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.
Construction is underway in Farmington on a $22 million affordable housing development.
Beaver Creek Apartments will consist of 13 residential buildings with a total of 104 affordable homes, the state Homes and Community Renewal (HCR) said Thursday. Residents will have access to the Victor Central School District and nearby commercial corridors along Route 332 and Route 96 for jobs and services.
“When we build affordable housing in fast-growing areas with high-performing schools and access to good jobs, we provide families with new opportunities and strengthen the local economy,” said HCR commissioner RuthAnne Visnauskas in a statement. “This development will create the safe, affordable homes that will help guarantee, as the Finger Lakes Region keeps moving forward, all New Yorkers are moving forward with it.”
HCR provided $16.3 million in financing for the development in the form of tax-exempt bonds and subsidy loans.
Beaver Creek Apartments is being developed by Rochester’s Home Leasing LLC. The 13 new buildings on 15 acres will contain eight apartments each. The complex will have 32 one-bedroom, 40 two-bedroom and 32 three-bedroom apartments.
The apartments will be available to households earning between 60 and 90 percent of the area median income.
“Home Leasing is delighted to be underway with the construction of Beaver Creek Apartments in Farmington,” Home Leasing Chairman and CEO Nelson Leenhouts said. “In collaboration with NYS Homes and Community Renewal, the Town of Farmington, and many others, we will soon provide high-quality workforce housing in a community experiencing economic growth served by an excellent school district. The location is beautiful and will provide an environment that the future residents will enjoy.”
The location is on the west side of state Route 332 and adjacent to Home Leasing’s 88-unit affordable senior housing development, Farmington Gardens I, which was financed by HCR in 2010.
“This is great news for both the Town of Farmington and Ontario County. These 104 affordable apartments will provide housing opportunities for many existing and new residents. This location is surrounded by high performing school districts and many employment opportunities,” said John Marren, chairman of Ontario County’s board of supervisors. “We thank Home Leasing for bringing this much-needed resource to the Town of Farmington.”
A $57 million affordable housing project in Chili has wrapped up, just in time for Christmas.
The Cedars of Chili project included the modernization of 320 apartments that will preserve the community as affordable housing for roughly 700 residents.
Overseen by Boston-based WinnDevelopment, which acquired the property in 2015, the 18-month project included the complete renovation of all kitchens and bathrooms and replacement of heating and cooling systems, roofs, windows and wood patios and decks across the 60, two-story buildings at the 33-acre site.
“Affordable housing creates stronger and safer communities that help to bolster our economy and make New York a better place to live and work for all,” Gov. Andrew Cuomo said in a statement. “With the completion of the Cedars of Chili project, we continue to help push the Finger Lakes forward.”
The Cedars of Chili Apartments was built in 1976 and is one of the largest affordable complexes in an area that is experiencing a severe shortage of affordable housing, officials said. The rehabilitated community features 96 one-bedroom units, 158 two-bedroom units, 49 three-bedroom units, and 17 four-bedroom units. A number of those units are now handicapped accessible.
A majority of the apartments at the property will be reserved for households earning at or below 60 percent of the area median income for the next 40 years.
“We are proud to join with the Cuomo Administration, Monroe County, the Town of Chili and the Bank of America to preserve the affordability of this community and to deliver safe, quality homes for its residents for the next 40 years,” said WinnCompanies CEO Gilbert Winn. “There was a real risk that this property would have been converted to market rate rental units if the community had not stepped up.”
The project created 272 jobs, with workers from the Rochester area filling more than half of those positions. The project also met goals for the use of minority and women-owned business enterprises, officials said.
The project was supported by New York State Homes and Community Renewal’s Housing Finance Agency, which provided tax-exempt bonds to support the construction loan and first mortgage. Staff from WinnResidential, the property management arm of WinnCompanies, will manage the community. Supportive services for residents will be provided by Partners in Community Development, a nonprofit organization in Rochester that provides onsite services at low-income housing communities.
“As our economy continues to grow, so does the demand for living accommodations for individuals looking to move here and local residents relocating within Monroe County,” said Monroe County Executive Cheryl Dinolfo. “I’m proud to see this project become reality and I am thankful to Winn Companies for investing in our county, economy and workforce.”
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
Sign In
Free Newsletter
Imagine Monroe, formerly the County of Monroe Industrial Development Agency, has approved incentives for an affordable housing project in the City of Rochester.
