NEW YORK, NY – October 15, 2008—The board of the New York State Housing Finance Agency (HFA) today approved $6.4 million in financing for the construction of a 62-unit senior citizen rental apartment complex in the Town of Walworth in Wayne County.
“Even in these tough financial times, my administration is dedicated to providing affordable housing to senior citizens in need,” Governor David A. Paterson said. “This project will create 62 new one-bedroom apartments for seniors and offer them services they need so they can live safe and healthy lives.”
Priscilla Almodovar, HFA President and Chief Executive Officer, said, “This financing demonstrates our commitment to creating housing that’s affordable to seniors and reinforces the Paterson administration’s mission of making New York a better place to live and work. I am particularly proud that 10 units will be set aside for the frail elderly.”
The apartments will be made available to seniors 62 years or older with incomes up to $30,780 for a two-person household. Eighteen of the 62 units will be reserved for seniors with incomes up to $25,650.
HFA approved a $4.785 million mortgage and a $1.62 million second mortgage to finance the construction of Gananda Senior Apartments in Walworth. Funding for the second mortgage, bearing a 1% interest rate, will come from $54 million approved in the 2008-2009 state budget to provide subsidies to affordable housing developments under HFA’s “Affordable Housing Program.”
Gananda Senior Apartments will be located at the intersection of Canandaigua Road and Route 441 in a planned unit development (PUD) that has been built over the last four decades in Walworth. Gananda will be the first senior rental project in the PUD, which already includes 1,800 single family homes, 232 apartments, schools and related community facilities. The project is located near Walworth’s commercial center and is 16 miles east of the City of Rochester.
The Wayne County Department of Aging and Youth as well as Lifetime Care, a local health care provider, will offer services to Gananda residents, including health insurance counseling, home delivered meals, transportation and healthcare services.
The borrower will be Gananda Senior Associates LLC, which is controlled by Home Leasing LLC. The borrower’s principals are also principals of Home Properties, a real estate investment trust that owns and manages some 50,000 units of multifamily properties along the eastern seaboard.
In addition to HFA financing, Gananda Senior Associates will receive an annual allocation of $270,805 in Federal Low Income Housing Tax Credits; an HFA Infrastructure Development Demonstration Program (IDDP) grant of $310,000; a $1.75 million grant from the NYS Housing Trust Fund Homes for Working Families; and a 30-year PILOT (payment in lieu of taxes) agreement from the Town of Walworth.
| ____ |
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.
Contact: Philip Lentz
Director of Communications
212-872-0679
plentz (at) nyhomes (dot) org
