News: Brokerage

Construction begins on 110-unit Apple Blossom Apartments; DePaul Properties is developer for $37 million project

Cheektowaga, NY According to governor Andrew Cuomo, construction has begun on a $37 million affordable and supportive housing development. Upon completion, Apple Blossom Apartments will have 110 affordable apartments, with 48 reserved for individuals with mental illness who will have access to supportive services onsite.

“Affordable and supportive housing is critical to revitalizing communities and providing vulnerable New Yorkers with a secure place to call home,” Cuomo said. “As we break ground on this much-needed development in the town of Cheektowaga, we are demonstrating once again New York’s unwavering commitment to providing greater access to housing and reducing homelessness in communities across the state.”

Apple Blossom Apartments will feature three buildings named after apples grown in the state—Honeycrisp, Empire, and Cortland. Two of the buildings are currently under construction and a third existing building is being renovated and expanded to include additional apartments. The apartments will be affordable to households with incomes at or below 60% of the Area Median Income.

Apple Blossom is part of the governor’s $20 billion, five-year housing plan to make housing accessible and combat homelessness by building or preserving more than 100,000 affordable homes and 6,000 with supportive services. The plan is a comprehensive approach to statewide housing issues and includes multifamily and single-family housing and community development. Since 2011, HCR has invested more than $274 million in the Western New York region that has created or preserved affordable housing for nearly 9,250 residents.

Supportive housing gives individuals with mental illness an affordable housing option with on-site services that help them maintain independence, master life skills, and succeed in recovery. Research shows that supportive housing improves health outcomes for people with mental illness through housing stability and appropriate supports. Supportive housing can help prevent homelessness, while also reducing the use of costly, publicly-funded services, emergency room visits and inpatient hospital stays.

Each building will have an elevator, community room with kitchen, lounges with computer access, laundry rooms on each floor, and storage areas within each apartment. Additional amenities include onsite parking and meeting space for tenant support services such as medical and mental health case management, and the ability to connect with other community based social services and programs.

HCR financing for Apple Blossom Apartments includes $19.2 million in tax-exempt bonds, federal Low-Income Housing Tax Credits that will generate $9.7 million in equity, and nearly $12.8 million in Supportive Housing Opportunity Program subsidy. Additional financing includes $13 million of Capital funds from the NYS Office of Mental Health as well as a $120,000 Project Development Grant. The NYS Energy Research and Development Authority (NYSERDA) supplied $86,000. 

DePaul Properties is the developer and supportive service provider.

Alicia Barton, president and CEO, NYSERDA, said, “New York continues to lead by example in providing safe, affordable, comfortable housing that reduces energy use and costs for our most vulnerable residents under governor Cuomo’s leadership.”

 This forward-thinking approach to affordable housing offers a holistic tenant experience and services that can be applied in communities across the state.”

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