With finalized design plans in place and financing nearly complete, groundbreaking for the State Street Apartments complex will take place next month.
The 45-unit one bedroom apartment complex is a joint venture development project between East House Corp. and the Roman Catholic Diocese of Rochester’s Providence Housing Development Corp.
Buckingham Development Corp. of Rochester previously owned the property and will build the complex.
The approximately $8 million project at 435 State St. is financed by a private equity investor group, State Street Apartments LLP, and an approximately $2.7 million dollar mortgage from the New York State Community Preservation Corp.
On March 17, the New York State Homes and Community Renewal announced the state’s Mortgage Insurance Fund approved a commitment to insure the CPC mortgage to be paid by the New York State Office of Mental Health on the project. East House Corp. is a Rochester-based private nonprofit rehabilitation agency for individuals recovering from mental illness and/or chemical dependency.
East House President Greg Soehner said the agency had been speaking with the Office of Mental Health for some time regarding the need for affordable housing in the area for individuals recovering from mental health issues. Providence Housing Development provides affordable housing for low income residents and will provide the property management services on the building.
“We were looking for a development partner,” Soehner said. “They’ve done this type of project before and they understand the complex issues involved.”
HCR awarded $5.1 million in low income housing credits to East House and Providence in September 2010 to construct and operate the proposed apartment building. Thirty units are for East House clients, and Providence will fill the remaining 15 units with qualifying low income candidates.
Potential Providence unit residents need to make less than $23,500 to qualify and Providence Executive Director Monica McCullough said there will be a limit on how many children single parents can have living in an apartment unit.
Soehner said the East House allotted apartments will be for single persons with independent living skills.
“We’ll advertise for it publicly and have an open lottery this summer,” McCullough said. “Then we’ll rank [prospective residents] in order.”
McCullough indicated the project could be finished in early 2012.
“We look forward to building a great home for our clients for decades to come, consistent with our philosophy of community integrated housing for those with disabilities and additional affordable housing options for those in need of quality housing,” Soehner said.
HCR consists of the recently integrated housing and community renewal agencies of New York.
On March 17, HCR also announced the award of a $300,000 grant to Olean-based NeighborWorks Home Resources, to renovate and repair 40 single family homes in Wyoming, Erie and Cattaraugus counties. HCR said the repairs will address health, safety and energy efficiency issues in the homes.