New York Construction News staff writer
Renovations are complete on Parkedge Townhomes in Utica, a 184-unit affordable housing development. The project included major upgrades at the 50-year-old complex, a new community building, two playground areas, and sustainable infrastructure improvements.
The developer is Liberty Affordable Housing.
“By rehabilitating Parkedge Townhomes, we are continuing our investment in Utica’s future and furthering the State’s efforts to protect Mitchell-Lama housing which has been a valuable source of affordable, secure housing for families for generations,” New York Gov. Kathy Hochul said in a statement. “Preserving New York’s existing housing stock is a vital component of my administration’s commitment to ensuring every community can provide the types of homes that will help more our communities thrive.”
In the last five years, Homes and Community Renewal (HCR) has created or preserved over 1,000 affordable homes in Utica. Parkedge Townhomes continues this effort and complements Governor Hochul’s $25 billion comprehensive Housing Plan that will 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.
Each townhome was upgraded to meet criteria for certification from Enterprise Green Communities. To meet these requirements, the development’s hot water system was upgraded, insulation was added, and Energy Star appliances and LED lighting were installed.
State financing for the $47 million rehabilitation included $8.3 million in permanent tax-exempt bonds, $9 million in federal Low-Income Housing Tax Credits, and $14 million in subsidy from New York State Homes and Community Renewal.
“The $47 million renovation project at Parkedge Townhomes is yet another example of Governor Hochul’s commitment to revitalizing Utica through both new construction and the modernization of long-existing properties,” said HCR Commissioner RuthAnne Visnauskas. “For 50 years, this development has provided Utica’s families with affordable housing opportunities, and now the 184 households living at Parkedge will benefit from lower energy costs, new amenities, and improved safety.”
The Mitchell-Lama Program provides housing across New York State that is affordable to the middle class. It was created by the Limited Profit Housing Act in 1955.
