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New affordable housing development opens in Ithaca

Governor Kathy Hochul announced the completion of a new affordable housing development, Marketview Apartments, in Ithaca’s waterfront area. This four-story, 42-unit building, notable for its all-electric and energy-efficient design, is situated in Cayuga Park, adjacent to the city’s community gardens, and offers a range of family-friendly amenities.

Governor Hochul emphasized the project’s alignment with the state’s broader objectives, stating, “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.” The development is a key part of New York State’s commitment to addressing the housing crisis, aiming to provide affordable, modern, and secure homes.

Credit: Ithaca Voice

The Marketview Apartments, developed by Rochester-based Park Grove Development, LLC, in partnership with Cayuga Medical Center of Ithaca, Inc., cater to households earning at or below 60 percent of the Area Median Income. Residents will enjoy various amenities, including a community room, laundry facilities, a patio, a playground, and free high-speed broadband internet. The development also features environmental enhancements like open green spaces and stormwater management gardens.

The $14 million project received significant state financing, including nearly $9 million in federal Low-Income Housing Tax Credits and $2.4 million in subsidy from Homes and Community Renewal (HCR). Additional funding included a $1.8 million permanent loan from The Community Preservation Corporation, supported by the State of New York Mortgage Agency, and contributions from NYSERDA and the Tompkins County Housing Trust Fund. Marketview Apartments sets a standard in sustainable living, adhering to strict green building standards, including Enterprise Green Communities Plus certification and US Green Building Council LEED standards.