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RHDFC | |
MULTI-FAMILY HOUSING | |
TAX CREDIT FUND | |
SPECIAL PROJECTS | |
COMPANY INFO. |
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The Greater Rochester Housing Tax Credit Fund was created to invest local equity 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. LOCAL INVESTMENTS Our tax credit fund was established to provide a local source of equity financing for small apartment buildings that meet a specific local housing need. Our investments have been in the city of Rochester and in rural villages. The close to 100 apartments owned through the Tax Credit Fund house senior citizens, working families and women and their children who are learning to live independently.
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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 a 15 year period.
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