Work has been completed on the Canal Commons housing project in Rochester, New York, US, converting a 19th-century manufacturing facility into 123 affordable apartments.
This development is part of New York governor Kathy Hochul’s $25bn Housing Plan aimed at creating or preserving 100,000 affordable homes across New York.
Go deeper with GlobalData
Located in the Susan B. Anthony neighbourhood, the project was developed by East House and co-developed by MM Development Advisors.
The original facility was built for the James Cunningham & Son Company and later renovated in the early 20th century as the Utz and Dunn Shoe Company Building.
Before the recent construction was finished, the building is said been vacant for over a decade.
Hochul said: “The completion of Canal Commons brings 123 units of critically needed affordable housing to the heart of Rochester.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“Our investment will help breathe new life into a historic property and deliver new opportunities for lower-income and homeless households who are looking for access to a safe, modern home that includes access to tools and services that will help them thrive.”
Canal Commons offers apartments affordable to households earning up to 60% of the area median income.
70 of the units include supportive services funded through the Empire State Supportive Housing Initiative and administered by the New York State Office of Mental Health.
East House provides services such as financial case management and life skills coaching.
The development adheres to NYSERDA’s Multifamily New Construction Program, featuring sustainable elements such as Energy Star appliances and LED lighting.
The project’s state financing includes $20m in Low Income Housing Tax Credits and $13m in subsidies from New York State Homes and Community Renewal.
The New York State Office of Parks, Recreation and Historic Preservation has also facilitated the use of Federal and State Historic Rehabilitation Tax Credits, projected to generate approximately $15.5m in equity.
Additional funding comes from the New York State Office of Temporary and Disability Assistance, which will provide $7.4m from the Homeless Housing Assistance Program.
The New York State Office of Mental Health is contributing about $1.75m annually in operating funding through the Empire State Supportive Housing Initiative, along with a $335,000 Project Development Grant for start-up costs.
