Boston Capital Invests in Affordable Housing in Upstate New York

A 72-unit multifamily development designed for families in Dryden, N.Y., will benefit from construction financing provided by Boston Capital.

Dryden, N.Y.—A 72-unit multifamily development designed for families in Dryden, N.Y., will benefit from construction financing provided by Boston Capital. The development, Poets Landing Apartments, will be constructed using tax credit equity from the Low Income Housing Tax Credit (LIHTC) program.

“There is a great need for affordable housing within the village of Dryden and the market area,” Scott Arrighi, Boston Capital vice president, acquisitions, tells MHN. “Local, county and state officials collaborated in order to bring affordable housing to the Dryden market. The village of Dryden’s comprehensive plan specifically identifies a goal of providing housing units in the village that are affordable to all income segments.”

The general partner on the project is Rochester, NY-based Conifer, LLC. Construction on the development began last month, and will be completed in April 2013, Arrighi says. First move-ins will take place in November. Units will be available to families earning 60 percent of Area Median Income (AMI).

Poets Landing Apartments will feature nine buildings, each two stories in height, spread across a an 18-acre parcel. The community will offer 24 one-bedroom, 32 two-bedroom and 16 three-bedroom apartment homes. Units feature central air and are equipped with dishwashers, patios or balconies, and storage.

Common-area amenities will include a playground and a community room with kitchen, fitness center, computer room and central laundry.

NIMBY-style community opposition to affordable housing was running high when Conifer, LLC first proposed developing the site, Arrighi says.

“In fact, other affordable housing developers sought to develop the site prior to Conifer owning the site, and were unsuccessful,” he adds.

“Conifer worked closely with the municipality to educate the community on affordable housing. The municipality is in strong support of the development, and was a key component [in] receiving tax credit financing.”

Poets Landing presents an unusual opportunity to provide affordable housing in an upstate N.Y. community with a fast-growing population and no affordable rental apartments, Arrighi reports. The Tompkins-Cortland region benefits from a dynamic economy enhanced by the presence of a number of colleges and universities. These institutions are Cornell University, Ithaca College, Cortland State University and Tompkins-Cortland Community College.

From Poets Landing, residents should be able to walk to a number of Dryden’s largest employers. Among them are the Dryden Central School District, whose offices are across the street, and Tompkins-Cortland Community College.

“The strength of the local economy has stimulated local population growth,”

Arrighi says. “This workforce housing development will provide an ideal housing option for the families working at the colleges and other employment locations between Ithaca and Cortland.”

Boston Capital reports the construction of Poets Landing Apartments will create approximately 109 jobs in the Dryden area, and will generate $9 million in local income.