Mayor Miner Announces New Financing Agreement, Including $675,000 in City of Syracuse HOME Funding, Which Will Leverage $40 Million in Improvements
305-Unit Affordable Housing Facility in Downtown Syracuse Has Seen No Significant Investment in 45 Years; 60 Units Have Been Offline Due to Quality Issues
Miner: Developing High Quality, Affordable Housing Is Crucial to Building a Greater City
SYRACUSE, N.Y. – Mayor Stephanie A. Miner announced on January 28th that the City has closed on financing with The Mullholland Group, LLC enabling the developer to perform a significant renovation of Clinton Plaza, a 305-unit affordable housing facility located in Armory Square.
“Developing high quality, affordable housing is crucial to building a greater City,” said Syracuse Mayor Stephanie A. Miner. “I am proud of the role we are playing in making this project possible. We are committed to providing our citizens with excellent, accessible housing choices, in downtown and throughout our city. This project is a significant step advancing that cause.”
Built in 1971, this 305-unit affordable high rise has not seen significant investment sent it was constructed 45 years ago. 60 units have been completely offline for over 10 years due to their deteriorating condition. Most recently, the affordability covenants on the property expired, which would have meant tenants faced with the prospect of the building turning market-rate, could have been forced to find alternative housing.
This renovation will be made possible with $675,000 in funding from the City of Syracuse HOME program, using funds awarded to the City from the Department of Housing and Urban Development (HUD). Clinton Plaza also received a property tax exemption through the Syracuse Industrial Development Agency.
Units will have their affordability guaranteed through HUD’s Rent Adjustment Demonstration (RAD) program. This will allow tenants to continue living in affordable housing while important, high-quality upgrades are made. Façade and other exterior improvements will be undertaken to tie the property in to the overall motif of Downtown Syracuse.