May 24, 2018
Beaver Creek Apartments Will Create 104 Homes for Working Families in Growing Community with High-Performing School District
Investment Complements “Finger Lakes Forward” – The Region’s Comprehensive Strategy to Revitalize Communities and Grow the Economy
New York State Homes and Community Renewal today announced that construction is underway at Beaver Creek Apartments, a $22 million affordable housing development in the Town of Farmington in Ontario County. Beaver Creek Apartments will consist of 13 residential buildings with a total of 104 affordable homes. Residents will have access to the Town of Farmington’s high-performing Victor Central School district and nearby commercial corridors along Route 332 and Route 96 for jobs and services.
Commissioner of New York State Homes and Community Renewal RuthAnne Visnauskas said, “When we build affordable housing in fast-growing areas with high-performing schools and access to good jobs, we provide families with new opportunities and strengthen the local economy. This development will create the safe, affordable homes that will help guarantee as the Finger Lakes Region keeps moving forward, all New Yorkers are moving forward with it.”
Governor Cuomo’s commitment to strengthening communities and growing the Finger Lakes economy is reflected in Finger Lakes Forward, a $500 million state investment through the Upstate Revitalization Initiative that has injected more than $5.2 billion in the region since 2012. The state’s support of Beaver Creek Apartments is designed to complement Finger Lakes Forward by providing workforce housing in an area experiencing economic growth, and in a high-performing school district. The project is part of the Governor’s five-year, $20 billion plan to create or preserve more than 100,000 affordable homes and 6,000 with supportive services. It joins the $4.8 million Pintail Crossing, which the Governor recently announced, that will offer another 64 homes for families in the first-rate Victor Central School District.
Beaver Creek Apartments is developed by Home Leasing. The 13 new buildings on 15 acres will each contain eight apartments. The complex primarily serves families with a total of 32 one-bedroom, 40 two-bedroom, and 32 three-bedroom apartments. All buildings will be ADA compliant, have balconies or patios, and laundry facilities. A separate community building will house a kitchen, multipurpose room and exercise room for tenants.
Beaver Creek Apartments is located on the west side of NYS Route 332, the main north-south thoroughfare of the Town of Farmington. The site is adjacent to Home Leasing’s 88-unit affordable senior housing development, Farmington Gardens I, financed by HCR in 2010.
This is new mixed-income development with ninety-seven apartments available to households earning between 60% and 90% of the area median income.
New York State Homes and Community Renewal provided $16.3 million in financing for the development in the form of tax-exempt bonds and subsidy loans. HCR’s Federal Low Income Tax credit allocation will generate more than $5.7 million in equity.
Ontario County Board of Supervisors Chair John Marren said, “This is great news for both the Town of Farmington and Ontario County. These 104 affordable apartments will provide housing opportunities for many existing and new residents. This location is surrounded by high performing School Districts and many employment opportunities. We thank Home Leasing for bringing this much needed resource to the Town of Farmington.”
Farmington Town Supervisor Peter Ingalsbe said, “The Town of Farmington welcomes this wonderful new project built by the excellent Home Leasing organization and the Leenhouts Family. The Beaver Creek apartments will be a great asset to the community.”
Nelson Leenhouts, Chairman & CEO, Home Leasing said, “Home Leasing is delighted to be underway with the construction of Beaver Creek Apartments in Farmington. In collaboration with NYS Homes and Community Renewal, the Town of Farmington, and many others, we will soon provide high-quality workforce housing in a community experiencing economic growth served by an excellent school district. The location is beautiful and will provide an environment that the future residents will enjoy.”
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 $5.2 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.