TAX CREDIT FUND I.

Created in 1997, the first Tax Credit Fund members are: JP Morgan Chase, Key Bank, Paychex, Inc. Fund Managers are Greater Rochester Housing Partnership, Conifer Realty LLC, and Essex Partners.

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 Housing Opportunities, Inc, a non-profit developer with considerable experience in creating and managing affordable housing. The apartments are located near other Housing Opportunities tax credit apartments. 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 Housing Opportunities waiting list. All of the families living in the development have incomes below 60% of the area median income. The development generates $207,767 in tax credits on an annual basis for the Limited Partner.

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 development has a waiting list and is performing at full occupancy. The development generates $100,555 in tax credits for the Limited Partners on an annual basis. Both Tax Credit Fund I and II are invested in this development.

copyright 2008
GREATER ROCHESTER HOUSING PARTNERSHIP