CPC providing $5.925 million loan for new senior housing in Buffalo

A former school building will soon become affordable rental apartments for area seniors thanks to financing by The Community Preservation Corporation (CPC). CPC has announced closing on a $5.925 million construction loan to finance the conversion of the former Holy Family Elementary School in Buffalo into a residential building comprising 35 affordable units for seniors 55 years and older. Called the Holy Family Senior Apartments, the property is located at 920 Tifft St. When completed, the three-story building will comprise 30 one-bedroom units ranging in size from 680 to 777 s/f and five 2-bedroom units ranging in size from 945 to 964 s/f. Nine of the units will be handicapped accessible. Amenities at Holy Family Senior Apartments will include a new front portico, an outdoor covered patio, community and residential lounge areas, full bathrooms and kitchens equipped with energy-efficient appliances, locked security entrance, indoor mailroom, resident storage and laundry facilities. Each apartment will have an emergency recall response system and smoke alarms. Catholic Charities will continue to lease its 3,876 s/f South Buffalo Food Pantry at the property after the renovation is completed. In addition, Catholic Charities will provide support services to the residents. The Diocese of Buffalo and the Church of the Holy Family will sponsor the project. Delta Development of Western New York, Inc. Delta and Living Communities, LLC are the co-developers and Christa Construction, LLC is general contractor. The loan was done in conjunction with $810,091 financing from the City of Buffalo's HOME Funds and a $300,125 Federal Home Loan Bank grant. The $4,851,113 equity for the new project will be financed through the sale of tax credits. The CPC loan will be insured by SONYMA. Jim Rykowski, regional director of CPC's Buffalo and the Southern Tier which handled the loan, said: "CPC is not only pleased to again provide financing to build much-needed affordable senior housing in Buffalo but to do so by adapting an existing structure which was a part of this city's history."