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Funding on the way for 3 Rochester-area affordable housing projects
Cain Properties LLC intends to turn the former Cadillac Hotel on Chestnut Street in Rochester into Fine Arts Building Lofts, a 42-unit affordable housing community. (File photo by Kevin Oklobzija)
Cain Properties LLC intends to turn the former Cadillac Hotel on Chestnut Street in Rochester into Fine Arts Building Lofts, a 42-unit affordable housing community. (File photo by Kevin Oklobzija)
Funding on the way for 3 Rochester-area affordable housing projects
Nearly $19 million will be allotted to three multifamily projects in the Greater Rochester area, part of a $270 million commitment by New York State Homes and Community Renewal (HCR) to create and/or preserve 1,800 affordable housing units across the state.
The effort will be bolstered by $61 million in federal and state Low Income Housing Tax Credits, with 28 projects across New York receiving financial support. Two are in Rochester:
Fernwood Avenue Apartments, off Rosemary Drive near Portland Avenue, will feature 65 newly built units and also be home to a new branch of the Rochester Public Library. The $38 million project is a collaborative effort of the Rochester Housing Authority and Edgemere Development, Inc.
The project will receive $10.1 million in various funding from HCR Of the 65 units, 17 will have supportive services for vulnerable populations.
Fine Arts Building Lofts will be created within the blighted former Cadillac Hotel building along Chestnut Street in downtown Rochester. The project will receive $6.2 million in LIHTC and other HCR-approved funding.
An adaptive reuse endeavor of Rochester-based Cain Properties LLC, Fine Arts Building Lofts will feature 42 mixed-income, mixed-used and supportive units. A portion of the units will be reserved for homeless young adults and another segment will be designated for the artistic community.
In the Livingston County hamlet of Lakeville, Creekside Clearing will undergo redevelopment, with construction of 16 units complementing the 32 units built in 2005.
The PathStone Housing Action Corp. project will receive $2.6 million.
“Solving New York’s housing crisis comes down to one simple strategy: building more housing,” Gov. Kathy Hochul said in a news release. “These critical federal resources make it possible for us to provide New Yorkers with new opportunities to access affordable, modern, sustainable homes that also provide access to childcare, supportive services and the amenities that individuals and families need to thrive.”
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