NEW YORK, NY – August 13, 2009 – (RealEstateRama) — The boards of the New York State Housing Finance Agency (HFA) and the New York State Affordable Housing Corporation (AHC) today approved nearly $54.6 million in financing to build and renovate 531 affordable housing units in the greater Rochester area.
“These financings will improve the existing housing stock and provide new supportive housing for residents in the Rochester area,” said Priscilla Almodovar, HFA and AHC President and Chief Executive Officer. “They also take advantage of financing provided by the Federal stimulus bill to improve the economy of Western New York. Our actions reinforce the Paterson administration’s goal of making New York State a better place to live and work.”
Stonewood Village
HFA approved up to $20.6 million to finance major capital improvements at the 188-unit Stonewood Village Apartments, located at 3410 East Henrietta Road in Henrietta, Monroe County. The project consists of 31 townhouses for low-income families, each containing four three-bedroom apartments, and two two-story buildings, each with 31 units for seniors and tenants with disabilities.
Renovations for the 30-year-old complex will include new kitchen and bathroom fixtures, elevator upgrades, a new security system, and new roofing, windows and flooring. The repairs will be made with the tenants in place. The units will be reserved for tenants with household incomes up to $39,900 for a family of four.
The borrower is the Pathstone Housing Action Corporation, a nonprofit that purchased the complex in 1993.
The total development cost is nearly $33 million. In addition to the HFA financing, the project will receive an annual allocation of $964,349 in Federal Low-Income Housing Tax Credits; a $300,000 grant from NeighborWorks America; and an allocation from the Federal Tax Credit Assistance Program (TCAP) created by the Federal stimulus bill.
Farmington Senior Apartments
HFA approved $7.9 million in financing for the construction of the Farmington Senior Apartments, which will be an 88-unit garden apartment-style development on Route 332 in the Town of Farmington, Ontario County. The units will be reserved for households with at least one member 55 years of age or older that have household incomes up to $31,920 for a family of two and who live in the Rochester metropolitan area. Seventeen of the units will be built to meet the needs of tenants with physical disabilities or who are audio or visually impaired.
The site is located near the intersection of Routes 96 and 332, which has developed into a retail center following state improvements to Route 332.
The borrower is Farmington Senior Apartments LLC. This entity consists of Farmington 32 LLC, whose members are George Mercier and Scott Gonyeo, and Leehouts LLC, who is controlled by Nelson Leenhouts and which is the tax credit investor. The property will be managed by Compass Properties LLC, a company controlled by Mr. Gonyeo.
The total development cost is nearly $13.66 million. In addition to the HFA financing, the project will also receive an annual allocation of $417,884 in Federal Low-Income Housing Tax Credits; an HFA Infrastructure Development Demonstration Program grant of $365,500; and an allocation from the Federal Tax Credit Assistance Program (TCAP) created by the Federal stimulus bill.
774 West Main Street Apartments
HFA approved $25.3 million in financing to renovate an existing vacant building and construct two new apartment buildings at 774 West Main Street in the City of Rochester. The project will create 113 units, including 89 studios that will be rented to tenants with psychiatric disabilities referred by the NYS Office of Mental Health.
DePaul Community Services, an affiliate of De Paul Group, a not-for-profit mental health organization, will provide on-site supportive services to all residents of the project. Services will include medical and mental health counseling, employment training and providing social events for tenants. The units will be reserved for tenants with household incomes up to $31,920 for families of two.
The borrower will be WNY Group LP, which is controlled by DePaul Group.
The total development cost is more than $34.8 million. In addition to the HFA financing, the project will receive an annual allocation of almost $1.367 million in Federal Low-Income Housing Tax Credits; debt service payments from OMH; an OMH capital loan of $553,000; a real estate PILOT from the City of Rochester; and an allocation from the Federal Tax Credit Assistance Program (TCAP) created by the Federal stimulus bill.
Community Action of Orleans & Genesee
AHC approved a $200,000 grant to Community Action of Orleans & Genesee (CAOG) to help finance home improvements for 30 units in Orleans and Genesee Counties.
The AHC grant will be used to renovate 26 single-family homes and two two-family homes. Homeowners will be selected on a first-come, first-served basis. Types of improvements will include testing the water and septic systems; roof, window and door replacements; and electrical/heating system upgrades, insulation and lead removal. Repairs/improvements will increase the energy efficiency and safety of the homes and prolong the useful life of the homes. The grants will be limited to households earning no more than $55,642 for a family of four in Genesee County and $59,584 for Orleans County.
The total cost of the project is $384,000. In addition to the AHC grant, the program will be funded by $120,000 in RESTORE funds and $32,000 in Weatherization funds as well as $32,000 in Access to Home funds, all provided by the NYS Division of Housing and Community Renewal (DHCR).
Sheen Housing Home Repair Program
AHC also approved a $600,000 grant to the Bishop Sheen Ecumenical Housing Foundation for the rehabilitation of 112 single-family homes in 12 counties in Western New York, including Monroe, Ontario, Yates, Wayne, Allegany, Chemung, Schuyler, Tioga, Tompkins, Cayuga, Livingston and Seneca Counties.
The funds will be used to help eliminate housing conditions that adversely affect the health and safety of occupants, such as: contaminated water supplies, unsanitary septic system, unsafe heating and electrical systems, or conditions that can cause accidents. Applicants will be chosen on a first-come, first-served basis with special emphasis placed on repairs of an emergency nature.
The grants will be limited to households earning no more than $49,190 for a family of four in Allegany, Schuyler, and Yates; $52,774 for a family of four in Cayuga; $49,728 for a family of four in Chemung; $59,584 for a family of four in Livingston, Monroe, Ontario and Wayne; $51,251 for a family of four in Seneca; $52,506 for a family of four in Tioga; and $64,333 for a family of four in Tompkins.
The total cost of the project is $1.6 million. In addition to the AHC grant, the project will be funded by $360,000 in Access to Home funds provided by the Housing Trust Fund Corporation; $500,000 in HOME funds provided by DHCR; $90,000 in Rural Development funds provided by the U.S. Department of Agriculture; and $50,000 in Emergency Home Repair funds provided by Bishop Sheen Ecumenical Housing Foundation.
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The NYS Housing Finance Agency was created in 1960 to sell bonds to finance the construction and rehabilitation of multifamily affordable rental housing in New York State.
AHC, an HFA subsidiary, was established in 1985 to promote homeownership by low- and moderate-income households. Financial assistance approved annually by the New York State Legislature, combined with other private and public investment, is used for the construction, acquisition, rehabilitation and improvement of owner-occupied housing.
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Contact: Philip Lentz
Director of Communications
212-872-0679
plentz (at) nyhomes (dot) org
