A $26 million affordable and supportive housing development in the city of Oswego, N.Y., is completed.
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Lock 7 Apartments features 80 affordable apartments, including 40 units reserved for individuals and families experiencing homelessness. The building is the third state-funded affordable housing development in Oswego to open this year.
The completion of Lock 7 Apartments complements Governor Hochul's plan to make housing across New York State more affordable, equitable, and stable. In the FY 2023 State Budget, the Governor introduced and successfully secured a new $25 billion, five-year, comprehensive housing plan that will increase housing supply by creating or preserving 100,000 affordable homes across New York including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.
Lock 7 Apartments, named for a neighboring portion of the Oswego Canal, was constructed on the former site of the Breneman Co. building, a fabric and window shade factory which closed in 1981 and was later demolished. The property had remained vacant for over two decades.
The newly constructed four-story building includes a mix of studio, one-, and two-bedroom apartments. All apartments are affordable to households earning at or below 60 percent of the Area Median Income.
Forty of the apartments are dedicated to households experiencing homelessness, including seniors and individuals living with mental illness. Rental subsidies and on-site services for these residents are funded through the Empire State Supportive Housing Initiative and administered by the New York State Office of Mental Health.
The building was designed to meet the standards of the New York State Energy Research and Development Authority's Low-rise New Construction - Housing program.
Sustainable features include Energy Star or equivalent heating and cooling equipment, appliances, and light fixtures; water-conserving plumbing fixtures; and low- or no-VOC paints, primers, adhesives, and sealants.
Residential amenities include Wi-Fi access throughout the building, laundry facilities, off-street parking, a community room, lounges, and a computer lab.
The development is in a residential area near many local amenities such as grocery shopping, schools, places of worship, medical care, banks, libraries, government agencies and stores.
DePaul is the developer and supportive service provider.
Financing for Lock 7 Apartments included Federal Low-Income Housing Tax Credits that generated $12.1 million in equity and $9.1 million in subsidy from New York State Homes and Community Renewal.
The New York State Office of Temporary and Disability Assistance provided $3.6 million through the Homeless Housing and Assistance Program. NYSERDA provided $68,000 in support and OMH provided a $195,000 Project Development Grant.
The Community Preservation Corporation is providing $13.7 million in construction financing with its lending partner JPMorgan Chase. The Federal Home Loan Bank is also providing $800,000. ■