News & Events> Neighborhood Revitalization Values Affordable Rental Housing
A predevelopment loan from Leviticus is setting the foundation for a comprehensive, $15.3 million neighborhood revitalization effort in upstate Otsego County, New York.
Housing Visions Consultants, Inc. (HVC) is the nonprofit developer for Oneonta Heights, which will create 20 units of affordable rental housing for families and 40 affordable units for seniors among 14 scattered sites. Leviticus’ $516,077 loan is financing the predevelopment costs for the project, which will eliminate blight, rehabilitate a vacant building and transform underutilized vacant lots.
The properties that comprise Oneonta Heights are just north of the downtown core of Oneonta. The area is dominated by the State University of New York at Oneonta to the north and Hartwick College to the west. The rental market in the largely residential area has been impacted by the influx of students, causing rents to rise and landlords to steer away from offering affordable units to local residents.
HVC is collaborating in the project with the City of Oneonta, which has committed funding in recognition of the revitalization potential of Oneonta Heights to change the landscape of the community and stimulate new economic investments in the city’s core.
“As a regional lender, Leviticus is proud to direct its financing to such an innovative project in the City of Oneonta,” said Greg Maher, Leviticus’ Executive Director. “This development will revitalize an important part of the city’s core and will provide the residents with viable bus transportation options and accessibility for shopping, healthcare and jobs.”
Oneonta Heights is being designed as an intergenerational project. The 20 units of affordable rental housing for families will be developed within six buildings with off-street parking and green space. The 40 units for seniors aged 62 and older will be contained in one, newly constructed building. The senior building will include a comprehensive service plan for a minimum of nine units for the frail-elderly with the Otsego County Office of Aging, a well-respected service provider in the area.
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