Cornerstone Group proposes 63-unit senior affordable housing for DeWitt Park site

The Cornerstone Group on Friday presented a proposal to the Old Library Special Committee to replace the county-owned library building at DeWitt Park with a 63-unit affordable rental building targeted to residents 55 and older. Roger Brandt, president of Cornerstone Group, told the committee the team would abate hazardous materials, demolish the old library and commit the property to a regulatory agreement "for up to 32 years" to ensure long-term affordability.

The proposal combines housing with a dedicated space for Cornell Cooperative Extension programming and includes 3 studios, 54 one-bedroom units and 6 two-bedroom units. Brandt said the project is structured so roughly 89% of units would serve households at or below 60% of area median income, with the remaining units for households up to 80% AMI. He estimated total project costs at $16,800,000 and said financing will rely on loans, grants and equity from the sale of low-income housing tax credits, secured in part by a commitment from Raymond James: "We have a commitment to fund that from our financial partner, Raymond James," Brandt said.

The design team described an L-shaped building with a central courtyard, a stone base and brick and fiber-cement siding to match the neighborhood fabric. Tim…