October 25, 2017
$9 Million Investment Complements ‘Southern Tier Soaring’ – Governor Cuomo’s Comprehensive Regional Strategy to Revitalize Communities, Grow the Economy
October 25, 2017, Village of Waverly – New York State Homes and Community Renewal (HCR) joined Liberty Affordable Housing, Inc. to celebrate the completion of a total renovation of Elizabeth Square Apartments, 75 affordable homes for low-income seniors in Tioga County. The development complements Southern Tier Soaring, Governor Cuomo’s comprehensive strategy to revitalize communities and grow the economy.
HCR Commissioner RuthAnne Visnauskas said, “The total renovation of the Elizabeth Square Apartments is a concrete example of Governor Cuomo’s commitment to preserving affordable housing for senior New Yorkers. This $9 million investment which includes the library, will enhance the quality of life for members of the 75 households who will be able to continue to live there independently, as well as the broader community which will have access to a valuable resource. Projects like this demonstrate that the Southern Tier truly is soaring.”
The substantial renovation of this six-story building, originally constructed in 1983, included the installation of new windows and doors; a new insulated roofing system; masonry repointing; elevator car modernization; a state of the art entry monitoring system; emergency back-up generator; electric baseboard heaters, and a new deck and entry canopy. All common areas were updated with new paint and flooring. Each individual apartment was updated with new paint, flooring, ceilings, kitchen cabinets and counters, and new bathrooms. All new appliances and lighting will be Energy Star rated and all new plumbing fixtures will be low-flow.
The Waverly Free Library, located on the first floor of the building, was updated with new roofing, canopy, windows, automatic ADA-compliant entry doors, new PTAC heating units, interior finishes particularly ceiling and lighting upgrades, new carpeting, complete refurbishment of two restrooms including ADA compliance for the public restroom, office upgrades, installation of a safety crash bar and a new back exit door to parking lot and other electric and plumbing upgrades.
Liberty Affordable Housing Inc. Executive Director Davis Yohe said, “Liberty is pleased to celebrate the completion of its revitalization of the Elizabeth Square Apartments. We mark another step forward in our mission of providing better lives through better housing.”
New York State Homes and Community Renewal financing for the $9 million project includes: $5.3 million through fixed-rate tax-exempt bonds from the Housing Finance Agency (HFA) and a $1 million HFA subsidy loan, f Low Income Housing Tax Credits which leverage about $2.3 million of tax credit equity and a $1.4 million loan from the Community Investment Fund.
The renovations will preserve affordability for very low income seniors with an average income level of 28 percent of the Area Median Income. Many residents depend on Project Based Section 8 assistance and would likely be displaced if not for this preservation project.
Accelerating Southern Tier Soaring
Today's announcement complements “Southern Tier Soaring the region’s comprehensive blueprint to generate robust economic growth and community development. The State has already invested more than $4.6 billion in the region since 2012 to lay for groundwork for the plan – attracting a talented workforce, growing business and driving innovation. Today, unemployment is down to the lowest levels since before the Great Recession; personal and corporate income taxes are down; and businesses are choosing places like Binghamton, Johnson City and Corning as a destination in which to grow and invest. Now, the region is accelerating Southern Tier Soaring with a $500 million State investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. The State’s $500 million investment will incentivize private business to invest well over $2.5 billion – and the region’s plan, as submitted, projects up to 10,200 new jobs.
About New York State Homes and Community Renewal
NYS Homes and Community Renewal’s (HCR) housing and community development agencies work to create, preserve and improve affordable homes and vibrant communities, in keeping with Governor Andrew M. Cuomo’s vision of a more inclusive, affordable, sustainable, and resilient New York. In 2016, HCR set a record for the third year in a row, financing the creation or preservation of more than 17,000 affordable homes and apartments, creating nearly 2,000 homeownership opportunities for first-time homebuyers, and was once again the #1 affordable housing bond issuer in the nation with $2.8 billion issued. For more information on HCR agencies, programs and initiatives, please visit: hcr.ny.gov
About Liberty Affordable Housing
Liberty Affordable Housing Inc. (Liberty) is a not-for-profit developer headquartered in Rome, New York. Liberty was incorporated in 2002 and has a community-based volunteer Board of Directors with a mission to produce, protect and preserve affordable housing. Since its inception Liberty has shown the ability to complete projects it has undertaken by successfully closing on three new construction and fifteen preservation projects. In all its endeavors, Liberty seeks to positively impact communities by providing “Better Lives Through Better Housing.”
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