ALBANY, NY -- May 8, 2018 -- New York State Homes and Community Renewal today announced that construction is underway on Stadium Estates Phase II, a $12 million development that eliminates a vacant property to create 46 affordable homes and is central to the City of Rochester's comprehensive plan to redevelop the JOSANA neighborhood. When fully phased in, the entirety of the Stadium Estates redevelopment will construct 58 residential buildings with a total of 91 affordable homes and a community center for residents. The majority of the development’s rental homes will serve large families.
Commissioner of New York State Homes and Community Renewal RuthAnne Visnauskas said, “Stadium Estates Phase II will continue to reinvigorate the JOSANA neighborhood in downtown Rochester by replacing vacant lots with quality affordable apartments in attractive buildings. This development complements Governor Cuomo’s efforts to create stronger neighborhoods and local economies that keep the Finger Lakes moving forward.”
The Governor's commitment to providing all New Yorkers with access to safe, affordable housing is reflected in the State's unprecedented $20 billion, five-year Housing Plan. The plan makes housing accessible and combats homelessness by building and preserving 112,000 units of affordable housing, including 6,000 of supportive housing. The plan is a comprehensive approach to statewide housing issues and includes multifamily and single-family housing, community development, and rent stabilization.
Stadium Estates II will primarily serve large families with 11 two-bedroom units; 23 three-bedroom units; 7 four-bedroom units; and 5 five-bedroom units. The rental homes will serve households with incomes below 60 percent of the area median income. Rents will range from $595-$973 a month.
Building amenities include access to discounted broadband internet service, Energy Star laundry facilities, air conditioning, dishwashers, a computer lab and outdoor patio space.
New York State Homes and Community Renewal provided $2.4 million in financing for the development in the form of a subsidy from HCR’s Housing Trust Fund. HCR’s annual Federal tax credit allocation generated more than $8.5 million in equity. The development also received $700,000 from the City of Rochester’s HOME program and $54,000 from the NYSERDA.
This is the latest State investment that advances the objectives of the JOSANA Master Plan, a comprehensive redevelopment plan adopted by the City of Rochester in February of 2011. In 2016, Governor Cuomo announced the opening of the first phase of Stadium Estates, an $11 million development that provided 45 affordable homes for families.
Residents of Stadium Estates Phase II will benefit from nearby School 17’s bilingual Family Center and attached medical and dental facilities. In 2014, Governor Cuomo signed legislation to provide an additional $435 million to the Rochester Schools Modernization Program, a multi-phase capital initiative to provide the Rochester City School District with greater capability to meet the educational needs of its schoolchildren. School 17 received $28 million from this program.
Since 2011, HCR has financed the creation or preservation of more than 2,000 affordable multifamily homes in the City of Rochester and more than 3,600 in Monroe County.
Senator Joe Robach said, "Stadium Estates continues to be an important part of the vision for the future of the JOSANA neighborhood. Through community cooperation, we can continue to remove blight and disrepair and continue working to replace it with attractive affordable homes for families, ensuring that we are using community development to bring this neighborhood back to life."
City of Rochester Mayor Lovely Warren said, “In every corner of Rochester, we are demolishing old, dilapidated structures and clearing the way for transformative projects such as Stadium Estates Phase II. The City of Rochester is proud to be an ally alongside our public and private development partners to invest in our citizens and create neighborhoods where people are excited to live and raise their families. On behalf of the residents of Rochester, I would like to thank Governor Cuomo, New York State Homes and Community Renewal, Rochester’s Cornerstone Group and Charles Settlement House for their investments in our city.”
Rochester City Councilwoman Molly Clifford said, “The JOSANA neighborhood is home to many young families, and providing affordable housing is key to expanding opportunities for them and their children. Stadium Estates II will add to the vibrancy of this community for years to come. I want to thank Governor Cuomo and our public and private partners for their collaboration on this project.”
Monroe County Legislator Cynthia Kaleh said, “Homes come in all shapes and sizes, lots or rooms or just a few; the size doesn’t increase or diminish the value of the home. The quality, craftsmanship and stewardship does make a difference. This celebration marks the beginning of additional quality, affordable rental properties, ready to become homes in a neighborhood of waiting families.
Roger W. Brandt, Jr, President, Rochester’s Cornerstone Group said, “Cornerstone is excited to partner again with Charles Settlement House on the second phase of Stadium Estates. We’re proud of our commitment to improving the quality of neighborhood housing, community and our residents’ lives while exceeding Section 3 and M/WBE hiring goals by our general contractor Atlas Builders.”
Scott C. Benjamin, President and CEO, Charles Settlement House said, “Phase II of Stadium Estates continues the transformation of a severely distressed neighborhood. These homes were part of the residents’ vision in the JOSANA neighborhood master plan. New housing, combined with the conversion of School #17 to a community-school model and demolition of blighted commercial buildings, has changed the fabric of the neighborhood. Residents are more engaged, children are attending their neighborhood school, and people are proud to live in JOSANA.”
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