The New York State Division of Housing and Community Renewal Awards Syracuse $11 Million LIHTC Project

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William J. Simmons, Esq., Executive Director of the Syracuse Housing Authority (“SHA”), is pleased to announce that the innovative Homes of Syracuse residential development project has been awarded an allocation of federal Low Income Housing Tax Credits (“LIHTC”) and Housing Trust Funds by the New York State Division of Housing and Community Renewal (“NYS DHCR”).

The Housing Authority looks forward to continuing to partner with the City of Syracuse and Onondaga County to improve the quality of life for its residents.

William J. Simmons, Esq., Executive Director of the Syracuse Housing Authority (“SHA”), is pleased to announce that the innovative Homes of Syracuse residential development project has been awarded an allocation of federal Low Income Housing Tax Credits (“LIHTC”) and Housing Trust Funds by the New York State Division of Housing and Community Renewal (“NYS DHCR”).

Homes of Syracuse is a strategic public-private partnership between its co-developers, the Syracuse Housing Authority and The NRP Group, LLC, and the City of Syracuse. It is the first phase of a multi-phase housing redevelopment initiative targeted to complement City infrastructure and commercial redevelopment efforts. The development also furthers the efforts and vision of SHA and the City of Syracuse’s 2010 Citywide Plan by adding to the significant public and private investment in and around the Southside neighborhood. Phase I is a 50-unit scattered site project concentrated in three distinct nodes on the City’s Southside comprised of 3- and 4-bedroom single-family homes serving families with incomes below 60% of the area median income. Simmons stated, “The Housing Authority looks forward to continuing to partner with the City of Syracuse and Onondaga County to improve the quality of life for its residents.”

The homes will be constructed using green building design elements and energy efficient products. Materials and products will include the use of Green Label flooring, low VOC paint and adhesives, low-flow toilets, and Energy Star rated appliances. The homes will provide 6 fully accessible and fully adapted units for persons who have mobility impairments, and 2 fully accessible and adapted units for persons who have a hearing or vision impairment.

The Homes of Syracuse is structured as a lease-purchase development. As such, residents will have the opportunity to purchase their homes at the end of the tax credit holding period with a significant amount of equity already built into the home. The development promotes long-term home ownership, stability, and reinvestment in the Southside neighborhood while fostering investment during very challenging economic times. P. Christopher Dirr, Vice President of Development for The NRP Group said, “We are thrilled to play a role in this comprehensive neighborhood redevelopment.” Paul Driscoll, Commissioner of the Department of Neighborhood and Business Development for the City of Syracuse commented, “The City of Syracuse is fortunate to have the Syracuse Housing Authority, one of the country’s largest housing authorities, as a partner in its revitalization efforts. We are pleased that the Housing Authority was able to attract The NRP Group to Onondaga County as a partner in this multi-phased initiative, and that NRP recognizes the many attributes of the City that make it the special place that so many of us are proud to call home.”

The Syracuse Housing Authority
As one of the larger Housing Authorities in the country, the Syracuse Housing Authority (SHA) has always been an innovator in low-income and affordable housing. The owner and manager of 2300+ public housing units, SHA has also expanded its portfolio by managing other tax credit and affordable housing developments. Last year, SHA built and sold its first single family home through it Section 32 Homeownership program, and through its Housing Choice Voucher Homeownership program SHA has assisted over 30 families in the purchase of a house.

This project, and others like it, will enable the Housing Authority to continue its mission to provide safe, affordable housing while assisting members of its communities in educational pursuits, job training, and economic self-sufficiency.

The NRP Group LLC: Developer, Builder and Management Company
NRP continues to find success in creating strong, value added relationships with the very best development and housing organizations across the country. These strategic partnerships have and will continue to produce truly unique developments that serve as catalysts for continued community redevelopment and raise the standard of affordable housing across Upstate New York. Most importantly, the residents of these communities will enjoy new, sustainable neighborhoods that are built to green standards, promote healthy living, and are a place that they can be proud to call home.

The NRP Group is a full-service developer, general contractor, and property manager providing a broad range of services. From start to finish, every project The NRP Group takes on is carefully contemplated and executed to maximize investment return, cost efficiency, productivity and satisfaction. NRP is currently the 9th largest apartment builder in the nation ranked by Multifamily Executive, has been recognized as NAHB’s 2009 Multifamily Development Firm of the Year, and has been ranked number one in the Top 50 Affordable Housing Developers for 2007, 2008 and 2009 by Affordable Housing Finance.

Since its founding in September 1995 by Alan F. Scott, T. Richard Bailey and J. David Heller, the company has experienced continual growth in the fields of single-family, multi-family and senior housing, as well as commercial and retail properties. In all, more than 13,500 multi-family and single-family housing units have been built with another 2,275+ planned in 2010.

For more information regarding The NRP Group, call (216) 475-8900 or visit http://www.nrpgroup.com.

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Diane Christy
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