effort and complements Governor Hochul’s $25 billion comprehensive Housing Plan to create or preserve 100,000 affordable homes across New York, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.
All 42 apartments are affordable to households with incomes at or below 60 percent of the Area Median Income. Residential amenities include a community room, laundry room, a patio, and playground. Each apartment has its own patio or balcony, and residents are provided with free high-speed broadband internet. The site also includes open green space, plazas for events/outdoor dining, and stormwater management gardens featuring native plantings.
Marketview Apartments was awarded funding from the New York State Energy Research and Development Authority’s New Construction Housing Program to achieve a high level of sustainability and carbon reduction. The all-electric development also meets green building standards required for Enterprise Green Communities Plus certification and US Green Building Council LEED standards. All apartments have ENERGY STAR-rated appliances, equipment and lighting, low-VOC building materials and integrated pest management.
The developer is Rochester-based Park Grove Development, LLC, in alliance with Cayuga Medical Center of Ithaca, Inc. as a non-profit partner.
State financing for the $14 million development includes nearly $9 million in federal Low-Income Housing Tax Credits and $2.4 million in subsidy from HCR. NYSERDA awarded $147,000. The Community Preservation Corporation provided a $1.8 million permanent loan insured by the State of New York Mortgage Agency, and the Tompkins County Housing Trust Fund contributed $300,000.
Tompkins County Legislature Chairwoman Shawna M. Black said, ‘Congratulations to Park Grove and Cayuga Medical Center for their excellent permanently affordable housing development. I’m proud that Tompkins County’s Community Housing Development Fund contributed to this project and grateful for the other public funding sources that helped to make this happen. This is an inspiring development that puts affordable housing close to amenities in our community, I hope more projects continue to take a similar approach to Marketview.”
City of Ithaca Mayor Laura Lewis said, “The City of Ithaca is excited and pleased to celebrate the ribbon cutting at MarketView Apartments. This component of the overall Cayuga Park project will serve those most in need in our community. It is fantastic that residents will have a new, high-quality, energy-efficient home, that is close to so many amenities, including the newly-opened medical office facilities on the campus. We applaud the development team and Cayuga Medical Center for making MarketView a part of this important community development project.”
