A vacant building on the Veterans Affairs Medical Center campus in Canandaigua, N.Y., has been transformed into a new housing development for low-income veterans.
The Cadence Square Housing Project for Veterans provides a range of housing, including a 15-bed recovery-oriented community residence, eight units dedicated to supportive living coupled with recovery-oriented services, and 17 low-income housing tax credit (LIHTC) apartments for veterans in need of permanent housing.
Canandaigua is located southeast of Rochester.
The $11.4 million development was created using a mix of old and new. A vacant three-story building of approximately 16,000 square feet was rehabbed, and a second building with three stories and 22,400 square feet of space was constructed.
The project partners are the U.S. Department of Veteran Affairs/Canandaigua VA Medical Center, Finger Lakes Addictions Counseling and Referral Agency, and Cazenovia Recovery Systems, Inc.
KeyBank provided $5 million in LIHTC equity and $4.6 million in a construction loan to finance the development.
“As a partner in Cadence Square, we are proud to have a hand in such a supportive development,” says Kevin Nowak, national equity investment manager of the Key Community Development Corp. “The impact it will have on alleviating veteran homelessness is significant and we are happy to help bring it to Canandaigua.”