Art-Oriented Affordable Housing Opening in Upstate New York
The Vecino group has completed Ithaca Arthaus, a 123-unit affordable housing community in Ithaca, NY. The $32 million development is aimed primarily at artists and at-risk youth.
The project has received funding from various sources. The state funds included $4.8 million in permanent tax-exempt bonds, the federal LIHTC which generated $10.9 million in equity, as well as $14 million in grant funding. New York State Homes and Community Renewal.
Ithaca Arthaus is part of Governor Kathy Hochul’s strategy for more affordable housing; it recently won a five-year, $25 billion housing plan that aims to create or preserve 100,000 affordable homes in New York City. This month, Governor Hochul announced the completion of another affordable Upstate New York community, the 157 Skyview Park apartments in Irondequoit, NY.
An affordable art-driven community
The property includes studio, one and two-bedroom apartments in a five-story building. All units cater to families and individuals earning between 50 and 80 percent of the region’s median income; in addition, 40 units are reserved for young people leaving reception programs. The property includes a fitness room, community room and playground, as well as indoor bicycle storage.
The ground floor of the community has two spaces for residents to engage in art and theater-related activities, with assistance from Cherry Arts Inc. The Cherry Gallery will host salon-style exhibitions and screenings of music, multimedia and performance art, while The Cherry Studio serves as a gathering and rehearsal space for workshops and group activities.
Located at 130 Cherry St., Ithaca Arthaus is less than 2 miles southwest of downtown Ithaca in the new Cherry Street neighborhood. A Walmart supermarket is available one mile south of the property, while several other dining, retail, and entertainment options are within a one mile radius. Buttermilk Falls State Park is about 2 miles southwest.