A $32 million apartment development in Ithaca has been completed with 57 affordable homes, including 20 supportive apartments for eligible people experiencing homelessness.
Stately Apartments combines housing with ground-floor commercial space and on-site services, according to Gov. Kathy Hochul's Oct. 21 announcement. Homes are available to households earning up to 60% of the area median income.
The developers are Visum Development Group, Rockabill Development and Arbor Housing and Development. Arbor said it has begun leasing the apartments in Ithaca's West End.
Housing and support services
The 20 supportive apartments are reserved for eligible tenants struggling with homelessness, including survivors of domestic violence. Catholic Charities of Tompkins/Tioga provides on-site case management, financial planning, social wellness programming and trauma-informed support.
Six apartments are fully adapted for people with mobility disabilities, and three are adapted for people with hearing or vision disabilities. The all-electric building has studios, one-bedroom and two-bedroom apartments.
Residents have access to a community room, outdoor children's play area, garden and patio. The building is within walking distance of schools, public transportation, restaurants, small businesses, the Cayuga Waterfront Trail, Ithaca Farmers Market and Ithaca Children's Garden.
Stately Apartments is on North Corn Street. Arbor's property listing quotes a studio rent of $868 a month, one-bedroom rents of $527 to $1,124 and two-bedroom rents of $632 to $1,348, plus electricity. Water and broadband are included.
How the project was financed
Federal and state low-income housing tax credits allocated through New York State Homes and Community Renewal are expected to generate more than $17 million in equity. Other financing includes more than $6 million in HCR subsidy.
Financing also includes more than $427,000 through the Clean Energy Initiative, a partnership between HCR and the New York State Energy Research and Development Authority. The state Office of Temporary and Disability Assistance supports the project with $4 million through its Homeless Housing and Assistance Program.
The supportive apartments receive funding through the Empire State Supportive Housing Initiative, administered by the state Office of Addiction Services and Supports. That agency is also providing more than $2.4 million to support the program.
Tompkins County's Community Housing Development Fund contributed $100,000. County Administrator Korsah Akumfi said the county administers the fund on behalf of its funding partners and described access to transportation, county services and everyday destinations as part of the project's value.
HCR says it has created or preserved nearly 800 affordable homes in Tompkins County. Stately Apartments is part of the state's five-year, $25 billion housing plan to create or preserve 100,000 affordable homes, including 10,000 with support services. More than 87,000 homes have been created or preserved statewide so far, according to the governor's announcement.
The current state budget also includes $250 million in capital funding to speed construction of affordable housing. Ithaca is among the state's certified Pro-Housing Communities, which can compete for up to $750 million in discretionary state funding.
For leasing information, Arbor's Stately Apartments page provides applications in English, Spanish and Mandarin and directs prospective tenants to call 1-866-99ARBOR.
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