PathStone awarded $1.74 million in grants

Mary E. McCrank
Director of Corporate Communications and Fundraising
April 6, 2009

Announcement comes on heels of $1.3 million stimulus grant
to assist low-income working seniors

ROCHESTER, NY-PathStone Corporation today was notified it has been awarded $1.74 million in funding that is coming to New York State through the American Recovery and Reinvestment Act to build affordable housing in northeast Rochester.

New York State Governor David A. Paterson, who announced $253 million in grants to provide nearly 8,000 units of affordable housing in New York, is the first governor in the nation to suggest that funding for such housing projects be included in the economic recovery package signed into law earlier this year.

The news of this stimulus funding comes on the heels of Friday’s announcement that PathStone was awarded a $1.3 million contract from the National Council on Aging to help low-income older workers re-enter the workforce as part of the reinvestment act.

The funding for the affordable housing, from the New York State Division of Housing and Community Renewal, will be used by PathStone affiliate PathStone Development Corporation to construct Phase II of Mildred Johnson Estates. Phase II, expected to cost about $4.75 million, will include the new construction of 20 three-bedroom homes for low- and very low-income families, as well as a community room/office building. PathStone will receive $440,000 in new Low Income Housing Tax Credits allocation and $1.3 million in Tax Credit Assistance Program funds.

“It’s a shovel-ready project,” said Stuart J. Mitchell, president and CEO of PathStone. “The Governor visited Mildred Johnson Estates, and we so pleased that he is making New York the first state to use the federal stimulus to jump start affordable housing projects for working families. We’re also very appreciative of the support from Assemblyman David Gantt and Congresswoman Louise Slaughter.”

Gov. Patterson visited Mildred Johnson Estates in early 2008 and met with a family living in one of the homes, as well as neighbors, the developer and PathStone staff. The homes are located in the 14621 neighborhood off of Joseph Avenue on Maria, Thomas, Bernard and Alphonse streets. Phase II also will include homes on Clifford Avenue.

The $5.3 million Phase I project saw the development of 23 three- and four-bedroom homes. As with Phase I, all of the homes in Phase II will be rented to families with incomes below 50 percent of the area median family income. The houses will be available for purchase at the end of 15 years.

The City of Rochester invested $104,000 in HOME funds for Phase II. In addition, the Greater Rochester Housing Partnership provided the construction loans for both phases. The loan for Phase II is $2.5 million.

The builder is Nathaniel Development Corporation, and Passero Associates are serving as the architect and engineer. Construction on Phase II should begin within the next several months. All of the buildings in Mildred Johnson Estates meet the New York State Division of Housing and Community Renewal’s Green Building criteria and are energy efficient.

Quotes included in the Governor’s press release:

Congresswoman Louise Slaughter: “The enactment of the economic recovery bill has enabled us to invest in affordable housing across New York. These recovery dollars are critical in our effort to secure housing for thousands of families and strengthen our communities and regional economies.”

Assemblyman David Gantt: “The Mildred Johnson and El Camino Estates are a source of reliable, affordable housing for hardworking Rochester families. The federal stimulus money announced today will help improve and enhance the quality of housing units at a time when there is a particular need.” (El Camino is housing being constructed by the Ibero-American Action League.)

About PathStone
PathStone is a not-for-profit community development and human service organization providing services to low-income families and economically depressed communities throughout New York, Pennsylvania, New Jersey, Ohio, Indiana, Virginia, Vermont, and Puerto Rico. Headquartered in Rochester, N.Y., PathStone is celebrating its 40th year of serving its participants. For more information, visit www.pathstone.org.



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