Gov. Hochul: $67 Mil Pumped into This Broken Down Utica Apt. Building
Governor Kathy Hochul announced on Wednesday the start of a $67 million rehabilitation project at Utica's historic Olbiston Apartment building.
"The restoration of Olbiston Apartments is an example of the difference we can make in the lives of New Yorkers when we work together to replace dilapidated structures with safe and affordable homes," Governor Hochul said. "Renovations to the Olbiston Apartments will rescue a historic gem and retain a critical supply of affordable housing, while also helping us achieve our goals for green, sustainable buildings and more vibrant downtowns."
The Romanesque Revival style building originally first opened in 1898. It was the largest apartment building in Upstate New York at the time, and was later subdivided multiple times during the 20th century. The building had begun to deteriorate in the 1970s and was left to further decay. Last year, residents were evacuated after an inspection revealed unsafe conditions in the building including water damage on the upper floors due to a damaged roof, broken windows, Governor Kathy Hochul announced on Wednesday the start of a $67 million rehabilitation project at Utica's historic Olbiston Apartment building. systems not working properly, and other codes violations.
"At a time when housing costs are high, it is encouraging to see the creation of 153 affordable apartments in downtown Utica," said Assemblywoman Marianne Buttenschon. "The rehabilitation of the historic Olbiston Apartments is a project about which people in the Mohawk Valley should feel proud. I am glad to see as many architectural elements as possible will remain in place on this historical building. Increasing Utica's stock of affordable housing is incredibly important as families are being burdened with rising inflation that's putting major stress on our wallets," she said.
Financing for Olbiston Apartments includes $4.8 million in permanent tax-exempt bonds, State and Federal Low-Income Housing Tax Credits that will generate $22 million in equity, and $16.3 million in subsidy from New York State Homes and Community Renewal. The New York State Office of Parks, Recreation and Historic Preservation approved State and Federal Historic Tax Credits that will generate $13.4 million in equity. The City of Utica provided $3 million from the Utica Prosperity Initiative. Additional financing is being provided by a deferred developer fee.