Westchester Park Apartments is an existing 201 unit affordable property for seniors that consists of two buildings connected by a passageway on the ground floor. The first building is a five-story elevator serviced building built in 1980 with concrete foundation and brick exterior. The second building is a two-story split level low-rise building without elevator access that originally served as an elementary school built in the 1960s and was retrofitted into apartments in the 1980s at the same time that building one was constructed. Amenities include a lobby area, laundry room, lounge area, library and community room and an onsite leasing office.

The purchasers of the property are planning major renovations costing approximately $ 50,000 per unit. Rehabilitation of the property is expected to improve the property functionally and aesthetically. Modernization of 100% of units will include new bathrooms, kitchens, flooring and lighting, painting landscaping, improvements, modernization of community space and addition of new site wide free Wi-Fi. The scope will include bringing 5% of the units (11) to full ADA compliance. The property will remain livable throughout construction so it is not expected that any tenants will be displaced during the construction period.

The proposal contemplates financing from tax exempt bonds from the ECIDA, 4% Low Income Housing Tax Credits (LIHTC) from NYSHCR as well as a Payment in Lieu of Taxes (PILOT) from the Town of Tonawanda.  200 of the 201 units are subsidized by a project-based Section 8 HAP contract – as part of the proposed transaction, the existing HAP contract will be extended for an additional 20 years.

• 09/28/23: Public hearing held.
• 10/25/23: Type II Action not subject to SEQRA review
• 10/25/23: Inducement and Bond Sale Resolution presented to Board of Directors