Governor Hochul and NYSHCR Announce Completion of 46-Unit ...

Governor Kathy Hochul and New York State Homes and Community Renewal today announced the completion of State Street Apartments, a $16 million adaptive reuse of a vacant warehouse in the city of Olean that creates 46 affordable apartments, including 14 with on-site supportive services for vulnerable New Yorkers. Developed by CDS Monarch, Inc., all units at State Street Apartments are set aside for households earning up to 50 percent of the Area Median Income. In the past five years, HCR has created or preserved over 100 affordable homes in Cattaraugus County. State Street Apartments continues this effort and complements Governor Hochul's $25 billion five-year Housing Plan which is on track to create or preserve 100,000 affordable homes statewide.

"The affordability crisis impacting New Yorkers is driven by an insufficient supply of affordable homes across the State," Governor Hochul said. "Through the adaptive reuse of this unused warehouse, we are furthering the city's revitalization efforts and bringing 46 much-needed affordable apartments to Olean."

HCR Commissioner RuthAnne Visnauskas said, "State Street Apartments builds on our commitment to create new affordable housing opportunities in every region of New York. By replacing an unused warehouse with this modern, sustainable, 46-unit apartment building, we are offering residents the benefits of living in a downtown setting and providing them homes with incredible amenities including free high-speed internet and a waterfront courtyard. We thank Governor Hochul for her continued investments to make our state more affordable and to our partners for their work making State Street Apartments a reality for individuals and families in Olean."

The two-story building was originally constructed as a warehouse and was gut rehabilitated during construction. Residential amenities at State Street Apartments include a community room with kitchen, computer lab, fitness center, laundry rooms on each floor, a playground, an interior courtyard overlooking Olean Creek and the Allegheny River, and free high-speed Wi-Fi in each unit.

The supportive apartments benefit from an Empire State Supportive Housing Initiative award which is administered by the New York State Office of Temporary Disability Assistance, with support services provided by Cattaraugus Community Action, Inc.

The all-electric, highly energy efficient development has been certified under the NYSERDA New Construction - Housing Program and LEED Version 4 criteria. Efficiency measures include Energy Star appliances, new energy efficient doors and windows that improve the building's envelope and air tightness enhancing thermal comfort and resilience for residents, along with continuous energy recovery ventilators improving indoor air quality and four electric vehicle charging plugs.

State financing includes Federal Low Income Housing Tax Credits that will generate $9.2 million in equity and $2.9 million in subsidy from HCR. The New York State Office of Temporary Disability Assistance provided $3.5 million in support from the Homeless Housing and Assistance Program. The New York State Energy Research and Development Authority provided $46,000 through their New Construction - Housing Program.

Doreen M. Harris, President and CEO, NYSERDA said, "Today we celebrate the completed transformation of an unused, vacant warehouse into a highly energy-efficient affordable housing development in Olean. The new State Street Apartments provide residents of Cattaraugus County with another healthy and comfortable living option that incorporates innovative building solutions while contributing to a cleaner, more sustainable community."

New York State Office of Temporary and Disability Assistance Commissioner Barbara C. Guinn said, "Through the successful rehabilitation of a vacant former warehouse, the State Street Apartments project has created much-needed affordable, energy-efficient homes for Cattaraugus County residents, including formerly homeless families who will have direct access to support services that will help them live stable, independent lives in the community. We are grateful to CDS Monarch and all our partners on this project and to Governor Hochul for prioritizing the creation of affordable and supportive housing in communities throughout New York State."

Senator Charles Schumer said, "Every Olean family deserves a safe and affordable place to call home. I'm thrilled that the federal Low-Income Housing Tax Credit I fought hard to create and preserve has helped transform a vacant warehouse into dozens of affordable apartments on State Street. High housing costs are a key driver of inflation so we must build more affordable housing to bring down those high prices. Governor Hochul has done great work to create affordable homes across the state, and together we will keep working to lower costs and revitalize our neighborhoods."

Mayor William Aiello said, "CDS Housing took on the challenge of converting the former Market Basket warehouse into 46 affordable apartments and I offer my congratulations on the completion of the East State Street Apartments. The City of Olean Departments of Community Development and Code Enforcement as well as the Planning Board worked with CDS as the organization sought funding and environmental approvals; I appreciate their perseverance and dedication to this venture. Finally I would like to acknowledge all federal and state agencies involved in this process, with special thanks to Connecting Communities in Action who will provide support services to residents."

Andrew Sewnauth, Chief Executive Officer, CDS Monarch, said, "CDS Monarch and CDS Housing are thrilled to provide high quality and supportive accessible housing here in Olean. We thank the state and local government officials who partnered with us on State Street Apartments because, not only were we able to meet the region's need for new, affordable, accessible housing, we are empowering individuals and families to succeed and live quality lives, thriving in the community they love."

Governor Hochul's Housing Agenda

Governor Hochul is committed to addressing New York's housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York's housing supply through new tax incentives for Upstate communities, new incentives and relief from certain state-imposed restrictions to create more housing in New York City, a $500 million capital fund to build up to 15,000 new homes on state-owned property, an additional $600 million in funding to support a variety of housing developments statewide and new protections for renters and homeowners. In addition, as part of the FY23 Enacted Budget, the Governor announced a five-year, $25 billion Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. More than 50,000 homes have been created or preserved to date. 

The FY25 Enacted Budget also strengthened the Pro-Housing Community Program which the Governor launched in 2023. Pro Housing Certification is now a requirement for localities to access up to $650 million in discretionary funding. Currently, more than 250 communities have been certified, including the city of Olean.