Governor Kathy Hochul on June 18th, announced the completion of LaFayette Apartments, an affordable housing development that transformed the vacant Main Street School in the village of Waterloo into 35 new apartments for residents 62 and older.

“My administration is continuing to use every tool at our disposal to increase our housing supply, revitalize communities, and make New York a more affordable place,” Governor Hochul said. “LaFayette Apartments is a creative and innovative example of how we can reimagine architectural gems like the Main Street School while making housing more plentiful and more affordable, and I am committed to bringing even more transformative projects like this one to fruition.”

In the last five years, New York State Homes and Community Renewal (HCR) has created or preserved more than 9,000 affordable homes in the Finger Lakes region. LaFayette Apartments continues this effort and is part of Governor Hochul's $25 billion comprehensive Housing Plan that will create or preserve 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.

LaFayette Apartments will be available to individuals earning up to 60 percent of the Area Median Income. The development is specifically designed to provide residents with a greater degree of independence by offering laundry facilities on each floor, community kitchen, access to WIFI internet services, and on-site support services. Additionally, several units will feature accessibility features to assist residents with mobility, vision, and hearing impairments.

The Main Street School was originally built in 1928 and had been vacant for ten years. As part of the project, the school auditorium was turned into a public event venue that is being used by a local acting group, helping to revitalize Waterloo’s Main Street downtown area, connect residents to their community and encourage economic growth.

LaFayette Apartments is supported by HCR’s Low Income Housing Tax Credit program that generated equity of approximately $5.4 million, as well as $5 million from HCR’s NYS Senior Housing Program and $450,000 from its Rural and Urban Community Investment Fund. The New York State Office of Parks, Recreation and Historic Preservation facilitated the use of State and Federal Historic Rehabilitation Tax Credits that are estimated to provide nearly $4.4 million in equity and NYSERDA’s New Construction – Housing Program provided $35,000 in project incentives.

HCR Commissioner RuthAnne Visnauskas said, “By transforming this historic but vacant school building, we are helping revamp Waterloo’s Main Street corridor while also providing 35 senior households the opportunity to live independently in a safe, modern home in their own community. Thanks to Governor Hochul and our local partners, we are working tirelessly to make New York State a more affordable place to live for residents in all walks of life.”

New York State Parks, Recreation and Historic Preservation Commissioner Pro Tempore Randy Simons said, “We are proud to partner on projects to advance the Governor’s affordable housing initiative through programs like the Historic Rehabilitation Tax Credit Program. New York communities are rich with historic properties, some of which have been vacant or underutilized for too long. Adaptive reuse is a creative way to reinvest in a community and we are seeing a growing number of success stories with projects like these throughout the state. Bringing historic properties back online to serve today’s needs helps us serve New Yorkers now and into the future.”

NYSERDA President and CEO Doreen M. Harris said, “It is always rewarding to see the completion of affordable and energy efficient residential projects like Lafayette Apartments, which are paramount to achieving Governor Hochul’s goal of providing all New Yorkers with access to climate-friendly housing. NYSERDA congratulates the project team on this milestone and their vision for offering comprehensive amenities that will deliver significant health and environmental benefits for their residents and the Waterloo community at large.”

Senate Majority Leader Chuck Schumer said, “Every Seneca County family deserves access to safe, affordable housing. I am proud that the federal Low-Income Housing Tax Credit I have worked long and hard to protect has supplied the millions needed to transform this once vacant school into affordable housing for our seniors. High housing costs are a key driver of inflation so we must build more housing to bring down those high prices. I applaud Governor Hochul's commitment to increasing access to affordable housing in Waterloo and across New York, and I will never stop fighting to ensure that every single New Yorker has a roof over their head.”

Assemblymember Jeff Gallahan said, “The completed LaFayette Senior Apartments is a welcome investment into Waterloo. Giving new life to the historic Waterloo Main Street School this project is just the beginning of Waterloo’s Downtown resurgence. Thank you to Homes and Community Renewal for their support of this project and our region.”

Village of Waterloo Mayor Walter Bennett said, “I thank New York State for working to provide affordable comfortable housing to those wishing to live inexpensively in our quaint little corner of the world. I also expect that the new residences will be a boon to our downtown businesses as the building's central location makes it great for foot traffic to our business district.”

Seneca County Board of Supervisors Chairman Michael Enslow said, “It’s great to see the former Main Street School transform into the new Lafayette Apartments for seniors in downtown Waterloo. I applaud Homes and Community Renewal’s continued attention to housing in Seneca County by funding this project for seniors in the heart of our County’s Seat, the Village of Waterloo. I’m looking forward to continuing to work with Homes and Community Renewal on projects throughout the County that improve the quality of life for our residents.”

Accelerating Finger Lakes Forward

Today’s announcement complements “Finger Lakes Forward,” the region’s comprehensive strategy to generate robust economic growth and community development. The regionally designed plan focuses on investing in key industries including photonics, agriculture‎ and food production, and advanced manufacturing. More information is available here.