$137 million secured for Pines of Perinton apartment complex rehabilitation

PERINTON, N.Y. (WROC) — National developer WinnCompanies announced Wednesday that it has secured the funding for a $137 million rehabilitation of Perinton-Fairport apartment complex Pines of Perinton.

WinnCompanies says this rehabilitation will help to preserve the 508 unit and 43-acre community that they say is a key source of affordable housing in greater Rochester for decades to come.

The project is set to extend affordability, as well as modernize the apartments and designate them as Low-Income Housing Tax Credit units for the first time. The complex adds all units will be affordable for various income categories.

The developers says the complex will feature new kitchens, bathrooms, and windows for every apartment and new roofs on every building.

“Financing a redevelopment like this is a complex undertaking that requires partnership at every level of government and input from the community,” said WinnCompanies CEO Gilbert Winn. “We’re very pleased to commence the improvements we had planned since we acquired the Pines late in 2019 and to extend the community’s affordability. Once complete, this upgraded development will feature robust community gathering space, services and support. We appreciate the patience and partnership that residents, our staff, government agencies and our funders have shown to get this project to the starting line.”

The rehabilitation will also help to reduce water and energy usage while improving comfort through the installation of new heating systems, high-efficiency water heaters, ENERGY STAR air conditioners and ventilation fans, LED lighting, ENERGY STAR appliances, air sealing and insulation, and low-flow plumbing fixtures.

Renovations will also come to the property’s community building, where daycare, tutoring and other resident services now take place, will work to include a business center, fitness room and event space for resident use.

26 units in the complex will be converted to ADA accessible housing, which is required by state law. These units will be the first accessible apartments in the property’s 51-year history.

Back in January 2022, at least 65 people lost their home after a fire at the apartment complex after 18 units were destroyed. Later that year, the Town of Perinton issued appearance tickets for tenants living at the complex for living conditions that were “sub-par and unfixed” — including rodents, water leaks, and various damages.

New York State Homes and Community Renewal for the $137 million project includes:

$42 million in Federal Low Income Housing Tax Credits

Nearly $14 million in Federal Historic Tax Credits

$5.1 million in State Low Income Housing Tax Credits

Nearly $35 million in subsidy

Additional financing came from $5.3 million in State Historic Tax Credits through New York State Historic Preservation Office, New York State Energy Research and Development Authority, Fairport Electric, and the developer.

The work on the apartment complex will begin in the spring of 2023 as an occupied renovation. The renovation is expected to be completed by the end of 2025.