New York’s governor Kathy Hochul has revealed that the Olbiston Apartments rehabilitation project has reached completion in Utica, Oneida County, US.
The 126-year-old building, which was shut down in 2021 due to safety concerns, has been transformed into 153 modern, safe, and affordable homes with an investment of $67m.
Liberty Affordable Housing developed Olbiston Apartments, which now features a variety of studio, one-, and two-bedroom apartments.
These homes are designed to be affordable for households earning up to 80% of the area median income.
The project modernised the building while preserving its historical character, including the original marble floors and wood trim, among other features.
It offers a range of amenities such as community space, green space, and a new roof deck.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe building’s redesign includes energy-efficient features such as a new roof membrane with increased insulation, cold-climate heat pumps with high energy-efficiency ratings for heating and cooling for all apartments, and more.
Hochul said: “The rehabilitation of Olbiston Apartments brings one of the region’s most magnificent and iconic buildings back to its former glory, transforming it into much-needed modern and affordable housing that will provide more than 150 homes in the bustling City of Utica.
“By breathing new life into this historic gem, we are retaining a critical supply of affordable housing, significantly reducing the building’s environmental footprint and complementing the growing vibrancy of Utica’s downtown.”
State financing for the project included $4.8m in permanent tax-exempt bonds, $22m in Low-Income Housing Tax Credits, and $16.3m in subsidies from New York State Homes and Community Renewal.
Additional financial support came from the New York State Office of Parks, Recreation and Historic Preservation, which facilitated the use of federal and state Historic Rehabilitation Tax Credits.
These credits are estimated to provide approximately $12.2m in equity.
The City of Utica also contributed $3m from the Utica Prosperity Initiative.
