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Project Name

240 Kensington, LLC

Address

240 Kensington Avenue
Buffalo
New York
14214

Project Details

The proposed project entails the construction of a 40 unit senior apartment complex on Buffalo's East side.  The facility will be 41,250 sq. ft., consist of three floors.  The site is considered a brownfield and will be remediated to residential DEC standards.  The complex will be made available to seniors at 50-80% of the median income as defined  by the City of Buffalo Housing Programs CDBG & HOME Household Income and HUD HOME Rent Limits 2015.  In accordance with HUD HOME requirements, the developer must certify on an annual basis resident incomes at 50% - 60% of median income.  In addition on an annual basis the developer has agreed to certify to the ECIDA the resident incomes for the 29 units at the 80% median income level.

According to the senior housing policy adopted on June 17, 2015, attached is a worksheet highlighting the nine criteria this board will be considering when determining its support.

 

Status Details

10/21/2015 - $5,781,000 Lease/Leaseback Inducement Resolution passed by the Board of Directors.