$5.4M Awarded to Preserve Apartments in ROC, Binghamton and SYR

$5.4 million in funding has been awarded to create and preserve 52 affordable rental apartments across five separate developments in Syracuse, Rochester, and Binghamton. The awards are provided through New York State Homes and Community Renewal’s Small Rental Development Initiative (SRDI), which supports the creation and preservation of multifamily rental developments with five to 20 apartments.

The SRDI funds were awarded to not-for-profit organizations that own, develop, and manage small rental development housing. The awards will leverage an additional $6.1 million in private and public investment, allowing projects to move forward and address the continued need for housing in communities across New York. Apartments funded through SRDI will be affordable to households at or below 80 percent of the municipality’s Area Median Income.

Awards include:  

$3 million for 18 Apartments in Syracuse

• $2 million to preserve and rehabilitate 13 homes at Ashley Arms Apartments on South Salinas Street, including the installation of a new roof and additional energy efficiency measures. All apartments will be affordable to households earning 50 percent or less of the AMI. 
• $1 million for the new construction of five homes in a mixed-use, multifamily building at 101 Oak Street in the city’s Northeast neighborhood. The development will feature one- and two-bedroom apartments, which will be affordable to households earning 80 percent or less of the AMI, as well as ground-floor commercial space.
  

$1.6 million for 16 Apartments in Rochester

• $1.6 million for the preservation and rehabilitation of 16 workforce apartments in Brooks Village Apartments at 750 Genesee Street.  Extensive efficiency measures are anticipated to yield a 20 percent reduction in energy use. All apartments will be affordable to households earning 50 percent or less of the AMI.  
  

$784,000 for 12 Apartments in Binghamton

• $784,000 for the new construction of 12 homes in two six-unit buildings on Munsell Street. All apartments will be affordable to households earning 80 percent or less of the AMI. 

“As we work to boost the supply of affordable housing across our state, investing in small rental buildings is an important part of our efforts,” Governor Hochul said. “With the current housing crisis impacting our communities, my administration is committed to using every tool we have to provide the quality, affordable housing that New Yorkers deserve.”