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Imagine Monroe approves affordable housing project incentives
Imagine Monroe approves affordable housing project incentives
Imagine Monroe, formerly the County of Monroe Industrial Development Agency, has approved incentives for an affordable housing project in the City of Rochester.
Cedarwood Community Partners LLC plans to purchase and renovate Cedarwood Towers, an affordable housing project offering 206 units. The East Main Street facility consists of two 11-story buildings on nearly two acres of land.
Last renovated in 2003, Cedarwood proposes to update mechanical systems, improve accessibility, amenities, security and create a more energy-efficient property. The applicant is seeking approval of a 30-year Shelter Rents PILOT, Industrial Revenue Bond financing and sales tax exemption.
The project will create 1.5 full-time jobs and retain three.
“Monroe County is proud to support this affordable housing project in the heart of our downtown community,” Monroe County Executive Cheryl Dinolfo said in a news release. “Imagine Monroe’s economic incentives will further Cedarwood Community Partners’ plans to create in-demand affordable housing for our older adults and local families.”
Dinolfo noted that employers working with Imagine Monroe have created or retained more than 13,000 jobs in the Rochester community since 2016.
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