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Mayor Driscoll, Related Companies and building residents celebrate the grand re-opening of Mccarthy Manor Apartments

Syracuse Mayor Matthew J. Driscoll and Related Affordable, a division of Related Companies, today joined with residents to celebrate the grand re-opening of McCarthy Manor Apartments, a 176-unit affordable senior housing development in Syracuse, New York. Over $2 million of improvements were made on the property and Related has committed to ensuring the residences remain affordable for an additional 40 years. Related Affordable also announced that plans to acquire Parkside Commons, a 300 unit development at 1935-2001 East Fayette Street. Related intends to renovate the property beginning early next year and preserve its affordability for an additional 40 years.

Syracuse Mayor Matthew J. Driscoll said, "I am pleased Related Companies has undertaken the rehabilitation of this complex so there will continue to be good, affordable housing for our senior citizens at this location for many years to come. This housing is an important part of the City's affordable housing inventory. Our senior citizens have made many contributions to our community, and it is critical that the City work with private developers to assure they have decent, affordable housing."

Related Affordable President Mark E. Carbone said, "Related Companies was pleased to partner with the New York State Housing Finance Agency and the City of Syracuse to upgrade and ensure the long-term preservation of affordability of McCarthy Manor Apartments. Affordable housing is not just a need, but it stabilizes and energizes our neighborhoods. Our communities' vitality depends on the ability of people at every income level to have a place to call home, and a place that they want to call home. The comprehensive rehabilitation and preservation of affordability at McCarthy Manor Apartments is indicative of Related's long standing commitment to quality affordable housing. Since 1972, Related has developed, acquired or financed over 300,000 units of affordable housing."

Robert Roane, President of the McCarthy Manor Tenants Association said, "The renovation including the new windows and the new heaters and thermostat helps keep my electric bill reasonable. With that and keeping the rents low longer, I will be able to live in a nice apartment in a well-run, safe and affordable building at my income level.

Priscilla Almodovar, President and Chief Executive Officer of the New York State Housing Finance Agency said, "I'm proud that HFA was able to work with Related Companies and the City of Syracuse to finance major renovations at McCarthy Manor Apartments and ensure its affordability for the next 40 years. Preserving affordability is particularly important at McCarthy Manor, whose tenants are senior citizens and most vulnerable because they live on fixed incomes. We are dedicated to using our resources to upgrade the aging housing stock in cities like Syracuse so we can preserve affordable housing for generations to come."

Kathleen Franco, Director of Property Management for MB Management said, "We are delighted to have been engaged by Related Companies to continue our long term and valued relationship with McCarthy Manor by providing management services that will be directed toward fulfilling one of Related's primary objectives; meeting the needs of lower income households. By doing so, this will ensure that these households are provided with affordable housing opportunities that will enable them to enjoy this attractive and inviting residential community; one that has become, and will continue to be, an integral part of the City of Syracuse."

McCarthy Manor Apartments was originally constructed in 1979. It is located at 501 South Crouse Avenue in the City of Syracuse. The improvements to the eight-story building included significant upgrades to kitchens; bathrooms; lighting and heating improvements; a full elevator upgrade and modernization; window and roof replacement; and upgrade to common areas including the community room. McCarthy Manor Apartments received bond financing and tax credits from the New York State Housing Finance Agency (HFA).

The City of Syracuse secured real estate tax abatements and the Department of Housing and Urban Development ensured that the Section 8 contract remained in place. As a result, $2 million in critical rehabilitations and upgrades were completed along with a commitment to 40 more years of affordability. Nearly all of the apartments in McCarthy Manor Apartments are set aside for seniors and tenants whose incomes are at or below 60% of the Area Median Income for the Syracuse Area, which is $61,000.

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