WinnCompanies has renovated 10 historic apartment buildings in downtown Buffalo, New York, modernizing the properties and preserving all 135 units as affordable housing for 40 years.
The $20.5 million effort extended the affordability period of the buildings just before the end of their prior deed restrictions.
WinnCompanies also sought important historic designations that allowed renovations to occur based on local, state, and federal historic design standards.
“We enjoyed working together with our public and private partners to preserve and modernize this vital community before its low-income rental subsidies expired,” said WinnDevelopment senior vice president David Ginsberg. “The rehabilitation effort addressed extensive capital needs and will enhance the security and quality of life for current and future residents and our fantastic neighbors in the West Village community.”
In all, the project upgraded 12 studio, 35 one-, 60 two-, 25 three-, and three four-bedroom units. All are within walking distance to neighborhood services and numerous public transportation options.
In addition, the team created the community’s first accessible apartments, modifying 10 units to serve residents with physical, audio, and/or visual disabilities, and designated 21 apartments as veterans’ preference units with supportive services available through an on-site office staffed by Soldier On, a private nonprofit committed to ending veteran homelessness.
The West Village Apartments were constructed between 1891 and 1920 and are within a quarter of a mile of each other in Buffalo’s West Village Historic District. More than 260 households are on the waiting list for vacancies at the scattered-site community.
Overseen by WinnDevelopment, the rehabilitation project:
· Installed new roofs on all buildings;
· Converted a maintenance storage building into an affordable apartment;
· Updated all apartment kitchens and bathrooms with Energy Star appliances and fixtures;
· Repaired or replaced all windows, exterior doors, and apartment doors;
· Repaired, repointed and cleaned all masonry;
· Repaired or replaced all fire alarms and security systems, including more than 100 cameras, new fencing, and access controls throughout the property;
· Created a community room and on-site management office for all residents;
· Replaced common area lighting, flooring and stair treads;
· Built a new ADA-accessible entranceway at the property’s community room location;
· Added 20 long-term and four short-term outdoor parking spaces for bicycles in partnership with GoBike of Buffalo; and
· Planted 11 new trees in the community, including seven in the nearby Olmsted-designed Johnson Park.
Financing to renovate the properties was secured in June 2022, unlocking federal and state low-income housing and historic tax credits from New York State Homes and Community Renewal (HCR), the New York State Historic Preservation Office (SHPO), and the U.S. National Park Service. The New York Housing Finance Agency delivered tax-exempt bonds and subsidy funding.
"The extensive renovation of 10 buildings in Buffalo's West Village Historic District preserves 135 critically needed apartments, including 21 which now feature supportive services for our nation's veterans, increasing affordable housing stock and improving vibrancy in a cherished historic neighborhood,” said HCR commissioner RuthAnne Visnauskas. “This project, supported with $8.4 million in resources through HCR, underlines Gov. [Kathy] Hochul's commitment to providing New Yorkers more choices to live affordably in the community they call home. Thank you to our partners at the SHPO, WinnCompanies, and all who have contributed to making this development a reality."
The project utilized the city of Buffalo and Erie County affordable housing PILOT real estate tax program to help preserve the community’s long-term affordability.
Bank of America provided construction debt enhancement and tax credit equity to the development.
The development team featured DiMarco Constructors of Rochester, New York, as general contractor; The Architectural Team, of Chelsea, Massachusetts, as architect; Azar Design Co. of Buffalo, as civil engineer; M/E Engineering of Buffalo, as mechanical engineer; the Public Archaeology Laboratory of Pawtucket, Rhode Island, as historic tax credit consultant; and Renaissance Groups of Buffalo as the local and MWB/E hiring consultant.
Property manager WinnResidential worked with HousingToHome to help residents remain in place during the phased, occupied rehabilitation. The renovations took two years to fully complete after delays caused by the unprecedented winter storm that struck Buffalo in 2022.
WinnCompanies acquired the properties in December 2021 with acquisition-bridge loan financing from Five Star Bank, marking the company’s first entry into Buffalo’s multifamily market.
Robinson+Cole served as counsel for the financing transaction, with Nixon Peabody serving as counsel for regulatory affairs involving the Department of Housing and Urban Development; Hodgson Russ of Buffalo acting as tax counsel; and Woods Oviatt Gilman of Rochester, New York, as title counsel.
