NYS Housing Finance Agency Approves $20 Million to Create and Preserve 131 Affordable Units in Rochester

NEW YORK, NY (11/02/2007)(readMedia)-- The board of the New York State Housing Finance Agency (HFA) yesterday approved $20 million in financing to build and preserve 131 affordable units of housing in the City of Rochester, including the creation of 64 units for low-income adults with psychiatric disabilities.

HFA approved two projects:

• $7.9 million in financing for Ridgeview Special Needs Apartments, where a complete renovation of existing buildings will result in 64 units of supportive housing; and

• $12.1 million in financing for The Mills at High Falls Apartments, a new development that will create 67 units of affordable housing.

Also yesterday, the board of the New York State Affordable Housing Corporation (AHC) approved a $300,000 grant to the Bishop Sheen Ecumenical Housing Foundation, a Rochester-based not-for-profit, to repair 56 homes of low-income senior citizens located in 13 counties in Western New York.

“These projects will help finance the construction and preservation of a broad array of affordable housing throughout Western New York,” said Priscilla Almodovar, President and Chief Executive Officer of HFA and AHC. “I am particularly proud that we were able to collaborate with two other state agencies, the Office of Mental Health and the Division of Housing and Community Renewal, to help build supportive housing in the City of Rochester.”

The Rochester projects are among 13 approved by HFA and AHC that will provide a total of $510 million in financing and grants for affordable housing. The actions will help build and renovate 1,182 affordable housing units across New York State.

With these actions, the agencies have now approved financing to create and preserve 4,739 units of affordable housing in New York State since January 1, 2007.

Ridgeview Special Needs Apartments

HFA approved $7.9 million in financing for the Ridgeview Special Needs Apartments, located at 3-127 Marburger Street in Rochester. Ridgeview will overhaul the existing buildings on the site through a gut rehabilitation. The project will consist of eight two-story buildings and one one-story building with 64 apartments for low-income adults with psychiatric disabilities.

The units will be reserved for tenants with incomes that are at or below 60% of the Area Median Income for Rochester, or $38,460 for a family of four.

The developer is Ridgeview Special Needs LP, which is controlled by De Paul Properties Inc. De Paul Community Services, an affiliated organization, will provide supportive services to the residents.

The total project cost is nearly $10.7 million. The project will receive a $5.7 million mortgage from HFA and an HFA subsidy loan of more than $2.2 million. It will also receive an annual allocation of $407,613 in Federal Low-Income Housing Tax Credits; a $2.24 million loan from the state Division of Housing and Community Renewal’s Housing Trust Fund; and an annual commitment of $71,000 from state Office of Mental Health.

The Mills at High Falls Apartments

The Mills at High Falls Apartments was approved for $12.1 million in HFA financing to build a four-story rental apartment building at 312-348 State Street in the revitalized High Falls section of Rochester. The development will include 67 units. Thirty-three units will be set aside for households with incomes at or below 60% of Rochester’s AMI, or $38,460 for a family of four. The remaining units will be made available to households with incomes up to 90% of the AMI, or $57,690 for a family of four.

The project is the first phase of what is planned to be a two-phase residential development. The second phase would add approximately 40 units. The site is currently a parking lot across the street from the headquarters of The Eastman Kodak Company, which owns the site and which is donating it to the developer.

The developer is the Urban League of Rochester Economic Development Corporation, a wholly owned subsidiary of the Urban League of Rochester, a not-for-profit organization.

The total cost of the project is more than $17.8 million. HFA approved a $9.46 million mortgage and a subsidy loan of more than $2.67 million. The development will also receive an annual allocation of $353,541 in Federal Low-Income Housing Tax Credits; an annual allocation of $599,907 in New York State Low-Income Housing Tax Credits; and a HOME loan of $2.45 million from the City of Rochester. Also, the development will benefit from a payments in lieu of taxes agreement with the city.

Bishop Sheen Ecumenical Housing Foundation

AHC approved a grant of $300,000 to the Bishop Sheen Ecumenical Housing Foundation to repair 56 homes of low-income senior citizens in 13 counties: Monroe, Allegany, Chemung, Schuyler, Steuben, Tioga, Tompkins, Cayuga, Livingston, Seneca, Wayne, Ontario and Yates.

The grant will help fund a $750,000 program to renovate homes that are substandard, unsanitary, deteriorated or have aged housing stock. The program also helps seniors with emergency repairs to correct faulty heating and electrical systems, replace roofs, doors, windows, plumbing fixtures and deficient water and septic systems.

Applicants are chosen on a first-come, first-serve basis with an emphasis on emergency repairs that eliminate health and safety hazards. Awards will be made to households with incomes of no more than 112% of the AMI for each county; the income limits range from $45,584 to $58,576 for a family of four.

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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.

AHC, a subsidiary of HFA, 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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Posted Friday November 02, 2007 at 03:46 pm by New York State Housing Finance Agency