New Homes are Part of Governor Cuomo's $20 Billion Five-Year Affordable Housing Plan
Governor Andrew M. Cuomo today announced construction is underway on Dietz Street Lofts, a $19 million mixed-use, mixed-income affordable housing development in Oneonta that will create 64 affordable homes. The project supports the economic development efforts underway in Oneonta as part of the city's selection as a winner of the $10 million Downtown Revitalization Initiative for the Mohawk Valley.
"By making strategic investments in mixed-use affordable housing developments, we are creating more attractive, walkable and livable communities and growing local economies across the state," Governor Cuomo said. "Dietz Street Lofts will fit in with the historic character of downtown Oneonta and further our efforts to transform the city in to a regional and cultural destination."
"Creating affordable, walkable housing in Oneonta will expand the livability and character of downtown, while also providing accessible housing for families and artists," said Lieutenant Governor Kathy Hochul. "The Dietz Street Lofts development exemplifies New York State's commitment to providing mixed-use affordable housing to New Yorkers and bolstering our local communities to keep them beautiful, affordable and accessible for years to come."
Dietz Street Lofts is part of Governor Cuomo's commitment to providing all New Yorkers with access to safe, affordable housing through the state's unprecedented $20 billion, five-year Housing and Homelessness Plan. The plan makes housing accessible and combats homelessness by building or preserving more than 100,000 affordable homes and 6,000 with supportive services. Since 2011, New York State Homes and Community Renewal has invested $232 million in the Mohawk Valley region that has created or preserved 2,350 affordable homes.
The four-story Dietz Street Lofts will be constructed on the site of a municipal parking lot in the City's Downtown Revitalization Initiative strategic plan area.
Dietz Street Lofts is designed to complement the surrounding neighborhood's architectural elements. The building will feature a recreation of the historic stoop design present in the Oneonta Downtown Historic District and will allow direct access for tenants to Dietz Street, which will lead to more pedestrian traffic on Dietz and Main Street.
Dietz Street Lofts will include 40 one-bedroom apartments and 24 two-bedroom apartments. Forty-two apartments will have a preference for tenants involved in artistic or literary activities. Seven apartments will be fully adaptable for persons with mobility impairment and three will be adapted for persons with hearing or vision impairment. All apartments will be affordable to households earning between 60 and 100 percent of the Area Median Income or less.
In addition, Dietz Street Lofts will be home to Hartwick College's Grain Innovation Center, which will be a regional source for studying the quality of potential wheat cultivars for whole grain milling and baking. The educational facility will be located on the building's first floor. The Mohawk Valley Regional Economic Development Council awarded a grant for $180,000 through Empire State Development in support of this project.
Amenities for residents will include fully equipped kitchens, fitness center, media room, rooftop terrace, large common room, laundry facilities, elevator and on-site management.
Located near an Otsego Express bus stop, a county-wide public bus service, residents will have access to four routes that cover much of Otsego County, including major shopping centers. Conveniently located one block from the Main Street corridor, it will be near City Hall, the Department of Motor Vehicles, Green Earth Health Market, art supply stores, numerous eateries, as well as Bassett Healthcare Center.
The developer is Parkview Development & Construction and Kearney Realty and Development Group will be the management agent.
HCR's funding of Dietz Street Lofts includes federal and state Low-Income Housing Tax Credits that will generate $11.1 million in equity, $2.8 million from the Housing Trust Fund, $975,000 through the Rural and Urban Community Investment Fund and $665,000 through the Middle-Income Housing Program. Additional state support includes a $1.4 DRI grant administered by Empire State Development and $58,400 provided by the New York State Energy Research and Development Authority. The Community Preservation Corporation is providing a SONYMA-insured $1.6 million permanent loan through their partnership with the New York State Common Retirement Fund.
HCR Commissioner RuthAnne Visnauskas said, "Dietz Street Lofts will offer 64 households, including those in the artistic community and those with disabilities, the opportunity to live affordably in new energy-efficient homes that blend with the design and architecture of the surrounding historic community. We are pleased to partner with Parkview Development and Construction on this $19 million project that will advance Oneonta's community renewal, enhance downtown revitalization and provide workforce housing that is convenient to public transportation, close to government services, health care and shopping opportunities."
Secretary of State Rossana Rosado, "Oneonta is bringing to life a compelling vision for economic development and this investment will help attract more New Yorkers to live downtown and close to the plentiful amenities the area has to offer. We applaud Governor Cuomo's vision to bring more affordable housing developments, which in turn create more opportunities, to our communities. Projects like the Dietz Street Lofts, which are supported through the Downtown Revitalization Initiative, will reinvigorate Oneonta and lead to a brighter future for the region."
Empire State Development Acting Commissioner and President & CEO-designate Eric Gertler said, "The Dietz Street Lofts further the Governor's goals for affordable housing, while also providing spaces for artistic and agricultural innovation that will contribute to downtown Oneonta's cultural and economic revitalization. ESD is proud to partner with HCR, NYSERDA and the Community Preservation Corporation in supporting a project that will be transformative for this city's center."
