UTICA, N.Y. — Crews continue work on the $15.8 million Roosevelt Residences project at 1515 Brinckerhoff Avenue in Utica. The Roosevelt Residences project involves the construction of 50 affordable-housing units contained in 25 new buildings on 11 scattered sites in the Cornhill Neighborhood of Utica. Eight units will be set-aside for homeless veterans and for […]
UTICA, N.Y. — Crews continue work on the $15.8 million Roosevelt Residences project at 1515 Brinckerhoff Avenue in Utica.
The Roosevelt Residences project involves the construction of 50 affordable-housing units contained in 25 new buildings on 11 scattered sites in the Cornhill Neighborhood of Utica.
Eight units will be set-aside for homeless veterans and for other “chronically homeless” populations. The project also includes the construction of a new Resident Center.
The Municipal Housing Authority of the City of Utica (Utica MHA) is working with Norstar Development USA, L.P., and Norstar Building Corporation on the project.
Norstar Development is headquartered in Concord, Ontario with a U.S. corporate office in Buffalo.
KeyBank’s (NYSE: KEY) Community Development Lending & Investment (CDLI) unit has provided an $8.2 million “credit enhancement” for the project, the Cleveland, Ohio–based bank said in a Dec. 7 news release.
Financing for the development also includes $8.21 million in tax-exempt bonds and mortgage loans from New York State Homes and Community Renewal (HCR), $1.2 million in funding from HCR’s supportive-housing opportunity program, $3.99 million in funding from HCR’s new-construction program, $1.44 million in funding from the Housing Trust Fund Corp’s (HTFC) Homes for Working Families Program and an annual allocation of $631,108 in low income-tax credits, according to a separate news release on the project from the New York State Office of Temporary and Disability Assistance. HTFC is part of New York State Homes and Community Renewal.
The balance of funding for the project was provided by a $770,000 award through the New York State Office of Temporary and Disability Assistance’s Homeless Housing Assistance Program, a $127,000 award from the New York State Energy and Research Development Authority, and $500,000 through the City of Utica HOME program, the state said.
Contact Reinhardt at ereinhardt@cnybj.com
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UTICA, N.Y. — Crews continue work on the $15.8 million Roosevelt Residences project at 1515 Brinckerhoff Avenue in Utica.
The Roosevelt Residences project involves the construction of 50 affordable-housing units contained in 25 new buildings on 11 scattered sites in the Cornhill Neighborhood of Utica.
Eight units will be set-aside for homeless veterans and for other “chronically homeless” populations. The project also includes the construction of a new Resident Center.
The Municipal Housing Authority of the City of Utica (Utica MHA) is working with Norstar Development USA, L.P., and Norstar Building Corporation on the project.
Norstar Development is headquartered in Concord, Ontario with a U.S. corporate office in Buffalo.
KeyBank’s (NYSE: KEY) Community Development Lending & Investment (CDLI) unit has provided an $8.2 million “credit enhancement” for the project, the Cleveland, Ohio–based bank said in a Dec. 7 news release.
Financing for the development also includes $8.21 million in tax-exempt bonds and mortgage loans from New York State Homes and Community Renewal (HCR), $1.2 million in funding from HCR’s supportive-housing opportunity program, $3.99 million in funding from HCR’s new-construction program, $1.44 million in funding from the Housing Trust Fund Corp’s (HTFC) Homes for Working Families Program and an annual allocation of $631,108 in low income-tax credits, according to a separate news release on the project from the New York State Office of Temporary and Disability Assistance. HTFC is part of New York State Homes and Community Renewal.
The balance of funding for the project was provided by a $770,000 award through the New York State Office of Temporary and Disability Assistance’s Homeless Housing Assistance Program, a $127,000 award from the New York State Energy and Research Development Authority, and $500,000 through the City of Utica HOME program, the state said.
Contact Reinhardt at ereinhardt@cnybj.com
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UTICA, N.Y. — Crews continue work on the $15.8 million Roosevelt Residences project at 1515 Brinckerhoff Avenue in Utica. The Roosevelt Residences project involves the construction of 50 affordable-housing units contained in 25 new buildings on 11 scattered sites in the Cornhill Neighborhood of Utica. Eight units will be set-aside for homeless veterans and for […]
UTICA, N.Y. — Crews continue work on the $15.8 million Roosevelt Residences project at 1515 Brinckerhoff Avenue in Utica.
The Roosevelt Residences project involves the construction of 50 affordable-housing units contained in 25 new buildings on 11 scattered sites in the Cornhill Neighborhood of Utica.
Eight units will be set-aside for homeless veterans and for other “chronically homeless” populations. The project also includes the construction of a new Resident Center.
The Municipal Housing Authority of the City of Utica (Utica MHA) is working with Norstar Development USA, L.P., and Norstar Building Corporation on the project.
Norstar Development is headquartered in Concord, Ontario with a U.S. corporate office in Buffalo.
KeyBank’s (NYSE: KEY) Community Development Lending & Investment (CDLI) unit has provided an $8.2 million “credit enhancement” for the project, the Cleveland, Ohio–based bank said in a Dec. 7 news release.
Financing for the development also includes $8.21 million in tax-exempt bonds and mortgage loans from New York State Homes and Community Renewal (HCR), $1.2 million in funding from HCR’s supportive-housing opportunity program, $3.99 million in funding from HCR’s new-construction program, $1.44 million in funding from the Housing Trust Fund Corp’s (HTFC) Homes for Working Families Program and an annual allocation of $631,108 in low income-tax credits, according to a separate news release on the project from the New York State Office of Temporary and Disability Assistance. HTFC is part of New York State Homes and Community Renewal.
The balance of funding for the project was provided by a $770,000 award through the New York State Office of Temporary and Disability Assistance’s Homeless Housing Assistance Program, a $127,000 award from the New York State Energy and Research Development Authority, and $500,000 through the City of Utica HOME program, the state said.
