PathStone Corporation holds ribbon cuttings for affordable housing developments in Rochester and Henrietta

ROCHESTER, NY (September 8, 2011) — On Friday, Sept. 9, 2011, PathStone Corporation will celebrate the opening of two affordable housing developments, Mildred Johnson Estates II and Stonewood Village Apartments. Both ceremonies will be held separately on the same day.

The ceremony at Mildred Johnson Estates will take place at 10:00 am at 89 Maria Street, Rochester, NY 14621, and the ribbon cutting at Stonewood Village Apartments will take place at 1:00 pm at 200 Myrtlewood Drive, Henrietta, NY 14467.

The ribbon cutting at Mildred Johnson Estates Phase II will celebrate the new construction of 21 3-bedroom, single family homes on formerly vacant lots owned by the City of Rochester.  Phase II is modeled on the success of Mildred Johnson Estates Phase I, which included 23 single family homes and was completed in 2008.  All of the 21 new homes will be affordable to families earning 50% or less of the area median income. Together, Phase I and Phase II represent a 10 million dollar investment in the neighborhood.

Mildred Johnson Estates II also includes a community building that will house a PathStone property manager, community meeting space and conference rooms. All units are handicapped accessible, and have been designed to meet the New York State Green Building Initiative and are NYSERDA Energy Start certified.

The ribbon cutting at Stonewood Village in Henrietta, NY will celebrate the recently renovated apartments, including 64 one-bedroom elderly/handicap units and 124 three-bedroom townhouses.  The development was recently refinanced and renovated by PathStone Housing Action Corporation.  Improvements to the development include: new siding, roofing, windows and kitchens, as well as additional insulation and air sealing.  Like the homes in Mildred Johnson Estates, the units will be affordable to families with incomes at or below 50% of the area median income.

In addition to the renovations, new community space was built for both the family and elderly/handicapped units.  Both the Town of Henrietta and the Rush-Henrietta School District are using this space to provide education and recreational programs for the residents.

Scott Schmid, vice president of Chase Community Development Banking, a major partner in financing the renovations at Stonewood Village said of the project, “As New York’s largest bank, Chase is committed to financing projects that have a sustainable impact on the communities where we do business. The Stonewood Village project will preserve much-needed affordable housing in the Greater Rochester community.”

PathStone Housing Action Corporation worked in conjunction with NH Architecture, Passero Associates and Nathaniel General Contractors to complete these projects. Stimulus funds were used for both projects.

Mildred Johnson Estates II was financed through Federal Stimulus Funds made available through NYS Homes and Community Renewal, Low Income Housing Tax Credit equity provided by Raymond James, Federal Home Loan Bank funds through First Niagara, Home Funds from the City of Rochester and a construction loan from the Greater Rochester Housing Partnership.

Funding for Stonewood Village came from Federal Stimulus Funds made available by NYS Homes and Community Renewal and tax exempt bonds from the NYS Housing Finance Agency.  Other funding sources included: NYSERDA, Monroe County federal housing funds, the Federal Home Loan Bank of New York, tax credit equity provided by M&T through Hudson Housing Capital, a letter of credit from JPMorgan Chase and assistance from the U.S. Department of Housing and Urban Development.

For more information contact:

Mildred Johnson Estates II:

Joseph Bowes, Senior Real Estate Developer


Stonewood Village:
Julie Everitt, Senior Real Estate Developer


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