WinnCos. Wraps Up $86M Affordable Housing Preservation Project
The firm began the renovation process in 2023.
WinnCompanies has completed the preservation and modernization of Evergreen East, a 508-unit affordable housing property in Fairport, N.Y., a Perinton, N.Y., village. As a result of the three-year, $86 million project, all the community’s apartments are now designated as low-income housing tax credit units for the first time in the property’s history.
WinnCompanies purchased and recapitalized the property in March 2023, using a mix of public and private funds, and extended the community’s full affordability for at least the next 40 years.
Ongoing affordable housing trends place a growing emphasis on rehabilitation and preservation in response to rising development costs and limited land availability.
The rehabilitated community
Previously known as Pines of Perinton, Evergreen East was completed in 1976 by the New York State Urban Development Corp. Back then, Gwathmey Siegel & Associates served as architect and Peter Rolland and Associates as planning and landscape architect. The community is within 11 miles southeast of Rochester, N.Y., and 1 mile north of Fairport’s center.
Evergreen East features five two-story buildings across a 43-acre site at 1 White Pine Circle. The community comprises studio and one-bedroom flats, three-bedroom flats and townhouses, as well as two- and four-bedroom townhouses.
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The preservation entailed renovating 498 units and rebuilding 19 others which were destroyed in a fire in 2022, as well as installing new plumbing, electrical infrastructure and HVAC systems. Out of the total number of residences, 26 were transformed into ADA accessible housing.
Exterior upgrades included new landscaping, exterior security lighting, as well as refurbishing a 1,700-square-foot management office and a 2,200-square-foot meeting area that houses a fitness center, recreation space and computer lab.
Evergreen East project financing
Financing for the acquisition and rehab of the property came from the federal and state LIHTC funds from NYS HCR, which is expected to issue more than $54.5 million in equity in partnership with Bank of America. Additionally, NYS HCR will contribute with $22.8 million in long-term permanent debt with SONYMA enhancement, as well as $34.8 million in subsidy.
The New York State Office of Parks, Recreation and Historic Preservation and the National Park Service have issued $17.2 million in federal historic tax credit equity, while Bank of America contributed with $14.7 million in state historic tax cred equity and a construction loan letter of credit. Finally, NYSERDA and Fairport Electric originated $600,000 in ENERGY funding for the portion of the community that was damaged by fire.
