Overlook at West Hill (Ithaca) Opens
September 8, 2006
ITHACA JOURNAL
SEPTEMBER 8, 2006
ENERGY-EFFICIENT HOUSING OPENS ON W. HILL
From Journal Staff Reports
The Overlook at West Hill, promoted as the first development in New York using a mix of energy-efficient designs in multifamily housing, was ceremonially opened Thursday by state and local elected officials and the companies involved in building it.
The Overlook, on Trumansburg Road in the Town of Ithaca, comprises 64 rental units and a 5,900-square-foot clubhouse in its first phase, with another 64 rental units planned along with 15 for-sale units. The state Energy Research and Development Authority is involved by providing up to $290,000 in incentives for energy-efficient features. They include high-efficiency furnaces and boilers, tankless water heaters, occupancy sensor and timing-controlled lighting, high-efficiency light fixtures, high-efficiency appliances and efficient windows.
Financing also involved allocation of 9 percent tax credits from the state Division of Housing and Community Renewal to Related Capital Co. for tax-credit equity of $6.72 million; a $1.98 million loan from the Federal Home Loan and Mortgage Corporation, better known as Freddie Mac; a $390,000 grant from the NeighborWorks America program; and a $1.98 million construction loan from Bank of America.
The architect was Holt Architects of Ithaca.
September 8, 2006
ITHACA JOURNAL
SEPTEMBER 8, 2006
ENERGY-EFFICIENT HOUSING OPENS ON W. HILL
From Journal Staff Reports
The Overlook at West Hill, promoted as the first development in New York using a mix of energy-efficient designs in multifamily housing, was ceremonially opened Thursday by state and local elected officials and the companies involved in building it.
The Overlook, on Trumansburg Road in the Town of Ithaca, comprises 64 rental units and a 5,900-square-foot clubhouse in its first phase, with another 64 rental units planned along with 15 for-sale units. The state Energy Research and Development Authority is involved by providing up to $290,000 in incentives for energy-efficient features. They include high-efficiency furnaces and boilers, tankless water heaters, occupancy sensor and timing-controlled lighting, high-efficiency light fixtures, high-efficiency appliances and efficient windows.
Financing also involved allocation of 9 percent tax credits from the state Division of Housing and Community Renewal to Related Capital Co. for tax-credit equity of $6.72 million; a $1.98 million loan from the Federal Home Loan and Mortgage Corporation, better known as Freddie Mac; a $390,000 grant from the NeighborWorks America program; and a $1.98 million construction loan from Bank of America.
The architect was Holt Architects of Ithaca.