WinnCos. Wraps Up $21M Affordable Renovation
Following the revamp, this Buffalo, N.Y., community will remain affordable for the next 40 years.
WinnCos. has wrapped up the $20.5 million renovation of West Village Apartments, a 10-building, 135-unit affordable housing community in Buffalo, N.Y. Following the revamp, all units will maintain their affordability for the next 40 years.
DiMarco Constructors served as general contractor while The Architectural Team provided design services. The crew also included Azar Design Co., M/E Engineering, the Public Archaeology Laboratory and Renaissance Groups.
Completed between 1891 and 1920, the three- to five-story buildings are scattered within a 1-mile radius around 190 Carolina St. Downtown Buffalo, as well as several parks and transit stops, are less than a mile away.
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The community featured concrete and brick masonry and wood-frame structures. The rehabilitation process involved the addition of new roofing, windows and doors. The team also repaired, cleaned and repointed all masonry.
Building interiors benefitted from the replacement of common area lighting, flooring, stairs, security systems and fire alarms, as well as the addition of a community room. The units’ bathrooms and kitchens got new appliances and fixtures. Additionally, 10 apartments were modified to serve residents with disabilities and 21 units will cater to veterans.
Working with HousingToHome, Winn assisted residents to remain in place during the phased rehabilitation process.
Funding an affordable renovation
Winn acquired the asset in 2021, with the help of a bridge loan issued by Five Star Bank. That purchase also marked the company’s first foray into Buffalo’s multifamily market.
Renovation funds—which were secured in 2022—included LIHTC and historic tax credits issued by the New York State Homes and Community Renewal and the New York State Historic Preservation office, as well as the U.S. National Park Service. NYSHCR provided $8.4 million, according to prepared remarks by Commissioner RuthAnne Visnauskas.
The New York State Housing Finance Agency issued tax-exempt bonds and subsidies, while Bank of America originated a construction loan and provided tax credit equity. Moreover, the project also benefited from City of Buffalo and Erie County’s payment-in-lieu-of-taxes program.
Affordable development in Buffalo
Buffalo’s fully affordable pipeline comprised some 380 units across four projects as of December, according to Yardi Matrix data. They accounted for 20.1 percent of the total multifamily pipeline which encompassed about 1,880 units.
But ground-up affordable development is not the only way of expanding the affordable stock. One school-to-affordable housing redevelopment, dubbed Apartments at the Lyceum, added 42 units to Buffalo’s inventory earlier this year.
