WinnCompanies has completed a $56.6 million acquisition and rehabilitation project that preserves a 320-unit affordable housing community for approximately 700 residents in Chili, N.Y.

WinnCompanies has completed the $56.6 million acquisition and rehabilitation of the Cedars of Chili Apartments in Chili, N.Y.  The project created 272 jobs, with workers from the Rochester area filling 144 (53%) of those positions. The project met or exceeded goals for the use of minority and women-owned business enterprises.
WinnCompanies has completed the $56.6 million acquisition and rehabilitation of the Cedars of Chili Apartments in Chili, N.Y. The project created 272 jobs, with workers from the Rochester area filling 144 (53%) of those positions. The project met or exceeded goals for the use of minority and women-owned business enterprises.

Overseen by WinnDevelopment, the 18-month project at the Cedars of Chili Apartments included the renovation of all kitchens and bathrooms as well as the replacement of heating and cooling systems, roofs, windows, and wood patios and decks across all 60 of the two-story buildings on the 33-acre site.

In addition, the rehab project upgraded the property’s resident lounge, laundry room, management office, and playgrounds and incorporated a brand new fitness room, a basketball court, and a community room. The property is more accessible and sustainable with 17 new fully handicap accessible apartments and numerous energy, water, and health improvements that will benefit residents for years to come, according to the development team.

“We are proud to join with the Cuomo administration, Monroe County, the town of Chili, and Bank of America to preserve the affordability of this community and to deliver safe, quality homes for its residents for the next 40 years,” said Gilbert Winn, CEO of WinnCompanies. “There was a real risk that this property would have been converted to market-rate rental units if the community had not stepped up.”

Situated just outside Rochester, the Cedars at Chili Apartments was built in 1976 and is one of the largest affordable complexes in an area that is experiencing a severe shortage of affordable housing. The rehabilitated community features 96 one-, 158 two-, 49 three-, and 17 four-bedroom units. Of those, five one-, 10 two-, one three-, and one four-bedroom units are now handicap accessible.

A majority of the apartments at the property will be reserved for households earning at or below 60% of the area median income.

The project was supported by New York State Homes and Community Renewal (HCR), which provided tax-exempt bonds, low-income housing tax credits, Mitchell Lama preservation program funds, and an interest reduction payment loan.

“Cedars of Chili is an important example of Gov. (Andrew) Cuomo’s commitment to preserving affordable housing opportunities here and across the state,” said RuthAnne Visnauskas, HCR commissioner. “This nearly $56.6 million total upgrade and modernization project enables 700 people to remain in the community they love. A key element of the financing agreement requires rents to remain affordable for the next 40 years. It is a clear vote of confidence in the community and is another reason why the Finger Lakes region continues to move forward.”

Bank of America Merrill Lynch provided the tax credit equity, a letter of credit, and a subordinate loan. The New York State Energy Research and Development Agency provided funding for energy-efficiency improvements. The Rochester Housing Authority and the Department of Housing and Urban Development oversaw the Rental Assistance Demonstration (RAD) conversion of the development. The town of Chili also supported the development.

“Supporting the preservation of safe, affordable housing in communities like Chili and throughout the upstate New York region is vitally important to Bank of America Merrill Lynch,” said Susan Moro, senior vice president and community development executive for the bank. “We are proud to partner with WinnCompanies, whose deep commitment, experience, and passion for community development made this an ideal project for the bank to financing, providing $27.9 million in debt financing and a $13.9 million equity investment.”

DiMarco Constructors of Rochester, N.Y., served as the general contractor working from designs created by The Architectural Team, of Chelsea, Mass. WinnDevelopment acquired the property in 2015.

Staff from WinnResidential, the property management arm of WinnCompanies, will manage the community. Supportive services for residents will be provided by Partners in Community Development, a nonprofit organization in Rochester that provides on-site services at low-income housing communities.