October 4, 2017
Silver Street has completed a Rental Assistance Demonstration (“RAD”) conversion at Charlotte Harbortown Homes, a 553-unit LIHTC development in Rochester, New York. 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. Originally constructed in 1974, this lakeside development comprises 18 buildings, including 2 towers apportioned for senior residency and 16 two-story garden-style townhouses for families. 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.