Related Preserves Affordable Seniors Housing in Syracuse, N.Y.
- Jun 13, 2008
By Anuradha Kher, Online News EditorSyracuse, New York–Related Affordable, a division of Related Cos., recently re-opened McCarthy Manor Apartments, a 176-unit affordable senior housing development in Syracuse, New York. Syracuse Mayor Matthew J. Driscoll was present at the opening ceremony.“I am pleased Related has undertaken the rehabilitation of this complex so there will continue to be good, affordable housing for our senior citizens at this location for many years to come,” Driscoll said at the opening. “This housing is an important part of the city’s affordable housing inventory. Our senior citizens have made many contributions to our community, and it is critical that we work with private developers to assure they have decent, affordable housing.”McCarthy Manor Apartments was originally constructed in 1979. It is located at 501 South Crouse Ave. The property underwent improvements worth $2 million and Related has committed to ensuring that the residences remain affordable for an additional 40 years. The improvements to the eight-story building included significant upgrades to kitchens; bathrooms; lighting and heating improvements; a full elevator upgrade and modernization; window and roof replacement; and upgrade to common areas including the community room.McCarthy Manor Apartments received bond financing and tax credits from the New York State Housing Finance Agency (HFA). The city of Syracuse secured real estate tax abatements and the Department of Housing and Urban Development (HUD) ensured that the Section 8 contract remained in place. As a result, $2 million in critical rehabilitations and upgrades were completed along with a commitment to 40 more years of affordability. “The renovations, including the new windows and the new heaters and thermostat helps keep my electric bill reasonable, says Robert Roane, president of the McCarthy Manor Tenants Association. “With that and keeping the rents low longer, I will be able to live in a nice apartment in a well-run, safe and affordable building at my income level.”