First to Fight for Economic Relief

A Syracuse low-income housing unit received $23 million issued by the New York State, the first of many funds from the Stimulus package passed in February.

Parkside Commons, East Syracuse, received $15 million on Monday in below-market-interest mortgage rates, enabling its current manager, Related Cos., to purchase the property.

"The city's very excited about the states commitment to Syracuse's residents. This will ensure a longtime service to the residents," Commissioner of Economic Development David Michel said.

The stimulus money also provides $8 million in Tax Credit Assistant Program funds; an idea that some Central New Yorkers are not happy about.

"Residents will pay this tax for quality housing for people who otherwise cannot afford it," City Clerk John Copanas said.

Despite some negative attitudes by taxpayers, the economic support to help Syracuse housing benefits the community immensely, the Post Standard reports. The Post-Standard suggests that the management with Related Cos, met increased demand since their employment in 2002, filling the buildings, creating a waitinglist, and increasing security.

The Related Cos. hopes to incorporate energy efficiency, another popular theme among policy-makers in Syracuse, New York.

New York State is the first state to issue stimulus funds to improve housing projects.

Locally, it is first in the "shovel ready" projects in which Onondaga County Executive, Joanne Mahoney, has expressed interest. Mahoney hopes Onondaga County can continue with "shovel ready" projects, improving the economic conditions of residents across the area.