NEW YORK—Thursday, June 12, 2008—The board of the New York State Housing Finance Agency (HFA) has approved $9.3 million in financing for the construction of the Brookside II Apartments with 88 units of affordable housing in Canandaigua.
Brookside II Apartments will consist of 11 two-story buildings at 2883 Conifer Drive in Canandaigua. The apartments will be rented to tenants with incomes up to $38,460 for a family of four.
“HFA is very proud of its track record of providing affordable housing in Ontario County,” said Priscilla Almodovar, HFA President and Chief Executive Officer. “Four years ago, HFA financed the adjacent Old Brookside I Apartments. Our financing for Brookside II Apartments demonstrates a continued commitment to creating affordable housing for the working men and women of Canandaigua.”
Brookside II Apartments is adjacent to Old Brookside I Apartments, a 64-unit development financed by HFA in 2006. Both projects are located on a 152-acre Planned Unit Development site that will eventually include 177 single-family homes. Nearly 90 of those homes are already completed.
The total cost of Brookside II Apartments is nearly $12.7 million. HFA is providing a $6.5 million mortgage and a $2.8 million low-interest second mortgage. In addition, the project will receive an annual allocation of $389,241 in Federal Low Income Housing Tax Credits and a $3 million loan from the NYS Housing Trust Fund Homes for Working Families.
The borrower will be Brookside Associates II, which is controlled by Conifer Realty, LLC.
The NYS Housing Finance Agency was created in 1960 to sell bonds to finance the construction and rehabilitation of multi-family affordable rental housing in New York State.
HFA Contact: Philip Lentz
Director of Communications
plentz (at) nyhomes (dot) org