NYSERDA President and CEO Doreen M. Harris said, "New York's just transition to a clean energy economy is grounded in on ensuring benefits and opportunities from our investments are available to all New Yorkers and this project is a great example of how affordable housing opportunities can be complemented by sustainable living conditions and connection to the community. We look forward to Dietz Street Lofts opening their doors and are proud to support such an integral and successful project in the City of Oneonta."
State Comptroller Thomas P. DiNapoli said, "Expanding the supply of affordable housing throughout our state is critical. As revitalization efforts progress in Oneonta I am excited to see the Dietz Street Lofts development moving forward. This project will provide affordable housing opportunities for families and artists in the area, while also promoting economic growth. As the state pension fund's trustee, my top priority is securing sound investments for the fund's assets. I am pleased to partner with the Community Preservation Corporation and others on this investment, and I look forward to the completion of this development."
Senator Peter Oberacker said, "Our downtowns serve as hubs for our local economies, while also telling a story about a community's character and makeup. That is certainly the case in Oneonta and with the addition of Dietz Street Lofts a new and exciting chapter is on the horizon. Oneonta's downtown consists of a unique blend of retail, restaurants, housing, and the arts. Dietz Street Lofts will cultivate our artistic energy and help grow the downtown district by maximizing a strong public and private partnership while at the same time answering a critical need for affordable housing."
Assemblyman John Salka said, "This morning I had the honor of attending the groundbreaking ceremony for the Lofts on Dietz Street. This is a great revitalization project for the City of Oneonta, and will provide a much needed asset for the community. This is also a wonderful opportunity for Hartwick College, and their Grain Innovation Center that will be included, and thank you to Dr. Drugovich for advocating for this."
Otsego County Board Chair David Bliss said, "This project helps Otsego County and the City of Oneonta move forward in our efforts to enhance safe, efficient, affordable housing for our residents. It will help boost downtown revitalization and provide workforce housing that is convenient to employment opportunities and public transportation."
Mayor Gary Herzig said, "I thank Governor Cuomo, Empire State Development and HCR Commissioner Visnauskas for their support of the City of Oneonta's Downtown Revitalization Initiative. In addition to addressing our need for affordable middle-income housing, the Dietz Street Lofts will provide affordable live/work space for local artists. This project will not only support Oneonta's thriving arts community as part of our walkable downtown, it will also be home to the Hartwick College Grain Innovation Center - an Innovation Center which will support our local agribusinesses while providing hands-on training for the students of Hartwick College."
Patrick Miller, Neighborhood Mortgage Officer, The Community Preservation Corporation said, "We're excited to join our long-time partners at Parkview Development to break ground on a project that will bring much needed new affordable housing to the downtown area, and which will help continue the revitalization of the Oneonta community. At CPC we believe that investing in quality, affordable housing is an investment in the future of a community and the people who live there. My thanks to the Governor and his team at HCR, to Parkview Development, and to Comptroller DiNapoli and our partners at the State's Common Retirement Fund."
Sean Kearney, Partner, Parkview Development and Construction said, "Dietz Street Lofts not only provides high quality mixed-income housing, but it is also a key component of the City of Oneonta's Downtown Revitalization Initiative Strategic Plan. Transformative projects, such as Dietz Street Lofts, will help to ensure the continued success of reinvigorating the City of Oneonta's downtown. We are proud to partner with New York State HCR, Empire State Development, the City of Oneonta, and Hartwick College on this exciting development and we are honored to be part of Governor Cuomo's innovative Downtown Revitalization Initiative."
Oneonta was named a DRI round 1 winner in 2016. With assets that include mixed-use housing, intermodal transportation, a vibrant culture and arts district, and anchor institutions, such as Hartwick College and SUNY Oneonta, the City of Oneonta, situated along the Susquehanna River, is poised to transform into a 21st century, regionally competitive community while maintaining its quaint, small-town essence. Under the DRI, Oneonta is focusing on projects in the downtown area that leverage significant private investment to promote sustainability and reduce the city's carbon footprint, provide new housing opportunities, create a Food and Craft Beverage Innovation District, and expand upon its economic potential as a regional center of culture and commerce.
About the Downtown Revitalization Initiative
In 2016, Governor Andrew Cuomo launched a major new initiative—the Downtown Revitalization Initiative. Through the DRI, the Governor moved to aggressively accelerate and expand the revitalization of downtowns and neighborhood to serve as centers of activity and catalysts for investment in all ten regions of the state. The DRI represents an unprecedented and innovative plan-to-act strategy that couples strategic planning with immediate implementation.
In the first four years of the DRI, the State has committed $400 million to invest in downtowns that are ripe for revitalization and have the potential to become magnets for redevelopment, business, job creation, greater economic and housing diversity, and opportunity. Participating communities are nominated by the state's ten Regional Economic Development Councils based on the downtown's potential for transformation, and each community is awarded $10 million to develop a downtown strategic investment plan and implement key catalytic projects that advance the community's vision for revitalization. The DRI is chaired by New York Secretary of State Rossana Rosado. Communities receive support from private sector experts and a team of state agency staff led by the Department of State in close partnership with Empire State Development, and NYS Homes and Community Renewal.