Cayuga Flats Funding Breakdown
To date, funding for Cayuga Flats includes $5,364,532 in Federal Low Income Housing Tax Credits; $1,639,911 from the NYS Housing Trust Fund Corporation; $1,639,911 in Federal and State Historic Tax Credits; $100,000 from Tompkins County Community Housing Development Fund; $194,014 from a NeighorWorks grant; $228,662 from the City of Ithaca’s HOME and CDBG Allocations; and INHS is providing funding in the form of a Seller’s Note for $1,340,000, and deferred developer fee for $14,774. As of November 2019, the project has secured $9,205,478 and will begin construction in November 2019.
INHS’ Cayuga Flats project is a mixed-use, rehab and new construction project that’s part of the organization’s Scattered Site portfolio, one of the largest sources of affordable housing in the City of Ithaca. In 2018, INHS completed phase 1 of the project which included renovations of 98 units. This next phase will include the rehab or new construction of the remaining 29 efficiency, 1, 2 and 3 bedroom apartments and two commercial spaces in the portfolio.
Glen Lake Apartments
To date, funding for Glen Lake Apartments in Watkins Glen includes $5,973,000 in Federal Low Income Housing Tax Credit Equity; $1,494,042 from the NYS Housing Trust Fund Corp; $1,477,706 in State Low Income Housing Tax Credits; and $1,268,474 from the Rural and Urban Community Investment Fund. In addition to those funding sources, the project has secured $823,550 in financing from Office for People with Developmental Disabilities (OPWDD), and $500,000 from the NYS Downtown Revitalization Initiative to finance the childcare center. As of November 2019, the project has secured $11,574,747 and will begin construction in December 2019.
Glen Lake Apartments is a mixed-income, mixed-use new construction project located one block from downtown and walkable to the picturesque waterfront in the Village of Watkins Glen. The Watkins Glen 2nd Street Redevelopment project includes the new construction of a total of 34 apartments, plus non-residential space for a 7,341 square foot childcare center providing educational opportunities for children birth to age five. The three-story building will be equipped with an elevator, a community room, laundry room, and a mix of one and two bedroom apartments with bulk storage space available for each unit.