Elmwood Square Apartments is a 138-unit affordable apartment community built in 1974. The proposed project entails 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 1- acre lot with one 12-story tower containing 32 studio units, 106 one-bedroom units and a non-revenue producing employee unit.  In addition, the property contains a management office, community room, gated resident parking lot, outdoor mezzanine common area, rear courtyard, multiple laundry rooms and five (5) commercial spaces.  In total the building is just over 107,000 sq. ft.  The property is located within Buffalo’s Bryant neighborhood which provides affordable living for singles seniors and families.  It is home to many long-term residents, with over a third having lived there for 10 years or more.

In connection with the substantial rehabilitation of the property in 2004, the project entered into a PILOT Agreement with the City of Buffalo and County of Erie which PILOT has been further extended through 2034.  In the 15 years since the 2004 renovation the property has been well maintained but now has physical needs that require a significant capital investment.  The applicant proposes to work with New York State Housing Finance Agency (“HFA”) to obtain an allocation of 4% LIHTC’s and tax-exempt financing through the ECIDA.  The acquisition closing and renovation is expected to occur in the 4^th  quarter of  2020 with renovation to be completed over a nine-month period and the applicant proposes to invest approximately $36,000 per unit in direct hard costs ($45,000 in total construction costs) to complete a comprehensive rehab that will improve the property functionality and aesthetically.

The proposed renovation is expected to include building envelope site work (roof replacement, façade repair, lighting, repaving, landscaping and concrete work), building system and common area improvement (elevator modernization, mechanical upgrades, common area

09/23/2020 - $15,826,891 Lease/Leasebackk Inducement Resolution approved by the ECIDA Board of Directors