Marina Vista (formerly know as Watergate II Apartments) is a 195-unit affordable apartment community built in 1973.  The proposed project entails the acquisition and renovation of the complex in order to preserve and improve an important affordable housing resource in the City of Buffalo.  The property consists of an approximately 4.5 acre lot with two 13-story towers containing 97 one-bedroom units, 97 two-bedroom units and a non-revenue producing employee unit as well as a management office, community room, two laundry rooms, and outdoor barbecue area.

The property is transit-accessible with views of the Niagara River.  This property was originally financed with a HUD-insured loan assisted by interest reduction payments in connection with the National Housing Act.

In 2004, the property was refinanced with NYS Housing Finance Agency bonds and underwent a low income housing tax credit rehabilitation.  In connection with the Low-Income Housing Tax Credit ("LIHTC") rehab, the project received a 15-Term PILOT agreement with the City of Buffalo and County of Erie that is expected to expire on July, 2019.

The applicant proposes to invest approximately $36,000 per unit in direct hard costs (approximately $45,000 in total construction costs) to complete a comprehensive rehab that will improve the property functionality and aesthetically.

In addition to physical upgrades, the proposed owner is expected to enter into regulatory agreements in connection with the LIHTC's and tax exempt bonds to ensure that 100% of the units remain affordable for residents with income at or below 60% AMI for at least another 30 years.

The developer plans to work with the County of Erie and the City of Buffalo to obtain a new 15-year affordable housing PILOT agreement.

· 02/04/2019 - Public hearing held.  Transcript attached.

· 02/27/2019 - Lease/Leaseback Inducement Resolution presented to the Board of Directors