Untitled Document

GRHP	RHDFC	MULTI-FAMILY HOUSING	TAX CREDIT FUND	SPECIAL PROJECTS	COMPANY INFO.

The second Greater Rochester Housing Tax Credit Fund made its first investment in 1999. Its investors members are: Citigroup, Charter One Bank, Key Bank, M&T Bank, and Paychex, Inc. The Fund managers are Greater Rochester Housing Partnership, Conifer Realty, LLC and Essex Partners. Tax Credit Fund II has invested over $2,000,000 in three 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 the Geneva Housing Authority. 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 units of housing for women and children graduating from YWCA and other 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 from residential programs to independent living. Vermont Manor generates $77,664 of tax credits annually for the Limited Partners.

The final investment for the Greater Rochester Housing Tax Credit Fund II is in a 12 unit redevelopment of an existing vacant apartment building. The developer is the YWCA of Rochester and Monroe County. The apartments will serve families that can benefit from the supportive case management services offered by the YWCA. The apartments, some of which have rent subsidies, will be affordable to families at 50% of the area median income. The investment in this development generates $55,920 in tax credits annually to the Limited Partner.