Urban League's L2P Westside housing development nears completion

Kevin Oklobzija//July 26, 2021//

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L2P Westside, a lease-to-purchase affordable housing development by the Urban League of Rochester Economic Development Corp., is nearly ready for occupancy.

Following a model created by Cleveland-based nonprofit CHN Housing Partners, the 41 single-family houses in Rochester’s southwest quadrant will transition from rental property to affordable homeownership after 15 years.

The energy-efficient homes were built on vacant city-owned lots. There are 34 three-bedroom, two-story houses and seven two-bedroom ranch-style homes.

Rent is between $670 and $795 per month, plus utilities, and tenants must earn at or below 60 percent of the area median income ($36,720 for a two-person household and $45,840 for a four-person household).

Home Leasing will manage the properties.

There is a 15-year rental compliance period, after which tenants may purchase the home. The equity from tax credits that was applied to the cost of construction is transferred to the homeowner at the time of sale, resulting in payments comparable to their rent.

Low-Income Housing Tax Credits from New York State Homes and Community Renewal will generate $11.4 million in equity will help finance the $13 million project. NYSERDA’s Low Rise New Construction Program provided nearly $70,000, with additional financing from Leviticus Fund, Rochester Land Bank and ESL Federal Credit Union.

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