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Old Posted Sep 25, 2012, 10:30 AM
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More housing for lower/moderate income folks. From the Ithaca Journal:

INHS proposes 35-unit apartment complex proposed
INHS plan would build 35 units on Spencer Rd. for low- and moderate-income renters

8:13 PM, Sep. 24, 2012

Written by
David Hill

Ithaca Neighborhood Housing Services and another not-for-profit organization are proposing a 35-unit apartment complex for low- and moderate-income renters at the intersection of Spencer and Stone Quarry roads.

INHS is partnering with Pathstone Development of Rochester on the proposal for a site at 400 Spencer Road. The plan is scheduled for a presentation today before the city of Ithaca Planning and Development Board.
Plans before the planning board call for 16 three-bedroom, two-story townhouses and a three-story multi-family building of 19 apartments, in a mix of one, two and three bedrooms each.
INHS and Pathstone are also taking their plans to the city Board of Zoning appeals seeking a variance from zoning-district restrictions limiting usage to one- and two-family homes, said INHS Executive Director Paul Mazzarella.
Projected rents would range from $388 a month for a one-bedroom unit to $1,144 for a three-bedroom unit, Mazzarella said.
Rental applicants would be subject to income-eligibility rules tied to the project’s financing. The project would be financed through a fedral low-income housing tax-credit program in which investors get tax credits for investing in low-income rental housing.
INHS, which manages 168 rental units in Ithaca, believes there is ample demand given the community’s rental-housing vacancy rate of less than 1 percent and high rents, Mazzarella said.
“We’re extremely expensive and extremely tight with a vacancy rate of less than one percent, which is very, very low and high rents compared to the rest of the region around us,” Mazzarella said. “So we think that there’s a real need for that in Ithaca and a strong demand.”
The property, which now includes Ithaca Dispatch, would remain on the local property-tax rolls, Mazzarella said. Ithaca Dispatch management could not be reached for comment Monday afternoon.
Pathstone has a purchase option on the property. Pathstone is a private not-for-profit organization that provides services for low-income famlies, farmworkers and depressed communities. It has partnered with INHS in Breckenridge Place, the 50-apartment project under way on the former Women’s Community Building site in downtown Ithaca.


Here's the link:

http://www.theithacajournal.com/arti...text|FRONTPAGE
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