November 2017
HCR in Action
Southern Tier Soaring
Early Head Start Program & Free Science Workshop
Find New Homes in Ithaca
Commissioner Visnauskas, Ithaca Mayor Svante Myrick, and partners celebrated the opening of 210 Hancock Street, which includes a 4-story building and five townhomes for a total of 59 rental homes.

Developed by Ithaca Neighborhood Housing Services, the project also includes commercial space for an Early Head Start program as well as the Free Science Workshop.

The investment complements "Southern Tier Soaring" - the region's comprehensive strategy to revitalize communities and grow the economy.

The Southern Tier Celebrates Groundbreakings for Affordable Senior and Supportive Housing in Elmira
The Elmira affordable housing community will consist of 50 one-bedroom apartments, ten of which will be reserved for people with intellectual and developmental disabilities.
Commissioner Visnauskas  said, “We are pleased to partner with CDS Monarch and OPWDD in meeting the need for affordable senior and supportive housing in Elmira. This development will enable 50 residents to remain independent in their own community and furthers Governor Cuomo’s efforts to keep the Southern Tier Soaring.” Read More.
Construction began on a $15.1 million affordable housing development in the South Main Street Neighborhood of Elmira. The development, known as Chemung Crossing , will be a mixed-use project that will add 45 new affordable housing units and 3,800 square feet of commercial space to the community.
The project includes the new construction of six buildings and the rehabilitation of two historic buildings in Elmira’s Business Improvement District. Read More.
Finger Lakes Forward
Development Provides Homes and Support Services
for Veterans in Canandaigua
Liberty Apartments at Parkside offers 48 homes and support services for veterans and families who are homeless or at risk of becoming homeless.

The housing community joins developments like nearby Cadence Square on the grounds of the Canandaigua Veterans Administration Medical Center, to address the need for quality housing for veterans in the Finger Lakes.

Under Governor Cuomo's leadership, HCR has financed the creation and preservation of more than 880 single and multi-family homes for veterans, and SONYMA has funded 157 mortgages under the Homes for Veterans Program.

Construction of Second Senior Living Community
Begins in Webster
CDS Housing and HCR celebrated a groundbreaking ceremony to mark the beginning of construction of a $21.6 million, 96-unit affordable senior living community in the town of Webster. CDS Housing Senior Living Hard Road 2 will be open to income-qualifying seniors age 55 and older and frail elderly. This new project will contain 82 one-bedroom and 14 two-bedroom apartments in two buildings. Fifteen units will be reserved for frail elderly. Read More.
Mohawk Valley
Formerly Vacant Lot Provides 60 New Affordable
and Senior Homes in Otsego County
Oneonta Heights is a $15.9 million affordable housing development in Otsego County. The development provides 60 new affordable apartments for senior citizens and families on formerly vacant and blighted properties in downtown Oneonta.

The project consists of seven buildings in three "clusters" throughout the affordable housing neighborhood, including six newly constructed buildings and one strategically located rehab facility. The properties were built to the highest green building standards to reduce the overall impact on the environment, and increase the health and comfort level of residents. Read More.
Western NY
Rehabilitation of Former School Building Provides 38 Homes
for Individuals and Families in Western NY
Lieutenant Governor Kathy Hochul , HCR and partners celebrated the grand opening of a $10.5 million affordable housing development in the City of Tonawanda. The development, known as Highland School Apartments , is the adaptive reuse and substantial rehabilitation of a three-story century-old former school building that provides 38 homes for low-income individuals and families.

Ten units are designated for developmentally disabled adults, and of those units, four will be for individuals who are homeless or at risk of homelessness. An additional five units are designated for homeless adults with a traumatic brain injury. Read More.
In The Spotlight

Private Activity Bonds: Financing Affordable Housing
Tax-exempt Private Activity Bonds and 4% as-of-right tax credits play a critical role in creating and preserving affordable housing. They help to build thriving communities across New York State by reducing costs so HCR can do more for New Yorkers.

Since 2011, HCR has invested over $10.9 billion in low-cost tax exempt bonds and leveraged another $13 billion in private capital to create and preserve more than 33,000 affordable multifamily units and finance affordable mortgages for more than 10,000 homeowners. New York State's FY 2018 budget has $2.5 billion earmarked for affordable housing programs. We are on our way to funding Governor Cuomo's $20 billion, 100,000 unit five-year plan that reflects his inborn passion for creating affordable opportunities for those experiencing housing insecurity or outright homelessness.

New York State also uses Private Activity Bonds to subsidize competitive SONYMA program loans for first-time low- and moderate-income buyers with down payment assistance loans, low-interest mortgages for veterans, and new programs that help homebuyers purchase and renovate zombie homes to fight blight across the state.

Without the ability to draw on tax-exempt bonds as a source of capital to finance affordable housing, the ability of municipalities and the State to drive growth and renewal would be severely impacted.
Wanda Graham Named Public Servant of the Year by the New York Real Estate Chamber
The New York Real Estate Chamber honored Wanda Graham as Public Servant of the Year at their 2017 Emerging Leaders and Markets Conference. As Vice President and Director of the Office of Economic Opportunity & Partnership Development , Wanda leads HCR’s efforts to ensure and increase economic opportunities for minority and women-owned businesses and service disabled veteran-owned businesses. In the past 7 years, OEOPD has helped HCR reach new heights in diversity. Prior to HCR, Wanda worked with the NYC Public Development Corporation and the NYS Urban Development Corporation.
Upcoming Conferences and Events
Join HCR at upcoming conferences and industry events

Wednesday, December 6th: New York Housing Conference 44 th   Annual Awards
Sheraton Times Square, NYC
Honoring Commissioner & CEO RuthAnne Visnauskas , 2017 Public Service Award
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HCR’s #SONYMA provides competitive mortgages for
first-time homebuyers! Call 1-800-382-HOME (4663) or visit
Andrew M. Cuomo , Governor I RuthAnne Visnauskas , Commissioner and CEO 
NYS Homes and Community Renewal |