ROCHESTER, N.Y., Oct. 3, 2017 /PRNewswire/ -- Silver Street Development announces the completion of a Rental Assistance Demonstration ("RAD") conversion at Charlotte Harbortown Homes, a 553-unit LIHTC development in Rochester, New York. The RAD conversion resulted in a new Section 8 Project-Based Voucher ("PBV") Program contract with the Rochester Housing Authority providing rental assistance to 290 additional units at the property. Originally constructed in 1974, this lakeside development comprises 18 buildings, including 2 towers apportioned for senior residency and 16 two-story garden-style townhouses for families. In addition to the RAD conversion, the ownership team, a joint venture between Silver Street and the Community Development Trust, recently completed $2 million in capital improvements including the replacement of the property's elevators, upgrades to the electrical system, installation of energy efficient lighting and water saving devices, and a refurbishment of the property's community spaces and management offices. With the additional Section 8 rental assistance and the completed improvements stabilizing operations, the ownership team will actively monitor the property's needs and work towards a longer-term preservation of the asset upon termination of the property's initial 15-year LIHTC compliance period in 2021.
About Silver Street Development Corporation
Silver Street Development Corporation is an organization dedicated to the quality preservation, operation, and growth of affordable housing in the United States. Since our inception, we have pioneered acquisition and development strategies, including our implementation of one of the first Section 236 IRP decouplings and our frequent, successful employment of complex bond capitalizations, that have changed the face of subsidized and affordable housing. Through the course of our evolution from a local developer to one of the top 30 affordable housing owners in the United States, our team, comprised of industry leaders with over 20 years of experience each in the multi-family housing market, has developed an unmatched expertise in the industry as well as fruitful and longstanding relationships with industry leaders. With a growing portfolio of over 10,000 units, and with offices located in Portland, Maine, Wilmington, North Carolina, and Washington, DC, Silver Street Development Corp. has never been in a better position to offer secure and beneficial affordable housing opportunities to sellers, investors, and residents alike.
Silver Street Development Corporation
33 Silver Street, Suite 200
Portland, ME, 04101
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SOURCE Silver Street Development Corporation