PSP Lending Program highlight: West End Heights The West End Heights development in Ithaca, New York, has 60 one-bedroom apartments, including 38 apartments designated for individuals served by Lakeview Health Services, a local not-for-profit agency. Lakeview Health Services has offices on the ground floor of the five-story building. Lakeview Health Services offers residential programs at West End Heights to support individuals who are vulnerable due to mental illness. The agency also provides support services to West End Heights residents who are exiting homelessness, coping with substance use disorder or have HIV/AIDS. The other 22 apartments are reserved for individuals earning up to 60% of the area median income.
West End Heights features fossil fuel-free, electric heat pumps to heat and cool residences and community spaces. Ithaca has committed to decarbonize all the city’s buildings by 2030, and West End Heights is a step in that direction. All apartments have Energy Star kitchen appliances, and the building is LEED (Leadership in Energy and Environmental Design) Certified. Community Preservation Corporation is the qualified lending partner, or intermediary, on the development. Intermediaries help assemble the financing packages for affordable housing projects. They also service loans and provide guarantees and credit enhancements on the loans they bring to Wespath to invest in.
West End Heights • • • • •
Ithaca, New York 60 apartments Loan: Over $1.8 million Intermediary: Community Preservation Corporation Wespath loan closing date: April 2023
63% supportive apartments
36
37% rent-restricted