The Vecino Group has completed Ithaca Arthaus, a 123-unit affordable housing community in Ithaca, N.Y. The $32 million development caters mainly to artists and at-risk youth.
The project received financing from various sources. State funds included $4.8 million in permanent tax-exempt bonds, federal LIHTC which generated $10.9 million in equity, as well as $14 million in subsidy from New York State Homes and Community Renewal.
Ithaca Arthaus is part of Governor Kathy Hochul’s strategy for more affordable housing; she recently secured a $25 billion, five-year housing plan that aims to create or preserve 100,000 affordable homes across New York. This month, Gov. Hochul announced the completion of another Upstate New York affordable community—the 157-unit Skyview Park Apartments in Irondequoit, N.Y.
An art-oriented affordable community
The property comprises studio, one- and two-bedroom apartments in a five-story building. All units cater to families and individuals earning between 50 and 80 percent of the area median income; in addition, 40 units are set aside for young individuals aging out of foster care programs. Amenities include a fitness room, community room and playground, as well as indoor bike storage.
The community’s ground floor has two spaces for residents to perform art- and theater-related activities, with assistance from Cherry Arts Inc. The Cherry gallery will house exhibitions and salon-style showings of music, multimedia and performance art, while The Cherry Studio will serve as a gathering and rehearsal space for workshops and group activities.
Located at 130 Cherry St., Ithaca Arthaus is less than 2 miles southwest of downtown Ithaca within the newly formed Cherry Street District. A Walmart Superstore is available 1 mile south of the property, while several other dining, retail and entertainment options are within a 1-mile radius. Buttermilk Falls State Park is some 2 miles southwest.