NY DEVELOPMENT TEAM CLOSES THIRD SCATTERED SITE RURAL DEVELOPMENT TRANSACTION

In late 2008, an affiliate of Conifer Realty, LLC acquired the general partner interests of several RD properties throughout Upstate New York.  The properties, upon acquisition by Conifer, needed both substantial capital improvements and significant operating capital.

These properties are located in rural communities where much of existing housing stock is in poor condition.  These small working-class communities are often not reached by New York State’s housing resources because of their size and location. 

In order to prevent the loss of critical affordable rural housing, Conifer worked closely with USDA RD and NYS HFA to consolidate several small RD financed communities into one financial transaction.

This Tuesday, June 25, WNY Rural Preservation marked the closing for Conifer’s third scattered site preservation project. In partnership with USDA RD and NYS HFA, WNY Rural Preservation will preserve 210 affordable housing apartments.  WNY Rural Preservation consists of nine properties located in Cattaraugus, Stueben and Wyoming counties:

  • Arcade Manor
  • Canisteo Manor
  • Carrollton Heights
  • Cattaraugus Manor
  • Little Valley Estates
  • Maple Leaf Apartments
  • Portville Manor
  • Portville Square
  • Yorkshire Corners

The proposed preservation improvements will be similar in scale to the first two RD scattered site redevelopments, North Country and NY Rural Preservation.

The success of these projects exemplifies the mission set by Conifer Realty to develop, own and manage high quality, affordable housing communities by working closely with local, state and federal partners.  Consolidating several small rural housing communities into one financial transaction is critical to the success of these redevelopment efforts.

We would like to congratulate everyone involved with getting this project across the finish line; your commitment and dedication allows us to do what we do better and creates and sustains Homes for possibilities.   If you wish to learn more about this project, please contact Paul Marfione (Project Director).