WALSH ANNOUNCES $450,000 FROM FEDERAL HOME LOAN BANK OF NEW YORK

FOR AFFORDABLE SENIOR HOUSING IN IRONDEQUOIT

The Congressman will be in Rochester today for a 2 p.m. press event with County Executive Brooks at the Watts Conference Center - 47 South Fitzhugh Street, and will be available for comment at that time

(Irondequoit, N.Y.)- Congressman Jim Walsh today announced $450,000 from the Federal Home Loan Bank of New York to help fund an affordable senior citizen housing project in Irondequoit.

“Addressing the growing need of affordable housing for our seniors is a reality many communities face in Upstate New York. The St. Salome project has been a long time in the making and includes town, county, state, federal dollars and private investment. Such an effort exemplifies how we can work together to meet a local need,” said Walsh.

Located around the St. Salome Church in Irondequoit, the project will create 45 rental units for independent seniors. The site currently includes St. Salome Church, a rectory, garage, convent and school. The project will demolish all the buildings except the church. The parcel will be subdivided into three separate lots, with the remaining church, the new senior apartment building built on the site of the former school, and three cottage-style apartment buildings. All the units will be affordable to very low-income households. The Rochester Housing Authority has committed eight Project Based Section 8 vouchers to the project. The entire development has been designed according to the New York State Green Building Initiative.

Monica McCullough, the Executive Director of the Providence Housing Development Corp., the entity which applied for the Federal money, stated, “The $450,000 from the Federal Home Loan Bank is the last important piece of the puzzle for the financing portion of the project. We worked very hard getting this project to the point it is now. We expect to break ground in the spring and be ready for occupancy by early 2009.”

The $9 million project has already received substantial funding commitments from the State of New York Housing Trust Fund, Monroe County, the Town of Irondequoit, and a commitment of $5.5 million in private equity from WNC & Associates. The Greater Rochester Housing Partnership will be providing the construction loan.

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