WinnCompanies has secured funding for a comprehensive $137 million rehabilitation of a historic 508-unit affordable housing community near Rochester, New York.
The effort aims to improve and preserve Pines of Perinton as affordable housing for at least the next 40 years, according to officials. Home to 1,191 residents, the development is located in the village of Fairport within the town of Perinton.
All the apartments will be modernized and designated as low-income housing tax credit (LIHTC) units for the first time, meaning that all units will be affordable for residents at different income levels. In addition, 26 units will be converted to Americans with Disabilities Act-accessible housing, as required by New York state law, for the first time in the property’s 51-year history.
Designed and constructed by New York state’s Urban Development Corp. (UDC) between 1972 and 1976, the Pines has been designated as historically significant as an example of pioneering affordable housing development, urban community planning policy, and as a model of work by the Gwathmey Siegel architectural firm and landscape designer Peter Roland. The 43-acre community was recently listed in both the New York state and National Register of Historic Places.
“Financing a redevelopment like this is a complex undertaking that requires partnership at every level of government and input from the community,” said WinnCompanies CEO Gilbert Winn. “We’re very pleased to commence the improvements we had planned since we acquired the Pines late in 2019 and to extend the community’s affordability. Once complete, this upgraded development will feature robust community gathering space, services, and support. We appreciate the patience and partnership that residents, our staff, government agencies, and our funders have shown to get this project to the starting line.”
In addition to financing from WinnCompanies, numerous agencies are supporting and funding the project. New York State Homes and Community Renewal (NYSHCR) and the New York State Housing Finance Agency are providing tax-exempt bonds, a first mortgage, and subsidy loans, along with an allocation of federal and state LIHTCs. NYSHCR financing includes $42 million in federal LIHTCs, nearly $14 million in federal historic tax credits, $5.1 million in state LIHTCs, and nearly $35 million in subsidy.
Bank of America is providing a construction loan letter of credit and has purchased all federal and state low-income housing and historic tax credits.
The State of New York Mortgage Agency is providing credit enhancement to the long-term first mortgage financing. Additional financing is coming from the New York State Historic Preservation Office, New York State Energy Research and Development Authority, and Fairport Electric.
The work will be conducted as an occupied renovation beginning in the spring and is expected to be completed by fall 2025. No households will be permanently displaced during the rehab, according to officials, noting that property manager WinnResidential will work with relocation consultant HousingToHome to coordinate moving households in and out of vacant units on site while their apartments are being renovated.
WinnDevelopment will oversee the phased occupied rehabilitation, which will be carried out by DiMarco Constructors as the general contractor, using designs by The Architectural Team as architect and BME Associates serving as civil engineer and landscape architect.
Renaissance Groups, a certified women-owned consultant based in Rochester, will conduct outreach to provide access to construction job opportunities and has partnered with the general contractor to ensure local minority- and women-owned businesses are given the opportunity to bid for work on the project.
The scope of work features new kitchens, bathrooms, and windows for every apartment and new roofs on every building. The rehab will help reduce water and energy usage while improving comfort through the installation of new heating systems, high-efficiency water heaters, Energy Star air conditioners and ventilation fans, LED lighting, Energy Star appliances, air sealing and insulation, and low-flow plumbing fixtures.
The property’s community building, where day care, tutoring, and other resident services take place, will be renovated to include a business center, a fitness room, and an event space for resident use. The space will continue to host local area nonprofits that serve the Pines’ residents and families. The transaction will generate additional resources for the expansion of resident services at the property, which are coordinated by a full-time WinnResidential staff member in collaboration with residents.
Work to rebuild 19 apartments destroyed during a January 2022 fire is underway and expected to be completed this summer. The new units will meet the rigorous efficiency standards set under the U.S. Department of Energy’s Zero Energy Ready Homes program.
