NORWICH – Nearly one year after the City Council heard the proposal from a private development firm to build an affordable housing complex in the State Street neighborhood, it was announced Tuesday that $3 million in financing for the project has been secured.
Syracuse-based Two Plus Four Management, Inc. – in conjunction with Chenango County ARC – received funding through the New York State Office of Community Renewal’s Rural Area Revitalization Program for the development of a $7 million, 34-unit family rental project. The apartment complex – named Norwich Shoe Apartments – will be designated for low-income individuals and families, with seven units set aside specifically for persons with developmental disabilities.
The project will be financed by a $618,964 Federal Low Income Housing Tax Credit allocation and a $2.4 million NYS Housing Trust Fund loan – funding that comes with the approval of an application to the NYS Homes and Community Renewal, submitted by Chenango County ARC last summer. Remaining costs of the project will be picked up by Two Plus Four Management.
“It has been several years that Chenango County ARC has struggled to integrate the housing option of its clients,” states a recent press release from Chenango County ARC. The statement continues: “By most accounts, this appears to be another much needed family rental housing opportunity but it is much more than that. For within the occupancy profile is seven units of affordable rental housing set aside for the intellectual/developmentally disabled. Norwich Shoe Apartments provides Olmstead Act compliant integrated rental housing for high need and high cost Medicaid recipients by leveraging private and public investment in furtherance of Governor Cuomo’s initiative to reduce Medicaid spending.”