Joint Venture / Affordable Housing / Preservation / Historic Preservation

The Braco-Linwood project was a challenging acquisition/rehabilitation project comprised of 295 units located across 13 scattered sites in Buffalo, New York. Substantial rehabilitation was conducted within the buildings while the residents were re-located until the sites were completed. Residents were low-income families and individuals from Buffalo. The project is served by two separate project-based Section 8 contracts which cover all its 295 units. Rockabill was brought into the deal as joint venture partner due to the team’s expertise in affordable housing development and financing, scattered site developments and historic experience. The project was funded using tax exempt bonds, low income tax credit equity, and NYS Housing Finance Agency subsidies. In addition, the majority of the buildings had historic elements which were preserved by utilizing state and federal historic tax credits. The site renovations were completed in February 2016 and permanent conversion occurred in August 2016.

    • Preserved 295 Section 8 units of affordable housing
    • Kept over 290 residents and families from being displaced
    • Enabled City of Buffalo to address distressed properties across the city
    • Provided the preservation of historic buildings elements such as facades, lintels and windows
    • JV partner and co-developer. Rockabill led the development process by engaging a local architectural and construction team in conjunction with our managing agent partner. This complex financing involved numerous different state and federal agencies. Additionally, the substantial renovation plan involved coordinating the temporary relocation of individuals and families either between units within the portfolio or offsite until the units were completed. Rockabill worked with the management agent to engage a relocation specialist to develop this checkerboard plan, which was further complicated by unforeseen conditions in the units.
    • Developed the financing plan to incorporate Federal and State Historic Tax Credits.
    • Negotiated subsidy requests from New York State Housing Finance Agency.
    • Filed applications to appropriate agencies for the LIH tax credits, bonds and subsidies.
    • Negotiated the terms and conditions with the bank to secure the construction and bridge loans and gathered and provided information to secure the construction loan financing.
    • Advised and assisted in obtain the cost certification, LIH Tax Credit Allocation and Certification Form 8609, and final capital contributions.
    • Organized the necessary required to convert from the construction financing to permanent financing.
    • US Dept. of HUD: Project Based Section 8 project-based subsidies
    • NYS Housing Finance Agency: Low Income Housing Tax Credits, Tax Exempt Bonds and low interest loan subsidies
    • National Parks Service: Historic tax credits
    • City of Buffalo: PILOT Agreement
    • Citi Community Capital: Letter of Credit
    • The Richman Group: Tax Credit Syndicator
    • Architect: Stieglitz Synder Architecture
    • Attorney: Cannon Heyman Weiss