Developers Complete New York Affordable Housing Rehabilitation
This is the community’s first upgrade since it was converted to public housing 40 years ago.
The Rome Housing Authority, along with Beacon Communities Development, has completed the rehabilitation of Colonial II Apartments, a 74-unit affordable housing community for seniors and people with disabilities in Rome, N.Y.
Built in 1972 as a school and dormitory, Colonial II Apartments was converted to public housing in 1984. The seven-story building has not been upgraded since its completion, becoming functionally obsolete.
It features one-bedroom apartments for residents earning up to 50 percent of the area median income. Renovations included reconfiguring residences to increase size, as well as heating and cooling system upgrades and an extensive solar array, bringing the property to net-zero carbon emissions.
Located at 310 Cottage St., the community is close to Black River Boulevard and roughly 45 miles from Syracuse. The Oneida County property is also some 3 miles from the Griffiss International Airport-RME and within walking distance of the city center.
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Financing for the $41 million rehabilitation project included:
- $16.6 million in federal low income housing tax credits
- $12.5 million in subsidy from New York State Homes and Community Renewal
- $2 million in permanent tax-exempt bonds
- $1 million from the New York State Energy Research and Development Authority through the Buildings of Excellence competition
- $296,000 in incentives from the Multifamily New Construction Program
- $194,740 from the NY-Sun Program
- additional financing from the Rome Housing Authority
The sister property, Colonial I Apartments, comprises 83 affordable apartments for seniors and people with disabilities. It underwent a similar redevelopment program, completed in 2019, also financed through the New York State Division of Housing and Community Renewal.
Revitalizing affordable housing across New York State
Over the past 5 years, New York State Homes and Community Renewal has created or preserved more than 1,500 affordable homes in Oneida County. The rehabilitation of Colonial II Apartments complements Governor Hochul’s $25 billion Housing Plan, slated to create or conserve some 100,000 affordable residences across the state.
Also in line with the governor’s plan was the recent groundbreaking on a 654-unit mixed income project in Brooklyn. The development is part of the Gowanus Neighborhood Mixed-Income Housing Development Plan, which ought to unlock more than 5,300 units stalled by the expiration of the 421-A affordable housing program.
