New York Construction News staff writer
A $48 million, 40-unit affordable housing development for seniors has officially opened in Rochester, completing the first phase of a multi-phase project designed to replace the aging Cobbs Hill Village, a Mitchell-Lama development established in 1957.
In the past five years, New York State Homes and Community Renewal has created or preserved more than 6,800 affordable homes in Monroe County, with 3,700 located in Rochester.
Upcoming phases of the Cobbs Hill Village project will include constructing an additional 40-unit building to replace existing units, along with 24 garden-style townhomes to replace 20 units over the next two years.
All 104 new homes will remain affordable to senior households aged 55 and older, with incomes at or below 80 percent of the area median income.
The new development will include amenities designed to support aging in place, such as patios or decks for each unit, elevators, fitness rooms, computer labs, and gathering spaces, all in proximity to Cobbs Hill Park.
The Cobbs Hill Village project is supported by a $42 million loan from the Housing Finance Agency’s Mitchell-Lama Loan Program and $101,000 from NYSERDA. Additionally, the development will benefit from a full real estate tax abatement as a senior Mitchell-Lama complex owned by Plymouth Gardens, an Article II housing company. The developer, Rochester Management, has also contributed a sponsor loan of $3.8 million, while the Community Preservation Corporation provided a construction loan of $3.9 million.
