Affordable Housing Finance
“The LIHTC equity will help finance a 48-unit development in Dryden, N.Y.
Boston Capital announced that it is investing in the construction of a 48-unit affordable housing development for families in Dryden, N.Y.
Poets Landing II is being developed by Rochester, N.Y.–based Conifer Realty.
Boston Capital is investing approximately $7.6 million in low-income housing tax credit (LIHTC) equity in the project. The firm also partnered with Conifer on the construction of Poets Landing I, a 72-unit apartment community completed in 2013.
Conifer Realty’s 48-unit Poets Landing II will provide affordable housing for families in Dryden, N.Y. The deal marks the 30th collaboration between Conifer and housing tax credit syndicator Boston Capital.
“Low- to moderate-income families in need of high-quality affordable housing in the Dryden area will benefit from Boston Capital’s investment in Poets Landing II,” said Jack Manning, president and CEO of Boston Capital, in a statement. “We are happy to once again team up with our longtime partner Tim Fournier and our friends at Conifer in the second phase of Poets Landing.”
Since 1986, Boston Capital and Conifer have partnered in 30 multifamily developments, resulting in the creation of 2,249 units of affordable housing across the Northeast, according to Manning.
Located on 10 acres, Poets Landing II will feature 16 one-bedroom, 24 two-bedroom, and eight three-bedroom units in six two-story buildings. Units will include central heating and air conditioning, dishwashers, patios/balconies, and storage. Residents at Poets Landing II will have access to the community amenities at Poets Landing I, which feature a leasing office, a great room, a computer workstation, a laundry center, and a playground. The apartments will be available to families earning 60% or less of the area median income.
To date, Boston Capital has invested in more than 6,700 apartments in New York.