DePaul Carriage Factory Apartments Wins Timmy Award

Wednesday, November 4, 2015

Republished from the National Housing & Rehabilitation Association

Buildings that once served as dilapidated reminders of decay are bringing new life to communities across the country. National Housing & Rehabilitation Association (NH&RA) announced that nine of these projects rose to the top and won J. Timothy Anderson Awards for Historic Rehabilitation.

The winners were selected from 13 finalists in five permanent categories, as well as four Judges’ Award categories. The ceremony, which was hosted in downtown Boston, was held in conjunction with NH&RA’s 2015 Fall Developers Forum.

Named for one of the pioneers of adaptive-reuse, the Timmy Awards honor outstanding real estate projects that transform older, historic buildings into housing, hotels, a school and other community resources. All of the projects were made financially feasible by Federal or State Historic Rehabilitation Tax Credits. Projects are judged for overall design and quality, interpretation and respect of historic elements, innovative approach to construction and use of building materials, community impact, sustainability and financial and market success.

The awards are selected annually by a multidisciplinary panel of judges with backgrounds in development, consulting, architecture and historic preservation. This year, the judges also selected awardees in four specialty categories:  Best Mill or Factory Rehabilitation, Achievement in Sustainability, Most Innovative Adaptive Reuse, and the David Reznick Award for Most Advanced Financial Structure. This is the first year the last of these awards is presented in memory of David Reznick, one of the founders of the accounting firm CohnReznick.

The DePaul Carriage Factory has won Best Historic Mill or Factory Rehabilitation.

The Cunningham Carriage Factory spent the early 20th century moving people around, from carriages to ambulances to airplanes. Today, it provides 71 homes in Rochester, New York. Working with the New York Office of Mental Health, DePaul ensured 39 of these homes are uniquely designed for those with special needs, while the other 32 units are designed for individuals and families who earn less than 50% of the area median income. Financing for this $23 million project included federal and state Historic Tax Credits, a local historic tax incentive, federal and state Low-Income Housing Tax Credits, New York State Housing Trust Funds, an award from the Finger Lakes Economic Development Council, a $600,000 loan from the city’s HOME program, and a Payment in Lieu of Taxes agreement. Residents with special needs receive ongoing support from DePaul Community Services, Inc. DePaul Carriage Factory leased out within 30 days of opening.