North Street Y Senior Apartments
Plans for 64 low-income senior apartments in the former YWCA residence at 245 North Street near Elmwood Avenue are moving forward. To be called the North Street Y Senior Apartments, the project is being developed by E Square Capital, LLC and CWG Development Associates, Inc. The New York State Housing Finance Agency (HFA) sold $3.9 million in revenue bonds to facilitate the renovation of the handsome Georgian style landmark located in the Allentown Historic Preservation District.
E Square purchased the five-story, 100,000 sq.ft. building in October 2005. The project will consist of 63 units set aside for households with at least one member who is 55 years or older and with an annual income up to 60% of the Area Median Income in the Buffalo-Niagara Falls region, where the AMI for a two-person household is $47,400. One additional unit will be reserved for the building superintendent.
Amenities such as laundry facilities, landscaped outdoor seating areas, a community room and approximately 46 parking spaces will be provided.
“This project serves two very important public purposes,” said Priscilla Almodovar, President and Chief Executive Officer of HFA. “It creates much-needed housing for low-income senior citizens in Buffalo and also preserves the historic YWCA building that was first built in 1926.”
The total cost of the project is $7.8 million. In addition to the HFA bond financing, the development will receive an annual allocation of $247,492 in federal Low Income Housing Tax Credits, Historic Rehabilitation Tax Credits from the National Park Service in the amount of $1,315,294 and an HFA Subsidy Loan of $1,415,000. The development will also benefit from a 15-year Payment-In-Lieu-of-Taxes agreement with the City of Buffalo, which will provide real estate tax abatement.
Work is expected to be completed in 2008.
Get connected: E Square Capital, 716.884.8213
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Comment Options
jake66
do we really need more low-income senior housing on the west side? is the market driving this new development or public financing and tax credits?
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chris69
this would have made great market rate condos and apartments.
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StaggerLee
I think that low the income elderly deserve dignity and a nice place to run out the clock, but at the same it seems like a waste that that cool old building is being used for that.
At least it won't just sit and rot.
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Hoss
They are smart and thinking ahead. All them "Boomers" are going to start retiring real, real soon. And this particular crowd of retirees don't want to be herded into urine soaked old age homes. I'll have to tell my mother about this joint.
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UrbanBody
"Yes," of course, senior affordable housing is needed---here and everywhere. I ditto the thoughts of 'Hoss.' The property is perfect for shared activities/senior living.
I would much rather see all the vacant and under-utilized/failing double/triple floor houses in town owner-occupied with first-time buyers and their tenants. And if it takes some tax credits and modest subsidies/grants, etc.---bring 'em on. There's nothing wrong with helping others ...it will help all of us. The final result will be more stable neighborhoods.
Now....can Tops or Budway or better yet Trader Joe's PLEASE take over the failed Latina's supermarket in Stuyvesant Plaza!!!
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pgf1948
The real problem, Chris 69 and StaggerLee, is that most of you "younguns" don't really want city life, long-term. You talk a good game and are there for the short haul; the superficial; the "hip" as you call it. But, by and large, it's pretty much Bullshit.
I am about 60. I was replacing a roof today: down to the rafters. Sure I don't feel like I did at 50, 40, 30, etc. But the mind ages far more slowly than the body. I'd love to have a nice comfortable apartment, and to be able to say to the resident manager, I am going away for a few days, please keep an eye on my place.
Years of taking care of a house and yard take their toll. Love of place doesn't. I am fortunate enough not to need any public subsidy. There, but for the grace of God go I.
Think for once of those who have carried the torch for so long.
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STEEL
The way Americans save (Read don't save) many who currently live an upper middle class life style will soon find that this place or one like it will soon be their new place of residence.
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Sal
By law these new apartments will have to be available for anyone with a disability regardless of age. BMHA's Sedita "Senior" Housing Center on Richmond Ave at Summer St has taken a serious downturn since these new, younger tenants have moved in. These new tenants receive benefits for life, sometimes based on their addition to drugs and alcohol and their free attorney's willingness to challenge the Social Security Disability system. At a cost of over $120,000 per unit, why don't we buy condos in Amherst for two-thirds the cost and just give one to each qualified individual?
I am really trying to say something nice about this project, but all I can think of is negative. This beautiful brick building was built as a hotel, has a great location and endless possibilities.
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Biniszkiewicz
This is an exceptionally well located building for seniors. My father lives in a senior development. It isn't horrible in terms of location (Delaware Ave north of Sheridan Dr.). At least he can take his motorized wheelchair to the stores. Many senior developments are in the middle of nowhere, in terms of pedestrian accessibility. Vans take residents shopping once a week. County transport vans take residents to doctor appointments, etc. Here, residents can walk or wheel themselves to the doctor or the store. They can get outside and enjoy some real life down Elmwood and Allen. The bus stops at the corner. There are things to do and lots of people to watch. I think it's a great re-use.
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cortlandwillie
I am 62 and looking for affordable housing in the city.
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allentownjoe
I am a senior living in the Stuyvesant Apartments, it is a lovely place to live. We have a active tenant council and along with BMHA management do our best to prevent problems. We spend money too and are also looking for a guality market (no pun intended) in the former Latina's site. Latina's was panned alos, but will same that for a future post. I did hear today that Aldi is coming into the Latina site. Lets not insult the seniors or low income housing. You will be old some day too.
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