Reynolds Way Apartments, Bryant School receive over $4M in funding

Local News

(WETM) – Two apartment projects in the Southern Tier are receiving more than $4 million each from New York State Homes and Community Renewal’s Multifamily Finance RFP.

The funding is part of a $145 million package awarded to create or preserve 1,178 affordable homes in 21 separate developments across New York.

The Reynolds Way Apartment project, first reported by 18 News earlier this year, would create 42 new apartments in four historic properties in downtown Elmira. The project is being developed by Arbor Housing and Development.

The project is focused on low and moderate-income residents at 310 Academy Place, 319 William Street, 406 E. Church Street, and 416 E. Church Street with 15 on-site parking spaces.

The Academy Place structure would include 14 units; three studio units, 10 one-bedroom units, and one two-bedroom unit. Nine parking spaces were proposed for the property.

The 319 William Street unit would have four one-bedroom apartment units and six proposed parking spaces. The 406 E. Church Street building would have 11 units, all but one being one-bedroom units with zero proposed parking spaces. The 416 E. Church Street building would also have zero parking spots for 13 units: two studio apartments, nine one-bedroom units, and two two-bedroom units.

Also receiving $4.6 million is the Bryant School in the City of Hornell to reuse and expansion of the former Bryant Elementary School into 39 affordable apartments. The developers are Park Grove Realty and Providence Housing.

“This $145 million investment renews our commitment to creating and preserving the safe, healthy and affordable homes that New Yorkers deserve,” Governor Kathy Hochul said. “Our best strategy for recovery from the pandemic is ensuring that everyone has a solid roof over their head and access to the services they need to remain securely housed. With the inclusion of additional resources for clean energy development and requiring free broadband access, we are building back better than before by creating housing that promises a stronger, greener and more equitable New York today and for the future.”

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