Embracing Alternative Financing in Affordable Housing

Embracing Alternative Financing in Affordable Housing

Photo: Rendering of The Landing at Burke Meadows, Cazenovia, NY

Author: Ben Lockwood

Housing Visions embraces affordable housing development resources as a tool for neighborhood revitalization. The primary resource Housing Visions has tapped over our history is the Low Income Housing Tax Credit (LIHTC). It is a complicated, but flexible tool to develop housing in communities with differing needs. Housing Visions has gained a deep knowledge and expertise of affordable housing finance in the last 30 years. This knowledge has allowed us to embrace alternative financing structures to bring projects to fruition.

Oneonta Heights, Oneonta, NY

The City of Oneonta, NY is a classic small American city with a history as a railroad town. As the railroad industry declined, Oneonta is now best known as a college town. Oneonta State and Hartwick College are major economic forces in the City. Unfortunately, as a small city, students have put tremendous pressure on the housing stock and created an affordable housing crisis. Many employees that work within the City cannot afford the housing prices. Housing Visions developed Oneonta Heights, a 60-unit intergenerational affordable housing project. The project is three sites and provides high quality, affordable rental housing within the City limits. Oneonta Heights provides housing options for both seniors and families while keeping people close to their jobs and the amenities that the City of Oneonta offers.

Candlewood Court, Richmondville, NY

Housing Visions’ ability to adapt within affordable housing finance structures led to the development of Candlewood Court in Richmondville, NY within Schoharie County. Record flooding from Hurricanes Irene & Lee in 2011 ravaged the County. In partnership with New York State and Community Preservation Corporation, Housing Visions identified a flood resilient site in the Village of Richmondville. We developed 40 units of high-quality, family rental housing to offset the loss of units caused by the flooding. The financing structure was atypical for Housing Visions, but through the expertise of our staff we successfully opened the doors to the apartments in early 2019.

The Landing at Burke Meadows rendering, Cazenovia, NY

The Landing at Burke Meadows in Cazenovia, NY is our newest affordable housing development. The development will address the unmet need of affordable rural housing options for both seniors and families in Cazenovia and the surrounding Madison County community. Cazenovia is a uniquely resilient rural village. While other small rural villages and towns are withering from poverty, disinvestment and a struggling economy, Cazenovia continues to thrive. The Landing at Burke Meadows project will provide 49 units of safe, quality, energy-efficient, affordable homes in 5 newly constructed buildings. Apartment sizes will range from one to four bedroom units. Rents for these units will be affordable from 30%-90% of AMI. Ten of the units are for permanent supportive housing in conjunction with CAP of Madison County. This collaborative approach will help individuals and families maintain stability by providing an opportunity for affordable housing and wrap-around supportive services. The presence of CAP will also allow the remaining residents to utilize similar services as the supportive units.

Ben Lockwood
Ben Lockwood
Ben Lockwood is the President and CEO of Housing Visions.