The Huntley building was part of a federally subsidized rental portfolio known as the Eljay Apartments. After years of mismanagement by the previous owners, HUD foreclosed on the portfolio, turning it over to the City of Syracuse to find local developers to revitalize the properties.
Funding to rehabilitate the 42-unit Huntley building will come from a $1.5 million construction loan from CPC and a SONYMA-insured private pension fund permanent loan, as well as financing from the City of Syracuse, Onondaga County, and the Syracuse Economic Development Corporation. Along with Federal and State Historic Rehabilitation Tax Credits, the project developer—the Strathmore Huntley Group, LLC—now has financing to perform a gut rehabilitation of the property, creating quality rental housing for working-class families.
Through our Syracuse field office, CPC has a strong history of helping communities throughout Central and Western New York create and preserve housing for their unique needs.