SONYMA and NYS AHC approve $32.2m for two Monroe County projects

The boards of the State of New York Mortgage Agency (SONYMA) and the New York State Affordable Housing Corp. (AHC) have recently approved $32.2 million in financing and commitments that will result in the renovation of 484 affordable housing units in Monroe County.These actions provided financing for two projects: Rochester Civic Housing and the MHA Purchase Rehabilitation Program. SONYMA's Mortgage Insurance Fund approved mortgage insurance for three projects known as Rochester Civic Housing, where a major renovation at three locations in the city will upgrade 464 affordable units. The NYS HFA had earlier approved a $31.5 million mortgage and a $5.2 million subsidy loan the project. The project's financing structure was driven by HFA staff and the project borrowers. HFA also worked with the underwriters for the pooled bond issue, Bear Sterns and Goldman Sachs, and with Hawkins, Delafield and Wood as bond counsel, to develop this ongoing bond program. This method of pooling multiple project financings into single multi project bond issuance is being newly implemented by HFA as part of an overall effort to make the process of financing affordable housing easier and more cost efficient to developers. Rochester Civic Housing includes Norton Village, Fernwood Park and Ramona Park. The projects include 516 units in 50 townhouse or garden-style buildings. The project is being acquired by Rochester Civic Housing LLC, which is owned jointly by Rochester Civic Housing Inc. and an affiliate of Cornerstone Group Ltd., which will develop the project.The total cost of the project is $61.6 million. AHC approved a $700,000 grant to the MHA to help acquire and renovate 20 single-family homes located at scattered sites in Monroe County. The total cost of the program is $2.1 million.