Created in 1997, the first Tax Credit Fund investors members are: JP Morgan Chase, Key Bank, Paychex, Inc. Tax Credit Fund I invested approximately $1,775,000 in two apartment projects
CENTRAL PLACE, LP
This investment was made in 1997. The development includes 21 units of new housing on scattered sites in the Marketview Heights neighborhood of the City of Rochester. The apartments have 2 or 3 bedrooms and are built as double and single family structures. The developer/manager of the apartments is PathStone, a non-profit developer and property manager with considerable experience in creating and managing affordable housing. The apartments are located in a neighborhood with other substantial PathStone investments. While there are no project based rental subsidies, tenants often receive third party rental assistance. Despite a relatively high turnover rate, the apartments are quickly filled from an extensive PathStone waiting list. All of the families living in the development have incomes below 60% of the area median income.
VICTOR PLACE APARTMENTS
These 24 apartments serve elderly residents of Victor in Ontario County. The tax credit investment began in 1999. The developer and manager of this apartment is Sermar Management, a for-profit developer of affordable and market rate housing throughout New York and Ohio. Apartments in the newly constructed building are affordable to elderly residents with incomes below 50% of the area median income. This popular apartment complex always has a waiting list. Both Tax Credit Fund I and II are invested in this development.