Reed Tours Senior Housing Complex
Renovated site was funded through mixture of tax credits
Hammondsport, NY – Yesterday, Congressman Tom Reed visited the Lake Street Senior Apartments. Reed toured the apartments, meeting with elderly residents as well as representatives from Arbor Development, the non-profit that manages the complex. The site is a renovated historic school building in the middle of downtown Hammondsport that was remodeled into 21 modern senior living units through a mixture of Low Income Housing Tax Credits, Historic Tax Credits, New Market Tax Credits and NeighborWorks funding.
“The apartments are perfect example of state, local and federal players coming together to provide seniors with an affordable and high standard of living, all while preserving a historical building and enhancing this community,” Reed said.
The New Market Tax Credit (NMTC) is a credit to private investors who put capital into approved projects designed to help low-income communities. The Historical Tax Credit, known as the “Rehabilitation Tax Credit,” is available to either non-residential or residential buildings built before 1936 or to buildings on the National Register of Historic Places for renovation efforts. The Low-income Housing Tax Credit provides a tax credit to investors who financially support low income housing.
NeighborWorks is an organization that fosters public/private partnerships to provide affordable housing and community development at the local level for individuals, families and communities.
Reed also took the opportunity to discuss details of the new Credit for Caring Act.