CCNY is excited to support Housing Visions, a non-profit construction company, in its joint venture with Redevelopment CNY LLC- a new affordable housing project in Syracuse. The Moyer Carriage Lofts project will redevelop the historical Moyer Carriage and Car Factory, built in 1881, into an affordable housing development with a preserved commercial space on the ground floor. The Syracuse factory, which was abandoned in 2005 and has been deteriorating since, is famous for a mysterious house on the top of its roof, which project manager Housing Visions will ensure stays put, even throughout the redevelopment.
The Moyer Carriage Lofts will consist of 128 affordable housing units. 50 apartment units will be designed for residents with mental illnesses and victims of domestic violence. Six of the units will be adapted to those with mobility difficulties. Residents will have access to laundry, community rooms, and extra storage units. All the units will be affordable to those whose income is at or below 90% of Area Median Income (AMI).
According to the project description, “Total project costs are estimated at $41.6 Million and will primarily utilize the following funding sources: Federal Low Income Housing Tax Credits (LIHTC), Federal and New York State Historic Tax Credits, Tax Exempt Bonds issued through New York State Housing Finance Agency (HFA), Supportive Housing Opportunity Program (SHOP) Funds, and ESSHI” This redevelopment will also be made possible with funding from the City of Syracuse, the New York State Office of Mental Health, and $6.4 million in tax credits due to the completion of the New York State Department of Environmental Conservation’s brownfield- cleanup program. Community Capital NY is contributing $500,000 as a predevelopment loan to the project.
CCNY is proud of this Syracuse initiative which will preserve history and promote affordable development.
Elissa Bard, Chief Operating Officer of CCNY comments “CCNY is thrilled to hear of the construction start on Moyer Carriage Lofts, and we look forward to seeing the development completed. We are so proud to have partnered with Housing Visions on this historic adaptive reuse of this property.”