Governor Kathy Hochul announced the completion of Marketview Apartments, a new four-story development with 42 affordable apartments on Ithaca’s waterfront. The all-electric, energy-efficient building stands in Cayuga Park next to the city’s community gardens and offers numerous family-friendly amenities.
“Our latest investment in Ithaca continues a pattern of sustained growth and provides an opportunity for more people to enjoy the benefits of this vibrant city and its wonderful waterfront,” Governor Hochul said. “The opening of Marketview Apartments demonstrates that commitment to addressing the housing crisis will benefit residents in communities across the state and ensure more New Yorkers have an affordable, modern, and secure place to call home.”
In the last five years, New York State Homes and Community Renewal has created or preserved more than 1,000 affordable homes in Tompkins County. Marketview Apartments continues this effort and complements Governor Hochul’s $25 billion comprehensive Housing Plan to create or preserve 100,000 affordable homes across New York, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.
Marketview Apartments was awarded funding from the New York State Energy Research and Development Authority’s New Construction Housing Program to achieve a high level of sustainability and carbon reduction. The all-electric development also meets green building standards required for Enterprise Green Communities Plus certification and US Green Building Council LEED standards. All apartments have ENERGY STAR rated appliances, equipment and lighting, low-VOC building materials and integrated pest management.
The developer is Rochester-based Park Grove Development, LLC, in alliance with Cayuga Medical Center of Ithaca, Inc. as non-profit partner.
State financing for the $14 million development includes nearly $9 million in federal Low-Income Housing Tax Credits and $2.4 million in subsidy from HCR. NYSERDA awarded $147,000. The Community Preservation Corporation provided a $1.8 million permanent loan insured by the State of New York Mortgage Agency, and the Tompkins County Housing Trust Fund contributed $300,000.
Official Commentary
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Under Governor Hochul’s housing plan, we are making strategic investments to accelerate affordable housing growth in communities across New York. The $14 million Marketview Apartments development is the latest addition to our portfolio in Ithaca, providing 42 safe, healthy, and environmentally friendly homes in a beautiful setting on the city’s waterfront. Congratulations to Park Grove and Cayuga Health, as well as our financing partners at CPC and Tompkins County, for working with us to create high-quality homes for New Yorkers.”
NYSERDA President and CEO, Doreen M. Harris said, “It is always rewarding to see the completion of residential projects like Marketview Apartments, which are paramount to achieving Governor Hochul’s commitment to providing all New Yorkers with access to affordable, comfortable and energy efficient housing. As we continue our comprehensive efforts to combat climate change, NYSERDA looks forward to working with stakeholders and our sister agencies to bring more projects like this to fruition, helping foster greener, more resilient communities across the state.”
Senate Majority Leader Charles Schumer said, “Every Ithaca resident deserves a safe and secure place to call home, and I am proud to see the completion of this affordable housing for Tompkins County. By using $9 million in federal Low Income Tax Credits, which I have long worked hard to strengthen, to create over 40 new affordable, accessible apartments for families in Ithaca, this new energy-efficient development will help lay the foundation for a more equitable future for all Ithacans. I applaud Governor Hochul’s commitment to increasing access to affordable housing in Ithaca and across New York State, and I will keep fighting to increase the supply of housing and create a more affordable and livable New York for all.”
State Senator Lea Webb said, “Access to quality and affordable housing is one of our most pressing issues across the Southern Tier. The completion of 42 units of housing for low-to moderate income households in the City of Ithaca will not only help us meet some of the ongoing need for affordable housing here in Tompkins County, but will also ensure that these households have easy access to grocery stores, the Ithaca Farmers Market, and other community resources. I am pleased that we were able to provide state support for this project to increase our affordable and sustainable housing supply, while strengthening our community.”
Assemblymember Anna Kelles said, “New affordable workforce housing is exactly what our Ithaca community needs to release the intense pressure valve on our housing crisis that is contributing to the consistently rising cost of living and to help our residents thrive. By having affordable housing dedicated to households with incomes at or below 60% of the Area Median Income, some of the corresponding burdens associated with a lack of long-term housing will be alleviated. A lack of stable consistent housing is associated with decreased educational performance for children, mental health crises for children and adults, instability in job attainment and retention to name a few. Ensuring stable housing, in effective, is a prudent preventative measure to this myriad of public health issues. I thank the developers and NYS Homes and Community Renewal for funding this project and working to ensure this building achieves a high level of sustainability and carbon reduction by being designed in accordance with green building standards required for the Enterprise Green Communities Plus certification.”
Tompkins County Legislature Chairwoman Shawna M. Black said, ‘Congratulations to Park Grove and Cayuga Medical Center for their excellent permanently affordable housing development. I’m proud that Tompkins County’s Community Housing Development Fund contributed to this project and grateful for the other public funding sources that helped to make this happen. This is an inspiring development that puts affordable housing close to amenities in our community, I hope more projects continue to take a similar approach to Marketview.”
City of Ithaca Mayor Laura Lewis said, “The City of Ithaca is excited and pleased to celebrate the ribbon cutting at MarketView Apartments. This component of the overall Cayuga Park project will serve those most in need in our community. It is fantastic that residents will have a new, high-quality, energy efficient home, that is close to so many amenities, including the newly-opened medical office facilities on the campus. We applaud the development team and Cayuga Medical Center for making MarketView a part of this important community development project.”
The Community Preservation Corporation Vice President and Mortgage Officer Miriam Zinter said, “An affordable place to call home is the cornerstone of community stability, offering residents not just a place to live, but a foundation upon which they can build secure and fulfilling lives. When individuals and families have access to affordable housing, it fosters a sense of stability that is carried throughout the entire neighborhood. The Marketview Apartments brings that stability and opportunity to the Ithaca community and to the families who call it home. My thanks to Park Grove for their vision and dedication to bringing this project to fruition, to the team at NYS Homes and Community Renewal, and to all of our partners who are committed to creating a more affordable New York.”
Park Grove Realty Managing Partner Andrew Crossed said, “Marketview Apartments is a state-of-the-art apartment project that provides 42 units of desperately needed affordable housing in a very strategic location in Downtown Ithaca. The project would not be possible without the close collaboration of the public and private sectors, and we would like to thank the city of Ithaca, Tompkins County and the State of New York for their commitment and support to make this project a reality.”
Cayuga Health President and CEO Martin Stallone, MD said, “Cayuga Health recognizes access to high-quality, safe housing as a known social determinant of health. Affordable housing is a mark of a responsible community and an investment in our community’s health and wellness. Cayuga Health congratulates Park Grove on this milestone.”
