Work Starts on Affordable Development in Upstate NY

Multi-Housing News
August 5, 2016
by Dees Stribling

When completed, the $15.9 million project will consist of seven buildings.

Oneonta, N.Y.—Housing Visions Consultants Inc. has broken ground on Oneonta Heights, an affordable housing development in Oneonta, N.Y. The project will create 60 affordable housing units for families and seniors in the city, which is upstate in southern Otsego County.

When completed, the $15.9 million project will consist of seven buildings—six new construction and one rehab. The buildings will be in three “clusters” throughout the target neighborhood.

The first cluster includes the rehab of a long-vacant property. The second cluster will be at the intersection of Columbia and West streets, where four derelict buildings (including a bank foreclosure and two owned by an absentee landlord) will be demolished and replaced by two four-unit buildings and one two-unit building.

The third cluster will be on a five-plus acre undeveloped site along Silver Creek and will feature a 40-unit new construction senior housing property. The building for seniors will be equipped with a community gathering area, computer lab, kitchen, laundry facilities, and an on-site property management office.

In addition to the 40-unit senior building, two four-unit buildings will be built on the site. All of the development’s properties will be built to green building standards; construction is slate to be complete by August 2017.

Support for this project came from various funding and finance sources, such as NYS Homes and Community Renewal, NYS Modernization Fund, NYS HOMES Funds, and National Equity Fund. CPC provided a $10.5 million construction loan and a $550,000 private pension fund permanent loan.