BOSTON, MA - Boston Capital is investing in the construction of Poets Landing Apartments, a 72-unit multifamily development for families in Dryden, NY. Poets Landing Apartments will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The general partner is Conifer, LLC, based in Rochester, New York.
"Low to moderate-income families in need of high-quality affordable housing in the Dryden area will benefit from Boston Capital's investment in Poets Landing Apartments," said Jack Manning, president and CEO of Boston Capital. "Boston Capital and Conifer Realty have a long-standing relationship, partnering in 40 multifamily developments resulting in the creation of 2,634 units of affordable housing across the Northeast."
Located on 18 acres, Poets Landing Apartments will feature 24 one-bedroom, 32 two-bedroom and 16 three-bedroom units in nine, two-story buildings. The development will include a playground, community room with a kitchen, fitness center, computer room and central laundry. Units will feature central air and will be equipped with a dishwasher, patio or balcony and storage. Poets Landing Apartments offers excellent access to shopping, schools, and community services. Units will be available to families earning 60 percent or less of the Area Median Income (AMI).
Boston Capital's investment in Poets Landing Apartments adds 72 units of affordable housing to its apartment portfolio. The construction of this property will generate $9 million in local income and create approximately 109 jobs in the Dryden area. To date, Boston Capital has invested in more than 6,150 units of affordable housing in New York.
About Boston Capital: Boston Capital, headquartered in Boston, MA, is a real estate investment and advisory firm specializing in tax advantaged investments in affordable multifamily housing and energy, and equity investment in market rate apartment communities. Boston Capital's holdings include nearly 2,400 multifamily apartment properties in 49 states and the District of Columbia, constituting nearly 157,425 apartments with a development cost in excess of $13.4 billion. Boston Capital is the largest owner/investor of apartment properties in the US.