Five housing projects in and around Syracuse are getting a boost thanks to an Onondaga County program aimed at easing the housing shortage and making units more affordable to build and buy. County Executive Ryan McMahon announced the latest recipients today at the former St. Matthews School in East Syracuse. Developer Ryan Benz will receive a $105,000 grant through the county’s Housing Initiative, or O-CHIP program toward the $6.8 million project. He plans to build 21 residential affordable owner-occupied condo units.
“It's really the first of its kind here in Central New York," Benz said. "I think this is a third one approved across New York State. And as we're looking for opportunities to get folks to transition from rentals into home ownership, building that equity and really trying to break that cycle of generational poverty. home ownership is the quarterback way to do that.”
The average sale price will be around $140,000, and include a combination of one and two-bedroom units. The project will also be financed through the state’s Affordable Housing Opportunity Program. That means the units will be sold to those making 80 percent of the average median income, or about $75,000. Benz hopes to have the units on the market next spring. County Executive Ryan McMahon says the incentives fill gaps for developers and buyers.
“Interest rates are at 40-year highs, construction costs are still high, inflation still higher than it was pre-pandemic lending criteria because of the interest rates," McMahon said. "It means you have to put more money down to get projects done. So there's a role for government and that's what O-CHIP is doing.”
Here's a list of this round of award recipients. Information in each listing includes, from left to right, Company, Project, Developer Name, Location, Units/Description, and Award Amount.
- Radha Krishna Corp 440 James Street - Viraj Patel - City of Syracuse - 5 Market rate - $ 25,000
- Armory Parking Associates, LLC - Clinton Street Apartments - Andrew Larew - City of Syracuse - 88 Market rate $ 250,000
- Chimes Syracuse, LLC - Chimes Building - Maarten Jacobs - City of Syracuse - 152 Mixed Income (1/3 @ or below 80%, 1/3 @ 80-120%, 1/3 @ market rate - $ 250,000
- Home Leasing, LLC - Maria Regina - Adam Driscoll - Grant Blvd, Syracuse - 181 Affordable Senior - $250,000
- 214 Kinne, LLC - St Matthew's - Ryan Benz - Village of East Syracuse - 21 Low/Mod Income $105,000
