Speaking of related news,
ECIDA mulls Pine Harbor $19M plan
The owner of a downtown Buffalo apartment complex is planning a face-lift and, at the same time, will complete a transaction that will keep it as a low-income residence.
The Related Cos., based in New York City, is working with the Erie County Industrial Development Agency on an incentive package to help finance renovations to the Pine Harbor Apartments on Seventh Street on Buffalo's lower West Side. The IDA will consider issuing a series of tax-exempt industrial revenue bonds to help finance the $19 million project.
The agency set a July 14 hearing for the package and its board of directors is expected to vote on the project later that day.
As part of the deal, the current owner, Harborview Associates - a Related Cos. affiliate - will sell the 208-unit complex to another affiliate. Harborview Preservation L.P.
The deal will allow the complex to maintain its low-income housing tax credits, which are considered essential to the project.
"This will preserve low-income housing there for many years to come," said Allison Kunis, Related Cos. vice president.
Harborview Associates has owned the complex for more than 30 years, she said.
"Our goal is to maintain these as low-income so it doesn't turn into market-rate apartments," Kunis said.
All of the units are occupied.
Most of the tax-exempt package will be used for long-overdue renovation, she said, adding, "It needs lots of work."
Related Cos., which has one of the country's largest portfolios of low-income housing, has an ownership stake in many local apartment complexes including the Marina Vista Apartments that overlook the Niagara River at the end of Hertel Avenue and the Carrousel Park Apartments in North Tonawanda.
So what they are saying is they have milked the taxpayers for 30 years without doing improvements and now are asking for more help to upgrade the complex so they can milk the taxpayers for another 30. SWEET!
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