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Homes and Community Renewal

Crerand Commons Phase II Arrives in Gates, NY

Announcement Complements “Finger Lakes Forward” – Region’s Successful Upstate Revitalization Initiative Blueprint to Grow the Economy and Create New Opportunities

ROCHESTER, NY (June 1, 2016) –PathStone Corporation and New York State Homes and Community Renewal (HCR) broke ground today, June 1st at 10am on phase II of Crerand Commons at 3895 Lyell Road in Gates, NY. Crerand Commons II will be located within a few hundred feet to the fully occupied phase I. The 33-unit development complements “Finger Lakes Forward,” the region’s comprehensive blueprint to generate robust economic growth and community development.

Aligning with the vision of the Rochester-Monroe Anti-Poverty Initiative, Crerand Commons Phase II will increase housing choices for families with children who seek a stable living environment where the promise of economic mobility is a reality. The development is consistent with HCR’s Housing Opportunity goal and received an accelerated award because it will be served by the high-performing Spencerport School District and is in close proximity to public transportation, child care, and employment opportunities.

James S. Rubin, Commissioner of New York State Homes and Community Renewal said, “Affordable housing is a key to stronger local economies and a better quality of life in communities throughout New York. Crerand Commons is another example of the momentum we’re seeing throughout the Finger Lakes region. Since 2012, the State has invested more than $3.4 billion in growing the region’s economy. HCR continues to make investments that create the opportunity for more people to live in high-quality affordable homes, and at the same time add to the vibrancy of neighborhoods.”

“PathStone Corporation is proud to be a partner with New York State and the Town of Gates in developing the second phase of Crerand Apartments. Together we are creating a vibrant community for families who will have an opportunity to provide a stable living environment in which their children can blossom and flourish” said Stuart Mitchell, President/CEO of PathStone Corporation.

The development is comprised of 33 affordable and highly energy efficient, townhouse rental units within six buildings that are designed to comply with the 2015 Enterprise Green Communities and New York State Energy Research and Development Authority building program requirements. Phase II will feature amenities that include a community building with a computer lab, a recreation area for teens, a playground for children, and a community garden

All two and three bedroom units, ranging in size from 952 square feet to 1,282 square feet, will provide housing for families at or below 60% of the Area Median Income. Five of the units will be set aside for persons who are homeless, and two units will be made available for persons who have a hearing or vision impairment, and an additional four units will be fully accessible, adapted and move in ready.

Town Supervisor of Gates, Mark Assini, said of the project, “Crerand Commons II will aid working families with modest incomes by providing a safe environment to live, work and raise a family. God Bless the people at PathStone for improving the quality of life for so many young families.”

State Senator Joseph E. Robach said, "Crerand Commons Phase II is offering quality affordable apartments in Gates, allowing families the opportunity for a bright future in a vibrant community with good schools and many conveniences. Thank you to Governor Cuomo, PathStone Corporation, and all the partners who worked to create this great development.”

PathStone, led by Real Estate Developer Robert Cain, is working in conjunction with NH Architecture, Nathaniel General Contractors, Parrone Engineering, and CJ Brown Energy to successfully complete this project.  The construction of Crerand Commons II is being financed by NYS Homes & Community Renewal Housing Trust Fund, National Equity Fund®, NYSERDA, First Niagara Bank, Monroe County HOME, NeighborWorks America® and Greater Rochester Housing Partnership. Crerand Commons II is scheduled for completion in March 2017, with a phased lease up expected to begin in January 2017. Families interested in leasing the units should contact PathStone Property Management at 585-546-6340 and request to be put on an interest list.

Accelerating Finger Lakes Forward
Today’s announcement complements “Finger Lakes Forward,” the region’s comprehensive blueprint to generate robust economic growth and community development. The State has already invested more than $3.4 billion in the region since 2012 to lay the groundwork for the plan – investing in key industries including photonics, agriculture and food production, and advanced manufacturing. Today, unemployment is down to the lowest levels since before the Great Recession; personal and corporate income taxes are down; and businesses are choosing places like Rochester, Batavia and Canandaigua as a destination to grow and invest in.

Now, the region is accelerating Finger Lakes Forward with a $500 million State investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. The State’s $500 million investment will incentivize private business to invest well over $2.5 billion – and the region’s plan, as submitted, projects up to 8,200 new jobs. More information is available here.

About New York State Homes and Community Renewal:
New York State Homes and Community Renewal (HCR) includes the Affordable Housing Corporation, the Division of Housing and Community Renewal, the Housing Finance Agency, State of New York Mortgage Agency, Housing Trust Fund Corporation and others. 2016 marks the fourth year of Governor Cuomo’s $1 billion statewide House NY program, whose goal is to create or preserve 14,300 affordable units by 2018. In 2015, HCR set a record for financing the creation or preservation of more than 11,000 affordable homes and apartments and was the #1 bond issuer in the nation with $2.5 billion issued. The agency stands ready to make good on the Governor’s new $10 billion 100,000 unit House NY 2020 commitment. For more information on HCR programs and initiatives, please visit: http://www.nyshcr.org/

About PathStone
PathStone is a Rochester, NY based not-for-profit community development and human services organization, that provides services to low-income families and economically distressed communities throughout New York, Pennsylvania, New Jersey, Ohio, Indiana, Virginia, Vermont, and Puerto Rico. It is a certified Community Development Financial Institution (CDFI). PathStone’s real estate development division has developed, improved or acquired over 3,700 units of high-quality, multi-family housing and single-family homes. PathStone specializes in creating housing to meet the needs of low-income, working families, as well as “at risk” individuals and families – the homeless, disabled adults and the elderly. www.pathstone.org