KeyBank Community Development Lending & Investment (CDLI) is providing $15.5 million in financing to Home Leasing for the construction of Charlotte Square on the Loop in Rochester, N.Y. The funding includes a $6.6 million construction loan and $8.9 million in low-income housing tax credit (LIHTC) equity.
Upon completion, the development will feature 50 multifamily units, ranging from studio, one-, and two-bedroom apartments and townhomes targeting mixed-income households, with eight units set aside for individuals earning 30% the area median income (AMI), 26 units for individuals earning 60% of the AMI, and 16 units for individuals earning 80% of the AMI.
In partnership with Spiritus Christi Prison Outreach (SCPO), eight units will be set aside as supportive housing for homeless ex-offenders who are in recovery and graduating from transitional housing. SCPO will provide case management and deliver supports needed, such as job training and placement, transportation, and others as well as oversight of individual and group supportive services to those tenants. Empire State Supportive Initiative is providing rental subsidy and supportive funding for these eight units.
“Home Leasing is grateful to partner with KeyBank on the development and construction of Charlotte Square on the Loop,” said Nelson Leenhouts, chairman and CEO of Home Leasing, in statement. “Like KeyBank, Home Leasing and Home Leasing Construction understand the transformative impact that access to affordable housing can have on this community.”
Jaime Tuozzolo of KeyBank’s CDLI arranged the financing along with Ryan Olman, also from CDLI. Additional funding was provided by the New York State Homes and Community Renewal and the city of Rochester.
