The second Greater Rochester Housing Tax Credit Fund made its first investment in 2000. Its investor members are: Citigroup, Citizens Bank, Key Bank, M&T Bank, and Paychex, Inc. Tax Credit Fund II has invested over $2,000,000 in affordable housing developments
In 2000, an investment was made in Bloomfield Meadows, LP. Located in the Village of Bloomfield, the development has created 24 newly constructed one and two bedroom apartments for elderly residents. Twenty-one of the apartments are tax credit eligible. The developer is Bishop Sheen Ecumenical Housing Foundation and the management company is Providence Housing Development Corporation. There are a mix of market and affordable rents including a majority that are affordable to families below 50% of the area median income. Occasional vacancies are usually related to changes in tenant health and units are quickly filled. The permanent financing includes tax-exempt bonds issued by the New York State Housing Finance Agency. The 4% tax credits generated by the bond financing provide the Limited Partners $57,444 in tax credits annually.
The first of the two investments made in YWCA of Rochester and Monroe County off-site housing developments was made in 2002. This development renovated an existing building in Rochester into 16 apartments for women and children graduating from YWCA residential programs. The development has project based rent subsidies for four units and all units are affordable to families at 50% of the area median income. The building is renovated and fully leased. All tenants receive services from YWCA case managers as the tenants make the transition to independent living.
The final investment for the Greater Rochester Housing Tax Credit Fund II is in redevelopment of 12 vacant apartments. The developer is the YWCA of Rochester and Monroe County. Six of the aprtments are in Rochester and six are in the Town of Irondequoit. The apartments house families that can benefit from the supportive case management services offered by the YWCA. The apartments, some of which have rent subsidies, are affordable to families at 50% of the area median income.