EAST SYRACUSE, N.Y. (WSYR-TV) — The former St. Matthew's Elementary School has been given a new life, not as classrooms but as condos. Within 10 months, the building was transformed into 21 units, each of which was backed by a state subsidy.

Unlike many state housing initiatives that focus on rental units, this redevelopment makes use of the Affordable Home Ownership Development Program, which provides grants and support to help middle-class residents purchase their first home.

"Your mortgage is capped at 30 percent of your income, and there are certain income brackets that you have to achieve," said Ryan Benz, the developer and founder of Redev CNY. "This project is sold to individuals who make 80 percent and 100 percent of the area median income."

Benz says the goal is to make homeown

See Full Page