The third Greater Rochester Housing Tax Credit Fund made its first investment in 2005. Its investor members are: Citizens Bank, First Niagara Bank, Key Bank, M&T Bank, and Paychex, Inc. Tax Credit Fund III has invested over $2,000,000 in affordable housing developments

Located on St. Paul Street in Rochester, this 1920s building contains 22 apartments suitable for small households. The apartments were renovated in 2005. The joint developers are Sermar Management, a for-profit developer and property management firm operating in New York and Ohio, and community-based nonprofit Group 14621. The renovation of this building has helped stabilize a busy intersection.

Monica Homes is a renovated school next to St Monica Church on Genesee Street in Rochester. The fully renovated property provides 21 affordable apartments and support services to women and children making the transition to independent living. The co-developers and property managers are nonprofit partners PathStone and Sojourner House. The apartments are affordable to families at 50% or below the area median income.