ITHACA, NY (CortacaToday) — A new affordable housing option in Ithaca has opened. 

The ribbon was cut Tuesday for the Asteri Ithaca project on East Green Street. The building, which was many years in the making, cost about 100 million dollars in federal and state funding and includes an all-electric conference center. Mayor Robert Cantelmo called the project ‘transformative’ in his remarks on Tuesday, while Lieutenant Governor Antonio Delgado highlighted the need for additional housing in Ithaca and the surrounding area.

Ribbon cutting ceremony at Asteri Ithaca (courtesy IAED)

“Asteri Ithaca is a transformative development that combines quality affordable, sustainable and supportive apartments for those who need them most, with a state-of-the-art Conference Center that will energize and elevate the entire City,” Governor Kathy Hochul said. “This mixed-use development was carefully planned as a live, work, play destination that promotes economic growth and addresses a critical need for housing. It is a shining example of our commitment to investing in projects that strengthen communities and change lives.”

“For too long Ithaca has lacked both adequate affordable housing and the gathering space businesses say is critical to bolstering the region’s economic development,” Senator Chuck Schumer said. “With the completion of this project, we are tackling both those challenges head-on. I am proud to deliver $2 million in federal funding so we could build this new complex, add hundreds of units of affordable housing and pump millions of dollars into the local economy through the state-of-the-art, energy-efficient conference center. Today Ithaca is showing the nation what innovative housing solutions can look like for our cities. That’s why I’ve pushed hard to preserve the federal Low-Income Housing Tax Credit, which helped supply the necessary funds to complete this project and why I will keep fighting to expand it. I’m grateful for Governor Hochul’s work to create affordable homes across the State, and together we will keep working to ensure that every family in Ithaca and across the State has access to housing.”

City officials are hoping the new building, which includes 181 apartments, will draw in 63,000 visitors every year and bring additional money to downtown stores and shops.