Governor Eliot Spitzer today announced State investments for an affordable housing and commercial retail space in Rochester. Division of Housing and Community Renewal (DHCR) Commissioner Deborah VanAmerongen joined the Urban League of Rochester in breaking ground on the unique housing project that will convert a former parking lot, donated by the Eastman Kodak Company, into affordable housing and retail/commercial space.
Supported in large part by state funds, the project underscores the importance of fully enacting the Governor’s proposed $1 billion Upstate Revitalization Fund, which includes a significant affordable housing component in addition to several economic development initiatives.
“Projects such as The Mills at High Falls should be commonplace throughout Upstate New York,” said Governor Spitzer. “If we are going to revitalize and reinvigorate our Upstate communities, it is going to take a significant commitment and that is why it is so important that we enact the Upstate Revitalization Fund. It’s also why community, business, labor and advocacy groups throughout Upstate are joining us in calling for this historic investment.”
The Mills at High Falls project targets a unique niche audience interested in living in a historical Riverside neighborhood in downtown Rochester. The project features 67 units that will provide rental opportunities for a wide range of household incomes. Initial occupancy is anticipated for Spring 2009.
The $17.8 million dollar project includes more than $3.9 million in New York State Housing Finance Agency tax exempt bonds, a $2.6 million low interest second mortgage from the New York State Housing Finance Agency and $7.1 million in investor funds generated by both Federal and New York State tax credits.
Senator Joe Robach said: “I was very happy to advocate for the success of, and State participation in, this project which will create affordable housing in Rochester- it will strengthen our downtown community and provide quality housing opportunities for our residents. I applaud the collaborative effort between the Urban League, Eastman Kodak, Mayor Duffy, and the State for putting together another winning project for the Rochester area.”
Assemblymember David F. Gantt said: “This is an example of the kind of progress that can be made when the State, city, private and not-for-profit sectors come together in a shared effort to move our city forward. Expanding available housing options, as The Mills at High Falls will do, is critical to Rochester’s revival.”
Rochester Mayor Bob Duffy said: “The Mills at High Falls will spur economic development in our region. I want to thank the New York State Housing Finance Agency, New York State Division of Housing and Community Renewal, the Dean of our Assembly Delegation David Gantt, Senator Joe Robach, the Urban League of Rochester Economic Development Corporation and Eastman Kodak for their tremendous dedication and commitment to this project. This type of collaborative effort is the formula that will revitalize Rochester.”
William G. Clark, President and Chief Executive Officer of the Urban League of Rochester Economic Development Corporation said: “This development represents a new direction for ULREDC, in that it is mixed income rental housing with retail/commercial space.”
Priscilla Almodovar, President and Chief Executive Officer of the New York State Housing Finance Agency (HFA) said: “I am proud that we were able to work with the Urban League of Rochester Economic Development Corporation, the City of Rochester and the Eastman Kodak Company to help revitalize the High Falls section of Rochester. The City has taken major steps in recent years to revive this historic area and I am glad that HFA can play an important role in this economic restoration by financing affordable housing for Rochester residents.”
Deborah VanAmerongen, Commissioner of the Division of Housing and Community Renewal said: “One of our goals at DHCR is to work collaboratively with local governments, the private sector and other state agencies in order to get the greatest benefit out of limited resources. We at DHCR are very pleased to work together with the Urban League of Rochester Economic Development Corporation, the Eastman Kodak Company, the City of Rochester and the State Housing Finance Agency to make the Mills at High Falls a reality.”
John E. Richardson, Director of New York Public Affairs for Eastman Kodak Company, said: “We are proud and excited to support housing in High Falls. Soon, the High Falls neighborhood will be a wonderful place to work AND live.”
Governor Spitzer has proposed a variety of initiatives under the Upstate Revitalization Fund, including $350 million for “regional blueprints” to provide capital for creating development ready sites, industrial parks, establishing small business loan programs, and supporting cutting edge research and job creation. Other proposals which would be part of the Fund include:
- $115 million for an expanded “City by City” strategy to include new projects and smaller cities to tailor economic development investments to fit local needs and jumpstart local economies;
- $100 million for Upstate housing and community development;
- $50 million for agricultural programs which form the bedrock of so many local economies throughout Upstate;
- $80 million to restore New York’s state parks—a major asset when it comes to attracting business and creating livable communities;
- $130 million for a variety of transportation projects; and
- $175 million for initiatives including expanded access to Universal Broadband, venture capital investments, and job creation.
