State Street Apartments in Olean Will Convert Vacant Warehouse into 46 Affordable and Energy Efficient Homes for Families, Including 14 with Supportive Services

Governor Kathy Hochul today announced that construction has begun on a $16 million affordable housing development in the city of Olean in Cattaraugus County. State Street Apartments includes the conversion of a vacant warehouse into 46 affordable homes, including 14 with supportive services.  

"With this new development, we are helping to secure Olean's future with 46 safe, affordable homes for New York families," Governor Hochul said. "New Yorkers deserve quality housing options in their own communities, and thanks to our $25 billion housing plan, we are making transformative investments to build and preserve affordable housing statewide."

State Street Apartments is part of Governor Hochul's plan to make housing across New York State more affordable, equitable, and stable. In the FY 2023 State Budget, the Governor introduced and successfully secured a new $25 billion, five-year, comprehensive housing plan that will increase housing supply by creating or preserving 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.  

The development involves the gut rehabilitation of a 64,000 square foot vacant warehouse located on East State Street. The design will maintain the current layout of the building, except for the demolition of 10,000 square feet of interior warehouse floor area to provide residents an interior courtyard overlooking Olean Creek/Alleghany River.  

All 46 apartments will be affordable to households earning at or below 50 percent of the Area Median Income. Fourteen apartments will be reserved for households in need of supportive services. Rental subsidies and services for these units will be funded through the Empire State Supportive Housing Initiative and administered by the New York Office of Temporary and Disability Assistance. The services provider is Cattaraugus Community Action.  

Five of the apartments will be fully accessible, fully adapted units for persons with mobility impairment and two of the apartments will be equipped for persons with hearing and/or visual impairment.   

The building will include free Wi-Fi for all residents with 24/7 IT management. Additional residential amenities will include a community room with kitchen, a computer lab, fitness center, laundry room on each floor, lobbies/communal seating areas, as well as offices for property management and supportive service staff, and maintenance storage.

The building's green design is expected to meet the requirements of the New York State Energy Research and Development Authority's New Construction Program and LEED version 4. Energy efficient measures include the installation of all-new energy efficient mechanical, electrical, and plumbing systems; new energy efficient doors and windows for improved insulation; low- or no-VOC paint, adhesives, and sealants; Energy Star rated or equivalent windows and appliances, equipment, lighting, and fixtures and Energy Star rated central heat and hot water.

Planned improvements to 2.4-acre parcel will include the construction of a new and enlarged parking lot with four EV charging stations, new site lighting, landscaping, benches, and the installation of a new playground.

The developer is CDS Monarch, Inc.  

State financing for State Street Apartments includes Federal Low-Income Housing Tax Credits that will generate $9.4 million in equity a $3 million in subsidy from the New York State Homes and Community Renewal. OTDA is providing $3.5 million through the Homeless Housing Assistance Program and NYSERDA will provide approximately $46,000 in support.

Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "Like many communities, Olean has an urgent need for new affordable housing to support the city's standing as an employment and economic center in Western New York. State Street Apartments will help meet this need by converting an unused warehouse into 46 beautiful and sustainable affordable homes with life-enhancing amenities like free Wi-Fi and outdoor space. Thanks to Governor Hochul, investments like this one are addressing the nationwide affordability crisis on behalf of New York's families. Congratulations to CDS Monarch for getting this development off the ground."

Office of Temporary and Disability Assistance Commissioner Daniel W. Tietz said, "Homelessness continues to challenge communities across the state and Cattaraugus County residents will benefit from the additional supportive housing apartments included in this project. State Street Apartments will provide safe, stable and affordable housing, along with supportive services, to help those who have experienced homelessness to stabilize their lives."

NYSERDA President and CEO Doreen M. Harris said, "Advancing affordable, quality housing is one of Governor Hochul's most important priorities. Reimagining and revitalizing vacant buildings to be modern, green housing is an important part of our housing and economic development needs for the State, which is a winning combination. Not only will the State Street apartments be visually appealing, but more importantly, they will provide healthy, safe, and comfortable living spaces for individuals with special needs and low-to-moderate income families in the City of Olean."

Senator Chuck Schumer said, "Every Western New York family deserves access to safe affordable housing, and I am proud that the Federal Low-Income Housing Tax Credit, that I fought hard to expand, has supplied the millions needed to convert this vacant warehouse into dozens of affordable, energy-efficient homes. I applaud Governor Hochul on this essential affordable housing push, and will keep fighting to get every dollar of federal support needed to lay the foundation for a brighter and more equitable future in Western New York."

Senator Kirsten Gillibrand said, "Like so many other cities across our state and nation, Olean is in desperate need of more affordable housing. I applaud Governor Hochul for taking decisive action to combat this shortage. These new apartments will help dozens of low-income families in the Olean area obtain secure housing and access critical social services. I'm proud to have advocated for the Public Housing Assistance funding that provided the resources for this project and I'll keep working to ensure that every family in New York has a place to call home."

Senator George Borrello, 57th Senate District, said, "Every New Yorker should have a comfortable, affordable and safe place to call home. However, it is a goal that has been out of reach for many in our region because of a severe lack of affordable housing options and inventory. That is why this project is so exciting. State Street Apartments will help our community better meet its housing needs while giving many Olean families and residents quality rental housing and services at an affordable rate. When our neighbors have a safe place to call home, they are better equipped to progress and pursue their potential. My thanks go out to the Governor, Commissioner Visnauskas, Commissioner Tietz, developer CDS Monarch, and all those who played a role in bringing this to fruition. Its impact on the area in the coming years will be incalculable."

Assembly Member Joseph Giglio said, "The need for safe, affordable housing is very high, so this project is crucial for the community. It is wonderful to see a former warehouse being rehabilitated and used in a new way to create attractive, modern, and accessible apartments for individuals and families. I look forward to the completion of these apartments and the revitalization of the East State Street neighborhood."

Olean Mayor William Aiello said, "CDS Housing took on the challenge of converting the former Market Basket warehouse into 46 affordable apartments and I want to offer my congratulations as the ground is broken on this construction project.  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 supply support services to residents when the housing is available."

Andrew Sewnauth, President & COO of CDS Life Transitions said, "The State Street Apartments project continues our growth in New York, allowing us another opportunity to further our mission to provide safe and affordable housing in communities across the state. We are excited to offer high-quality, independent living that provides individuals and families with modern necessities to succeed and live a quality life. All of us at CDS Monarch are grateful to state and local government officials for their continued support ensuring that all New York residents are able to live and thrive in their communities."