Issuance of a federally tax-exempt bond, a sales tax and a mortgage recording tax exemption in connection with the acquisition, renovation and upgrading of the Ellicott Park Townhomes
Ellicott Park Townhomes is a 220-unit family Section 8 (68% or 150 units) affordable housing community located in twenty-one two-story wood frame with brick façade townhouse style buildings on 2 noncontiguous parcels totaling 8.9 acres in downtown Buffalo. These Townhomes were built in 1967 and are located just a few blocks from the main business district.
Renovations will cost approximately $ 75,000 per unit and will include ADA unit conversions, air sealing, door replacement, flooring throughout, paint throughout, kitchen upgrades (new cabinets, quartz counters, energy star appliances, plumbing fixtures), bathroom upgrades (new vanities, quartz countertops, plumbing fixtures accessories) lighting replacement. Building systems – waste line repairs/replacement, exterior window replacement brick masonry repairs, roof replacement. Site work – mill repave and restripe asphalt parking lot, new playground, new gazebo, new dog park, BBQ grills, bike racks, tree trimming, path and travel improvements. Due to the extensive scope of renovations, tenants may experience minor displacement during construction - details are currently being worked out. Tenant furniture will not need to be moved.
CPP East to acquire the property on an acquisition bridge loan in 2022 followed by a tax credit and tax-exempt bond closing in the first quarter of 2023. CPP East will submit an Option 1 Mark-Up-to-Market rent adjustment and 20-year renewal of the HAP contract from HUD and apply for as-of-right 4% LIHTC through the NYS Housing Finance Agency. CPP is pursuing a 15 Year Affordable Housing PILOT in accordance with the City and County PILOT policy.
