IRONDEQUOIT SENIOR HOUSINGSenior Affordable Housing / Supportive Housing/ New Construction
Irondequoit Senior Housing consists of the construction of one three-story building on an undeveloped piece of land located at 100 Hulda Park in the Town of Irondequoit, Monroe County, New York.
Sponsored by Rochester Management Inc. this project will provide housing for low-income seniors with incomes at or below 50% area median income. The building, comprising 80 residential units, will include 77 one bedroom units and 3 two bedroom units. Of this, 40 one bedroom units will be set aside for frail elderly referrals from the Empire State Supportive Housing Initiative (“ESSHI”) program. Rochester Regional Health (RRH) will provide social services for the tenants referred through ESSHI. The remaining 40 units will be leased to low-income seniors.
The Project will benefit from energy efficiencies and other green features, such as Energy Star appliances, LED/low-wattage lighting, low-flow faucets, high-efficiency heating system, high R-value windows and insulation, tight construction to reduce heat loss, low/non-toxic building materials, and native drought tolerant plantings. The Project will be compliant with NYSERDA’s Low-Rise New Construction Program along with Energy Star Homes V3.1. Four of the units will be ADA accessible with 5% of the units having provisions for mobility impaired residents and two (2%) of the units having provisions for communication impaired residents. The remaining units will be ADA adaptable.
HFA loan closing occurred in December 2020 with Richman Housing Resources providing equity financing and JPM Chase providing a construction Letter of Credit. Designed by SWBR Architects and constructed by LeCesse Construction, the project is expected to achieve occupancy in July 2022.
- Upon completion, this project will create 80 new affordable housing apartments for senior residents including 40 units for frail elderly in Irondequoit.
- The project addresses the significant need for housing for those residents with limited or fixed incomes.
- The development aids the client with achieving their mission for their community.
- Consulted the owner on business ideas arising from various areas of the development including project analysis, budget and underwriting expertise.
- Negotiated with New York State Housing Finance Agency for the project’s development and financing.
- Negotiated the terms and conditions with the financial partners for the construction and permanent financing including, but not limited to partnership agreements, investor and construction loan documents.
- NYS Housing Finance Agency: Tax-exempt bonds, as-of right 4% tax credits, SHOP subsidy
- JPM Chase: Construction Loan Financing
- Richman Housing Resources: Tax Credit Syndicator
- SWBR Architects: Architect
- LeCesse Construction: General Contractor