Our team joined Rochester’s Cornerstone Group and Lifetime Assistance to break ground on Phase II of Frances Apartments affordable housing development in Sweden, NY.
The second phase of Frances Apartments will add 48 units of affordable rental housing with inclusive options for those with disabilities. The first phase, completed in 2017, included 56 affordable housing units, with 14 of those providing services to families and persons with intellectual and developmental disabilities.
Frances Apartments II is part of Governor Cuomo’s commitment to providing all New Yorkers with access to safe, affordable housing is reflected in the State’s unprecedented $20 billion, five-year Housing Plan. The plan makes housing accessible and combats homelessness by building or preserving more than 100,000 affordable homes and 6,000 with supportive services.
New York State Homes and Community Renewal Funding provided federal Low Income Housing Tax Credits that will generate $9.6 million in equity and an additional $2.2 million in subsidy. Additional funding sources include Monroe County HOME Funds, CPC Permanent Conventional Mortgage, the Lifetime Assistance Foundation, NYSERDA Green Building Incentives, Raymond James Tax Credit Funds, Chase’s Community Development Banking group.
In addition to SWBR, the project’s team includes Lifetime Housing Development Corporation and Rochester’s Cornerstone Group, Ltd. as Co-Developer/Owners, Passero Associates (Civil Engineer), LECESSE Construction Company (General Contractor), Cornerstone Property Managers, LLC, and People, Inc. (service provider).