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South Wedge housing gets funds-D&C Article-December 30, 2014

South Wedge housing gets funds
Meaghan M. McDermottStaff writer

An affordable housing project planned for Rochester’s South Wedge neighborhood will share in more than $16.5 million in state grant awards announced on Monday.

The planned mixed-use Wedgepoint proposed by PathStone Development Corp. calls for two four-story buildings with 60 new residential rental units and three ground-floor commercial units at the corner of Byron Street and South Avenue. The $15.4 million building would include seven units set aside for people with physical disabilities.

The project is slated for the site of the former Downtown Travelodge, a parcel that’s been vacant for more than a decade.

The bulk of the residential apartments there will be set aside for families earning less than 60 percent of the area’s median income and will “address the need for mixed-income housing in one of Rochester’s most culturally and economically diverse communities just blocks from downtown,” according to a press release sent by Gov. Andrew M. Cuomo’s office.

The project is among four with funding announced on Monday that took advantage of a new state unified funding application to help streamline grant requests for shovel-ready proposals.

Wedgepoint will receive state Homes and Community Renewal funding via the Low Income Housing Trust Fund, $3.6 million; the state HOME program, $235,469; and state Community Investment Fund, $431,495. Additionally, the resources will help developers leverage loans and other grant funding.

Funding was also announced Monday for the Big Tree Glen project in Batavia, Genesee County. That $12.2 million project is co-developed by Conifer LLC and United Memorial Medical Center to provide 56 affordable rental units in seven two-story buildings. That project will receive $1.4 million in Housing Trust Fund awards and a $775,583 federal low income housing credit.

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