Affordable Housing Development Opens in Central New York

Affordable Housing Finance
October 6, 2016
By Christine Serlin

The third phase of Riverknoll at Radisson adds another 80 units for families and individuals with mental and physical disabilities.

The third phase of Riverknoll at Radisson is providing affordable housing for 80 families and individuals with mental or physical disabilities in Central New York.

The $12.3 million development in Lysander, N.Y., celebrated its grand opening at the end of September. Ten two-story buildings are comprised of 32 one-bedroom, 40 two-bedroom, and eight three-bedroom units. All of the units serve residents earning 60% of the area median income (AMI), with 15% of the apartments reserved for individuals with mental or physical disabilities.

Developed by Baldwin Real Estate Corp., a Rochester-based affiliate of the DiMarco Group, the third phase meets LEED silver certification, and all units exceed Energy Star Qualified Homes standards. Units include energy-efficient appliances, washers and dryers, and central air. Additional amenities include a clubhouse with a community room, a fitness center, and a computer lab.

“Since 1983 we have successfully operated multifamily residential real estate in the Baldwinsville area,” said William Durdel, president of Baldwin Real Estate Corp., in a statement. “The town of Lysander was in need of quality affordable housing where hardworking people can raise their families and attend the highly rated Baldwinsville school district. We think Riverknoll at Radisson fills a significant portion of that need.”

The third phase was financed with 9% low-income housing tax credits and a permanent loan from New York State Homes and Community Renewal, tax credit equity from Raymond James Tax Credit Funds, a construction loan from First Niagara Bank, and Federal Home Loan Bank of New York funds. In addition, Community Preservation Corp. provided a State of New York Mortgage Agency–insured permanent loan through the New York State Common Retirement Fund.

The prior two phases of Riverknoll at Radisson added 160 units for residents earning 60% of the AMI, with the investment for all three phases totaling more than $37 million.