Construction has started on a $55 million affordable and supportive housing development in Syracuse. The project will convert the four-building Moyer Factory complex into 128 apartments and 3,670 sq. ft. of ground floor commercial space, with 50 homes reserved for individuals and families in need of supportive services.
The development team is a joint venture between Housing Visions and Redev CNY LLC, a joint venture between Syracuse developers Ryan Benz and Steve Case.
“As we strive to make New York more equitable and inclusive, it is critical that we provide all New Yorkers with access to affordable housing and the supportive services they need to thrive,” New York Gov. Kathy Hochul said in a June 1 statement. “Investing in the redevelopment of vacant and underutilized historic buildings across the state is essential to revitalization and growth in cities like Syracuse. We will continue to tackle the housing crisis by prioritizing projects like the Moyer Carriage Lofts that enhance the lives of residents and empower neighborhoods.”
The Moyer Carriage Lofts project is part of what Hochul describes as a $25 billion, five-year, comprehensive housing plan to create or preserve 100,000 affordable homes across New York, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.
The adaptive reuse project in Syracuse involves a gut rehabilitation, but exterior architectural details will remain intact. The factory complex of four interconnected buldings, built in 188, which has been vacant since 2005.
State financing includes $3.6 million in permanent tax-exempt bonds, Federal Low-Income Housing Tax Credits that will generate $18.2 million in equity and $10.7 million in subsidies from New York State Homes and Community Renewal. The New York State Office of Parks, Recreation and Historic Preservation has facilitated the use of Federal and State Historic Tax Credits that will generate nearly $12 million in equity. Additionally, the site participated in the Department of Environmental Conservation’s successful Brownfield Cleanup Program and became eligible for $6.4 million in tax credits upon the project’s completion. The New York State Office of Mental Health is administering more than $1.2 million in annual operating funding for the 50 supportive units. The City of Syracuse also contributed $500,000 in HOME funds.