Mayor John Heindorf and Deputy Mayor Diane Browning announced Sunday that the New York State Division of Housing and Community Renewal has awarded the Toll Road Senior Apartment project $972,308 in federal tax credits. As a result, this $11,241,490 project will now move forward.
These credits will be sold to an investment partner, raising $7,388,800 in equity for the financing of this project. These funds, combined with an additional $2.6 million from the state of New York, a grant from Onondaga County, a grant from the New York State Energy Research Division and a loan from the Community Preservation Corporation, will enable the developer to begin site work on the 60-unit senior apartment project, including a community center and other amenities, during this construction season.
Co-developers for this project are Two Plus Four Management Company of East Syracuse and the Bragman Companies of Cicero. Sue Kimmel, president of Two Plus Four Development, said that the site work should begin this summer with structural construction starting in April 2010. The apartments will be ready for occupancy in the fall of 2011. Applications for the apartments will be available in June 2010. Anyone who would like to be placed on an interested applicant list may do so by calling Two Plus Four Management at 437-2178.
Kimmel said that, in addition to walking trails, the site will include green space, and the developer will provide independent living in a community atmosphere.
"Many seniors do not want to give up their independence," she said. "This project gives them their own apartment, but allows them to stay connected with other seniors."
Kimmel also said the project will include two 30-unit buildings, each with an elevator, laundry facilities on each floor and a site manager in each building. The development will include nine handicapped-accessible units and four for the visually and hearing impaired. Because the project will receive funding from the Department of Urban Development, there are income requirements -- $25,620 for a single person household and $29,280 for a two-person household.