Federal Stimulus Funds Support Renovation of Stonewood Village, Henrietta N.Y.

December 17, 2009

PathStone Corporation begins construction on Stonenewood Village
ROCHESTER N.Y.-Officials at PathStone Corporation (formerly Rural Opportunities, Inc.) announced that construction will began this week on the renovation of Stonewood Village, located at 200 Myrtle Drive, Henrietta N.Y. The complex was built in 1979 and has 124 family townhouse units and 64 apartment units dedicated to housing senior citizens and people with disabilities. Funding for the renovation development includes: $6.9 million of federal stimulus money, low-income tax credit equity from M&T Bank, tax exempt bonds and subsidy funds from the New York State Housing Finance Agency, New York State Energy Research and Development Agency (NYSERDA) funding and NeigbhorWorks funds.

Approximately $13 million will be invested into the complex to develop two new apartment units as well as new office/community space for the family units and the units designated for senior citizens and people with disabilities. Plans for a general upgrade to the existing 186 units are included in the renovation. “The construction will not only provide quality living space for the residents, but it will allow for separate and dedicated community space for each segment of the resident population.” stated Julie Everitt, sr. real estate developer, PathStone Corporation.

Improvements to the current apartments include: new windows, roofs and siding, energy improvements, new kitchens, new flooring and painting. PathStone President and CEO Stuart J. Mitchell stated, “This is a major project in our portfolio of affordable housing communities. We greatly appreciate the tremendous support we received from the town of Henrietta for the funding applications. This revitalized property will provide much-needed family and senior housing for residents of our community for many future generations.”

NH Architecture is the architect on the renovation; Nathaniel General Contractors will serve as the general contractors.

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