Investment Complements "Finger Lakes Forward" - The Region's Comprehensive Strategy to Revitalize Communities and Grow the Economy
December 13, 2019 – New York State Homes and Community Renewal (HCR) Commissioner RuthAnne Visnauskas today announced the completion of Stadium Estates Phase II, a $13 million development that constructed 30 new residential buildings on formerly vacant land in Rochester’s JOSANA neighborhood. Stadium Estates Phase II offers 46 new affordable homes for large families and a new community building for residents to enjoy. Together with Phase I, the Stadium Estates redevelopment project created 58 new residential buildings with 91 affordable homes.
HCR Commissioner RuthAnne Visnauskas said, “The Stadium Estates redevelopment has truly transformed JOSANA’s neighborhood by replacing vacant land with 91 affordable homes across 58 newly constructed buildings. These new homes have made the neighborhood more attractive, safer, and a better place for families to live and play. Under Governor Cuomo’s tenure, HCR has created affordable housing for nearly 6,000 people in Rochester. Together, our efforts are ensuring that Rochester and the Finger Lakes region continue to move forward.”
Governor Cuomo’s commitment to strengthening communities and growing the Finger Lakes economy is reflected in Finger Lakes Forward, the region's comprehensive blueprint to generate robust economic growth and community development. The State's investment in Stadium Estates complements the Finger Lakes Forward initiative by creating affordable housing for families.
Since 2011, HCR has financed the creation or preservation of nearly 6,700 affordable multifamily homes in the Finger Lakes Region including more than 2,400 in Rochester.
All thirty buildings in Stadium Estates Phase II were constructed on formerly vacant land within a half mile of the newly constructed community building. Most of the homes have three or more bedrooms to accommodate large families. All of the homes are affordable to households earning at or below 60 percent of the Area Median Income.
Each home has Energy Star central air conditioning, laundry facilities, dishwashers and front porches. Residents will have access to discounted broadband internet service. The community building has a computer lab, a community room with kitchenette for events, offices and outdoor space.
State financing for Phase II included federal Low-Income Housing Tax Credits that generated $8.5 million in equity and $2.4 million in subsidy from HCR. The New York State Energy Research and Development Authority (NYSERDA) provided $53,000. The city of Rochester provided $765,000 in HOME funds, and the City of Rochester Land Bank committed $350,000 to the development. Finally, Federal Home Loan Bank of New York provided $612,000 for the construction of the homes.
Stadium Estates was developed in partnership between Rochester’s Cornerstone Group and Charles Settlement House. 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.
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.
Rochester Mayor Lovely Warren said, “Thanks to the commitment of our partners, the story of the JOSANA Neighborhood is quickly emerging as one of Rochester’s most uplifting stories of progress through perseverance and the Stadium Estates housing development is an important part of that story. Those partners include Governor Andrew Cuomo, New York State Homes and Community Renewal, the Rochester Land Bank, Rochester’s Cornerstone Group, Charles Settlement House and, most especially, the people of JOSANA. I am grateful to all of these partners for bringing this project to completion and providing our citizens with access to quality, affordable housing, which is the starting point of our efforts to create more jobs, safer and more vibrant neighborhoods and better educational opportunities.”
Rochester's Cornerstone Group President Roger Brandt said, “Over the past five years, as Charles Settlement House and Cornerstone have been developing 91 homes for families in the Jordan’s neighborhood, we have learned a great deal about the passion that the neighborhood leaders have for their community. Every week the leaders and members of the community get together to meet to discuss the issues that are before them. This is a true example of grassroots activity and the positive impact which could be made by working together.”
Charles Settlement House President and CEO Scott C. Benjamin said, "Stadium Estates has been a catalyst for the revitalization of the JOSANA neighborhood. Residents are working to make this a safer and more attractive neighborhood. School #17 has more neighborhood children enrolled and has become a community school that is a model for others to follow. Charles Settlement House has served northwest Rochester for 102 years and we're proud to partner with Cornerstone, New York State and the City of Rochester to create safe affordable housing."
Amy Herlehy, Western New York Regional Executive of Citizens Bank said, “Citizens Bank is committed to improving the economic vitality of our communities and the financial acumen of our fellow citizens. We provided a construction loan for this important project as well as construction financing for 45 homes in Phase 1. In addition, Citizens was an investor in the project and the bank currently offers free financial education classes at Charles Settlement House to all of the residents in the neighborhood. Overall, Citizens has committed more than $3 billion in loans and investments to support the development and rehabilitation of affordable housing units and economic revitalization activities in our communities. These efforts have resulted in more than 20,000 new or rehabilitated housing units in communities served by Citizens. The project that we are celebrating today is a perfect example of the type of work that Citizens does throughout the communities that it serves. We are very pleased to be part of the team that made today a reality and we look forward to continuing to support the Rochester community.”
Accelerating Finger Lakes Forward
Today’s announcement complements “Finger Lakes Forward,” the region’s comprehensive blueprint to generate robust economic growth and community development. The State has already invested more than $6.1 billion in the region since 2012 to lay the groundwork for the plan – investing in key industries including photonics, agriculture and food production, and advanced manufacturing. Today, unemployment is down to the lowest levels since before the Great Recession; personal and corporate income taxes are down; and businesses are choosing places like Rochester, Batavia and Canandaigua as a destination to grow and invest in.
Now, the region is accelerating Finger Lakes Forward with a $500 million State investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. The State’s $500 million investment will incentivize private business to invest well over $2.5 billion – and the region’s plan, as submitted, projects up to 8,200 new jobs. More information is available here.