Betts of CPC provides $6.7 million loan to rehabilitate 88 apartment units

The Community Preservation Corporation has closed on a $6.7 million loan to significantly rehabilitate 88 affordable apartment units in two, 5-story buildings in Utica. The financing includes a $1.3 million award from the Federal Home Loan Bank and low-income housing tax credits from the New York State Homes and Community Renewal. Located at 700 Cornelia St., the Kennedy Plaza Apartments are home to families who earn 60% or less of the area median income. The scope of the renovation will include new kitchens and bathrooms, energy-efficient appliances, lighting and fixtures, all new mechanicals and replacement of all windows and patio doors. In addition, the elevators will be replaced, new roofs installed and parking areas will be resurfaced. All 88 units are 650 s/f. Five are one-bedroom apartments, fully handicapped-accessible, and 83 are two-bedroom. In addition to the two low-rise buildings, Kennedy Plaza Apartments consists of a 17-story building with 205 apartment units which is also undergoing renovation. The entire complex was developed in 1971 by New York State's Urban Development Corp's Mitchell-Lama program. The developer is Liberty Affordable Housing Inc and the project manager is CRM Rental Management, Inc. Christopher Betts, senior vice president and director of CPC's Eastern Regional Office in Albany which handled the loan said, "CPC is pleased to provide financing for the much needed major improvements for one of Utica's largest multifamily, affordable housing properties. We are pleased to partner with CRM and Liberty Affordable Housing on this much needed effort."