Energy-Efficient Affordable Housing for Seniors Announced

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Posted: Monday, June 12, 2017 8:08 pm

ALBANY, N.Y. -- Governor Andrew Cuomo announced the completion of a $9.3 million housing development for seniors in the city of Hornell. The project transformed the former Lincoln Elementary School, a vacant, historic landmark, into Lincoln Gardens, a new development of 25 affordable, energy-efficient apartments for people 55 and older. Four units of the new Lincoln Gardens are for persons who have physical disabilities or mobility impairment. This complements Southern Tier Soaring, the Governor’s successful upstate revitalization initiative to grow the economy and create new opportunities.

"By reimagining a longtime elementary school into a vibrant new development, we are injecting new life into this historic property, generating tax revenue for the local community, and are creating sustainable, affordable housing for seniors in need," said Governor Cuomo. "Helping ensure our most vulnerable New Yorkers have access to safe, decent and affordable housing is one more reason why the Southern Tier is Soaring."

The 33,000 sq. ft. building has 25 one- and two-bedroom apartments. The building features a new roof and energy efficient windows and doors, an elevator, laundry and community rooms, and commercial storage space in the former gymnasium. It is located near local public transportation and a nearby hospital. Rents are affordable to households at or below 60 percent of the Area Median Income.

The site, at 373 Canisteo Street, first housed a one-room schoolhouse built in the mid-19th century. It was destroyed by fire in 1923. A three-story brick building, designed in the classical revival architectural style, opened the next year and served as Lincoln Elementary School until 1979. It was repurposed as office and day care space by a local hospital until 2012. It was placed on the State and National Registers of Historic Places three years later.

The development team consists of Home Leasing, LLC, of Rochester, the owner, developer and manager; Edgemere Development, Inc., of Rochester, consulting developer; Home Leasing Construction, LLC, of Rochester, contractor; Glasow-Simmons, Architecture of Rochester. National Equity Fund is the Low Income Housing Tax Credit syndicator.

Funding for the $9.3 million project includes:

  • $1,375,000 from the New York State Housing Trust Fund; $511,976 in annual Low Income Housing Tax Credits which leverages about $5.1 million in Low Income Housing Tax Credit equity
  • $1.6 million in Federal Historic Tax Credit equity and about $967,000 in New York State Historic Tax Credit equity
  • $50,000 from New York State Energy Research and Development Authority

This announcement complements “Southern Tier Soaring", the region’s comprehensive blueprint to generate robust economic growth and community development. The state has already invested more than $3.1 billion in the region since 2012 to lay for groundwork for the plan, attracting a talented workforce, growing business and driving innovation. Today, unemployment is down to the lowest levels since before the Great Recession; personal and corporate income taxes are down; and businesses are choosing places like Hornell as a destination in which to grow and invest.

Now, the region is accelerating Southern Tier Soaring with a $500 million State investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. The State’s $500 million investment will incentivize private business to invest well over $2.5 billion, and the region’s plan, as submitted, projects up to 10,200 new jobs.

SOURCE: Office of Governor Andrew Cuomo

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