Sign In
Free Newsletter
GCEDC approves incentives for low-income apartment renovations
GCEDC approves incentives for low-income apartment renovations
The Genesee County Economic Development Center board of directors has approved incentives for a $12.8 million renovation of an existing apartment complex in the city of Batavia.
Batavia Senior Housing Preservation LLC will invest roughly $21,400 per unit in hard construction costs, assuring the apartment complex at 1 State St. remains viable as a safe and affordable housing option for low-income seniors. Current residents will not be displaced during the renovation and construction.
According to a project summary, the facility offers 130 apartment units to seniors 62 and older. Sixteen of the units are handicapped accessible.
The project has been approved for a private activity bond, sales and mortgage tax exemptions and a property tax abatement. The property tax abatement is limited to the increase in future value only. Project incentives are estimated at $376,466.
For every $1 of public benefit offered, the company is investing and helping generate an economic contribution of $61 in the local and regional economy, according to the project summary.
[email protected] / 585-653-4021
Follow Velvet Spicer on Twitter: @Velvet_Spicer
