Issuance of a federally tax-exempt bond and a mortgage recording tax exemption in connection with the acquisition, renovation and upgrading of the Tonawanda Towers

Tonawanda Towers is a 100% affordable housing facility consisting of 100 units (plus one super's unit) targeting senior households earning 60% AMI or less. The project consists of the acquisition and renovation of the building. The extensive rehabilitation includes: renovating the interiors of all units and the common areas, upgrading all electrical equipment to energy efficient equipment, updating the building envelope and improving various site features. The upgrades to the units will be done as “rehab in place” with efforts made to minimize tenant  impact during renovations. All units are one bedroom with rent ranges = $ 1,205 - $1,230.

The building also has an existing Housing Assistance Payments (HAP) contract for 100% of the units, which will be extended for another 20 years.  The applicant is currently working with the City of Tonawanda on a PILOT for the property.

• 10/13/22 Public hearing held.
• 10/26/22 – Type 2 Action not subject to SEQRA review
• 10/26/22: Inducement and Bond Sale Resolution presented to the Board of Directors