By Paul Westmoore
The Town Board on Monday took action that brought two developers one step closer to building a $10.3 million senior citizen apartment house at 7220 Williams Road, adjacent to two other senior structures.
If all goes well, the 68-apartment structure — tabbed Summit View Place Apartments II — could be up and operating within the next two years, according to Jocelyn S. Bos, a housing consultant for developers Calamar Enterprises and National Church Residences. The structure would be erected just south of the 80-plus apartment building, Summit View Place Apartments I, which was built by the same developers.
The board opened the door to move things forward by voting to give the project its support without burdening the town with any obligations.
That action enables the developers to apply for federal grant money through the state Department of Housing and Community Renewal as well as for tax credits for private investors who provide money to fund the construction of “affordable senior housing,” Bos said.
“The Department of Housing and Community Renewal asks you to have the support of the community before they’ll consider an application ... and they really value Town Board support,” Bos said. “This will allow us to forward the grant application.”
She said the developers already have obtained $790,000 in federal home loan monies but need the $2.4 million in grant money and tax credits to help make the project cost effective.
The site plans were approved by the town in 2006 and the developers already have applied for the grant money and tax credits three times before without success.
“This will be the fourth time we apply,” she said.
It’s not that the project isn’t worthy, Bos said. She said the federal funds are difficult to obtain because “this is extremely competitive” when it comes to obtaining these grants and tax credits.
If the developers are successful this time, it will end up with another $2.4 million in addition to the $790,000 federal home loan grant. The developers also plan to take out conventional mortgage money through the CommunityPreservation corp., a local, nonprofit lending authority, Bos said.
“To make this financially feasible you need all these various different avenues of funding to pay for the land and all the soft costs like architectural and engineering work, and subsoil testing, and the construction” she said. Altogether, Bos said the extra $2.4 million will help keep the rents affordable and give the project 50 years to repay the money at a low rate of one percent interest.
“If everything goes well, construction could start next year, in the spring of 2011, and people could start leasing apartments in the late spring or early summer of 2012,” she added.
The project has been justified by a 1998 market study — which has been updated annually — that shows there’s a need for more senior housing in Wheatfield.
Bos said Calamar Construction will build the apartment building and National Church Residences will manage it. NCR already manages three other senior apartment projects including Summit View I in Wheatfield.
