The Greater Rochester Housing Tax Credit Fund was created to make equity investments in small developments of affordable apartments. Greater Rochester Housing Partnership, Conifer Realty LLC and Essex Real Estate Partners are managers of the Fund. Working within the structure of the federal low income housing tax credit program, corporate investors make a 15 year economic commitment to apartments for low income residents.
The Greater Rochester Housing Tax Credit Fund is structured as a blind pool. Investors make a specific dollar commitment to the Tax Credit Fund when they subscribe and become members of a limited liability corporation. Apartment projects are selected for investment through an exhaustive due diligence process. Once a development is selected, a majority interest in the development is purchased by the Tax Credit Fund Limited Liability Corporation. Funds are then drawn from the members and invested in the purchase and renovation or construction of the development. The operator or manager of the development must then agree to operate the apartments in compliance with federal and state regulations for at least a 15-year period.