Charlotte Harbortown Homes, a 553-unit multifamily housing development located in Rochester, NY, was, when ground first broke in 1974, an emblem for what was possible under the new Housing and Community Development Act. With a total of 18 buildings, including two towers apportioned for senior residents and 16 two-story garden-style townhouses, the development embodied a new era of affordable housing brought to fruition by the recent legislation. The SSDC team saw in Charlotte a wealth of opportunities not just for the firm, but for the individual families and seniors who have helped to make Harbortown a true community.
The property’s affordability has been secured via a comprehensive RAD conversion. The RAD conversion resulted in a new Section 8 Project-Based Voucher (“PBV”) Program contract with the Rochester Housing Authority providing rental assistance to 290 additional units at the property. In addition to the RAD conversion, the ownership team, a joint venture between Silver Street and the Community Development Trust, recently completed $2 million in capital improvements including the replacement of the property’s elevators, upgrades to the electrical system, installation of energy efficient lighting and water saving devices, and a refurbishment of the property’s community spaces and management offices. With the additional Section 8 rental assistance and the completed improvements stabilizing operations, the ownership team will actively monitor the property’s needs and work towards a longer-term preservation of the asset upon termination of the property’s initial 15-year LIHTC compliance period in 2021.