Loan Products and Tax Credit Funds
Construction Loans | Bridge Loans | Predevelopment Loans | Tax Credit Fund
The Greater Rochester Housing Partnership is a not-for-profit lender dedicated to the creation and preservation of affordable housing in the Rochester, New York Region. We finance housing that meets the varied needs of residents of our Region including affordable homeownership, affordable rental housing, and supportive housing. These investments both revitalize communities and provide needed, affordable, safe housing opportunities for individuals and families in our Region.
LOAN PRODUCTS
The Greater Rochester Housing Partnership is a construction lender for affordable housing developments throughout the Rochester Region. We understand the complex layers of public and private financing necessary to build and preserve affordable apartments and homes. Our construction loans are designed to work with multiple funding sources, accommodate realistic construction timelines and make the construction phase of the development as inexpensive and efficient as possible. Construction financing is offered with fixed or variable interest rates and forward commitments are available to facilitate obtaining permanent financing.
The Greater Rochester Housing Partnership provides bridge financing to assist a project with moving forward while waiting for other sources of funds that have been secured by the developer to be available.
Predevelopment financing is critical for vetting project feasibility issues and completing necessary due diligence to secure construction and permanent sources of financing. The Greater Rochester Housing Partnership offers predevelopment loans for projects in the Rochester Region and administers a separate fund dedicated to affordable housing preservation projects in Wayne County.
The Greater Rochester Housing Partnership is pleased to be the home of the Martin Luther King Jr. Housing Fund. One of the ways the fund helps support affordable housing is by providing predevelopment loans with generous terms for proposed projects containing affordable rental or for sale units in the Rochester Region. Predevelopment loans are available for a three-year term and may be used to fund up front predevelopment costs such as site options, architectural drawings, market studies, appraisals, and environmental surveys.
Through a grant from Enterprise Community Partners, Wayne County has developed a Housing Needs Assessment and Plan for preserving affordable housing in Wayne County. One of the tools that has been established to advance the goals of Wayne County’s plan is a predevelopment loan fund for affordable housing preservation projects in Wayne County.
For more information:
Wayne County’s affordable housing preservation strategy
Wayne County Affordable Housing Preservation Loan Fund term sheet and application
For additional information on these programs, please contact Theodora Finn (tfinn@grhp.org or 585-423-6326) to learn more.
TAX CREDIT FUNDS
Investment Structure
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.
FUND 1
FUND 2
FUND 3
The Greater Rochester Housing Partnership is a certified Community Development Financial Institution (CDFI) through the United States Department of Treasury. As a CDFI, GRHP is a mission-driven lender offering tailored financial products to serve disadvantaged communities and the housing needs of low-income households. More information on the CDFI Program can be found at https://www.cdfifund.gov/
