Governor Hochul Announces Start of Construction on $55 Million Mixed-Use Housing Development in Syracuse

Governor Kathy Hochul today announced the start of construction on a $55 million affordable and supportive housing development in Syracuse. The project will convert the historic four-building Moyer Factory complex into 128 apartments and ground floor commercial space, with 50 homes reserved for individuals and families in need of supportive services.

"As we strive to make New York more equitable and inclusive, it is critical that we provide all New Yorkers with access to affordable housing and the supportive services they need to thrive," Governor Hochul said. "Investing in the redevelopment of vacant and underutilized historic buildings across the state is essential to revitalization and growth in cities like Syracuse. We will continue to tackle the housing crisis by prioritizing projects like the Moyer Carriage Lofts that enhance the lives of residents and empower neighborhoods."

The Moyer Carriage Lofts project is part of Governor Hochul's statewide plan to make housing more affordable, equitable, and stable. In the recently enacted State Budget, the Governor successfully secured a new $25 billion, five-year, comprehensive housing plan that will increase housing supply by creating or preserving 100,000 affordable homes across New York, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.

The development involves the adaptive reuse of the historic Moyer Factory complex to create 128 apartments and 3,670 square feet of commercial space. Four interconnected buildings will undergo a gut rehabilitation, but exterior architectural details will remain intact. The project marks a historic transformation for the Moyer Factory complex, which was built in 1881 but has been vacant since 2005.

All apartments will be affordable to households earning at or below 60 percent of the Area Median Income. 50 apartments will be designated as supportive units, where residents will have access to on-site services funded through the Empire State Supportive Housing Initiative and administered by the New York State Office of Mental Health. Supportive services will include counseling and case management.

Residential amenities will include a landscaped private courtyard, laundry room, secure entrance community room, program offices, and off-street parking.

State financing includes $3.6 million in permanent tax-exempt bonds, Federal Low-Income Housing Tax Credits that will generate $18.2 million in equity and $10.7 million in subsidies from New York State Homes and Community Renewal. The New York State Office of Parks, Recreation and Historic Preservation has facilitated the use of Federal and State Historic Tax Credits that will generate nearly $12 million in equity. Additionally, the site participated in the Department of Environmental Conservation's successful Brownfield Cleanup Program and became eligible for $6.4 million in tax credits upon the project's completion. The New York State Office of Mental Health is administering more than $1.2 million in annual operating funding for the 50 supportive units. The City of Syracuse also contributed $500,000 in HOME funds.

The development team is a joint venture between Housing Visions and Redev CNY LLC.

Homes and Community Renewal Commissioner RuthAnne Visnauskas said,"The Moyer Carriage Lofts is an investment in the future of Syracuse's North Side and the individuals and families who call this neighborhood home. The $55 million, 128-apartment complex begins a terrific new chapter in the long story of this industrial campus. Thank you to Housing Visions and Redev CNY for helping us breathe new life into these historic buildings and bring much-needed affordable housing to this community."

Office of Mental Health Commissioner Dr. Ann Sullivan said, "A stable living environment is essential to the process of recovery. Studies have shown that instability in housing is one of the social, economic, and environmental factors that can shape someone's physical and mental health. The Moyer Carriage Lofts project is another example of Governor Hochul's commitment to supportive housing, and to building collaborations between government, nonprofits, and corporations to address the urgent need for housing and strengthen mental health resources in our communities."

Erik Kulleseid, Commissioner of the Office of Parks, Recreation and Historic Preservation, said, "The Moyer Carriage Lofts project is another great example how historic preservation is breathing new life into cities like Syracuse. The Historic Tax Credit program is attracting reinvestment in historic structures, which helps lift local economies, create quality affordable housing, promote sustainability and preserve the heritage of our cities and towns."

Senator Chuck Schumer said, “Every Syracuse resident deserves access to safe affordable housing, and I am proud that the Federal Low-Income Housing Tax Credit, that I fought hard to expand, and the Federal Historic Tax Credits has supplied the millions needed to convert these vacant and underutilized historic buildings into hundreds of new affordable homes. I applaud Governor Hochul on this essential affordable housing push, and will keep fighting to get every dollar of federal support needed to help lay the foundation for a brighter and more equitable future for all of Syracuse.”

State Senator John W. Mannion said, "The Moyer Carriage Lofts will provide the much-needed affordable, attainable, and accessible housing that has long been absent from Central New York and across the state. The need for innovative housing solutions has never been greater and the Moyer Carriage Lofts will be an expansive solution which will benefit many individuals and families."

Assemblymember William Magnarelli said, "Rehabilitating buildings in our community not only creates better housing options, but also increased the value of our neighborhoods. Housing Visions working with local community organizations is reflective of Central New York's commitment to revitalization. This approach benefits the surrounding neighborhood and those in need of specialized housing accommodations."

Onondaga County Executive Ryan McMahon said, "Creating affordable housing that also provides wraparound services is a critical need in our community and this project takes a huge step in fulfilling that need. Thank you to all of the partners who made this project a reality."

Mayor Ben Walsh said, "This project resurrects an iconic north side building for the benefit of the neighborhood and our entire community. Most important, it helps close the critical gap in safe affordable housing that exists in the City of Syracuse. I believe this project will also spur greater interest and investment in this important corridor, which is situated between Destiny USA, the Regional Market, Washington Square and North Salina Street. I thank Governor Hochul, Housing Visions and Redev CNY for investing in this area and appreciate the tremendous support and cooperation between our state partners in housing, environment, historic preservation and mental health."

Housing Visions Unlimited, Inc. President and CEO Ben Lockwood said,"Housing Visions is excited to partner with our local team to undertake this high impact development at Moyer Carriage Lofts. The project preserves an important piece of Syracuse history, provide high quality development on the Northside, and will house residents in come of the best apartments Syracuse has to offer."

Redev CNY, LLC Managing Member Ryan Benz said, "We believe this project will be a catalyst for positive change across the community, while providing safe, affordable housing to those that most need it. The CNY of tomorrow needs to be inclusive and affordable; and Moyer Carriage Lofts will be one of many examples of equitable opportunities for all."

Accelerating CNY Rising

Today's announcement complements "CNY Rising," the region's comprehensive blueprint to generate robust economic growth and community development. The regionally designed plan focuses on capitalizing on global market opportunities, strengthening entrepreneurship and creating an inclusive economy. Now, the region is accelerating CNY Rising with a $500 million State investment through the Upstate Revitalization Initiative. The State's $500 million investment will incentivize private business to invest well over $2.5 billion - and the region's plan, as submitted, projects up to 5,900 new jobs. More information is available here.