Syracuse, NY, Jul 17, 2012 -- U.S. Department of Agriculture (USDA) Rural Development NY Multi-Family Housing Program (MFH) Director, Michael Bosak, joined NY State Senator David Valesky, Town of Cicero Supervisor Jim Corl, and other State and Local Dignitaries in a Ceremonial Ribbon-Cutting opening the newly renovated Bayshore Apartments.
The Bayshore Apartments are a 186-unit affordable housing community consisting of five complexes totalling 162 family units and 24 senior living units. The project received over $17 million in funding, loans and equity deferment. Construction and permanent financing were provided by USDA/Rural Development MFH- 515 program, NYS HFA Tax Exempt Bonds and Subsidy Loan, Federal Home Loan Bank – AHP Funds and private equity investment partner WNC.
“It is important for the development of our communities to not only construct affordable housing facilities but to maintain these investments as well,” said USDA Rural Development Acting State Director Bryan Clerkin. “Projects like Bayshore provide people with safer places to live but also a healthier living environment.”
“Bayshore Apartments not only provides the opportunity for an affordable and safe place to live but also a healthier living environment,” said USDA Rural Development Acting State Director Bryan Clerkin. “These renovations will also promote a sense of community and improve the quality of life for its residents.”
New York’s Multi-Family Housing Programs offer Rural Rental Housing Loans to provide affordable multi-family rental housing for very low-, low-, and moderate-income families; the elderly; and persons with disabilities. The goal of the MPR program is to restructure Rural Rental Housing loans and Off-Farm Labor Housing loans and provide grants to revitalize Multi-Family Housing projects in order to extend the affordable use of these projects without displacing tenants due to increased rents.
USDA Rural Development's mission is to deliver programs in a way that will support increasing economic opportunity and improve the quality of life of rural residents. As a venture capital entity, Rural Development provides equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure. Further information on rural programs is available by visiting Rural Development’s web site at http://www.rurdev.usda.gov/ny.