Investment Complements “Finger Lakes Forward” – the Region’s Successful Upstate Revitalization Initiative to Create a Strong Economy and New Opportunities
New York – (RealEstateRama) — Governor Andrew M. Cuomo today announced the grand opening of Crerand Commons II, a new housing development for families in the Town of Gates, Monroe County. The $9.8 million development offers working families the opportunity to live in quality, affordable homes in close proximity to public transportation, child care, and employment opportunities. The complex also complements Finger Lakes Forward, Governor Cuomo’s successful blueprint for regional economic development.
“This administration remains committed to providing affordable housing to families across the state, and with the completion of this new development in Monroe County, we are one step closer to ensuring residents have access to a safe, decent and affordable place to call home,” Governor Cuomo said. “By providing a safe environment and access to vital community services, New York will continue to strengthen the local economy by attracting and retaining families in throughout the Finger Lakes.”
Crerand Commons Phase II offers 33 newly constructed two and three-bedroom apartments on five acres in close proximity to the 48-unit Crerand Commons Phase I development. In addition to residential space, Phase II includes a community building, recreation area, outdoor space and a community garden. The development is served by the high-performing Spencerport School District and aligns with both the local Rochester Monroe Anti-Poverty Initiative and the State’s Housing Opportunity goal to be in close proximity to public transportation, child care, and employment opportunities.
Each unit has a unique floor plan with an open room concept, breakfast bar, Energy Star rated appliances, laundry hook-ups, 1.5 baths, patios, and individual storage areas. The development is already at 35 percent occupancy.
Crerand Commons Phase II is supported with $2.3 million through New York State Homes and Community Renewal’s Housing Trust Fund and $6.8 million in equity from Low Income Housing Tax Credits. Monroe County HOME Program, Federal Home Loan Bank of New York, NeighborWorks America, and the New York State Energy Research & Development Authority provided the balance of the funds. PathStone worked in conjunction with Nathaniel General Contractors, NH Architecture and Parrone Engineering to successfully complete this high quality development.
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “The families who will live at Crerand Commons will have access to good schools and quality homes in a thriving community. With 33 new apartments, a community building and recreation area, and close to jobs and transportation — Crerand Commons will be a comfortable, affordable place for families to build a bright future. This development complements Governor Cuomo’s plan for economic development and is one of many projects that is moving the Finger Lakes forward.”
Senator Joseph E. Robach said, “Crerand Commons Phase II offers quality affordable apartments in Gates, allowing families the opportunity for a bright future in a vibrant community with good schools and many conveniences. I applaud the partners who worked to create this development which improves the quality of life for so many.”
Assemblyman David F. Gantt said, “It is with great pleasure that I congratulate PathStone on the successful completion of Phase II of Cerand Commons. This important project provides high-quality affordable housing, and is in close proximity to transportation, child care and employment opportunities. The fact that it is located within the high-performing Spencerport School District means that the families who live here are assured that their children will receive a quality education. I believe that stable housing for our workforce will benefit the entire Rochester community and strengthen our region.”
County Executive Cheryl Dinolfo said, “The ribbon cutting ceremony for the Crerand Commons Phase II project shines a light on yet another affordable option for residents who want to remain in our community. I am thankful to PathStone Corporation for investing in our community, local economy and workforce while providing opportunities for residents to live in a safe and comfortable environment.”
Gates Town Supervisor Mark Assini, “Crerand II is a great blessing to hard working families looking for affordable housing options. Gates is proud to welcome such a beautiful new neighborhood to the community and we offer our warmest welcome to our new neighbors.”
PathStone Corporation President & CEO Stuart Mitchell said, “The completion of Crerand Commons Phase II represents a milestone accomplishment for PathStone Corporation. The first phase of this vitally important complex was completed in 2005. We knew we had to create a Phase II to meet growing community demands. Crerand Commons Phase II is currently in the process of lease-up as the buildings are completed. The demand is massive with over 150 households on our waiting list. We are profoundly appreciative of the support and leadership we continue to receive from Supervisor Mark Assini, the Town of Gates municipal and community leadership. Together we have created a vibrant and diverse community from which generations of tenants and residents will be able to enroll their children in high-performing schools, obtain good local jobs and participate actively in the life of their community.”
Accelerating Finger Lakes Forward
Today’s announcement complements “Finger Lakes Forward,” the region’s comprehensive blueprint to generate robust economic growth and community development. The State has already invested more than $3.4 billion in the region since 2012 to lay the groundwork for the plan – investing in key industries including photonics, agriculture and food production, and advanced manufacturing. Today, unemployment is down to the lowest levels since before the Great Recession; personal and corporate income taxes are down; and businesses are choosing places like Rochester, Batavia and Canandaigua as a destination to grow and invest in.
Now, the region is accelerating Finger Lakes Forward with a $500 million State investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. The State’s $500 million investment will incentivize private business to invest well over $2.5 billion – and the region’s plan, as submitted, projects up to 8,200 new jobs. More information is available here.
