Governor Hochul Announces Completion of $119 Million Affordable Housing Development in Rochester

Governor Kathy Hochul today announced the completion of Park Square II, a $119 million affordable housing development, which now provides 240 modern and energy-efficient apartments near the Inner Loop in the city of Rochester. The redevelopment of Park Square I was completed in 2022 and included the rehabilitation of 335 affordable apartments. Between both completed phases, the development has preserved or created 576 affordable homes near Downtown Rochester. Under Governor Hochul's leadership, New York State Homes and Community Renewal (HCR) has created or preserved more than 11,500 affordable homes in Monroe County, including more than 4,700 in Rochester. Park Square II continues this effort and is part of Governor Hochul's $25 billion five-year Housing Plan which is on track to create or preserve 100,000 affordable homes statewide.

"The completion of Park Square Community marks a historic investment in affordable housing in Rochester," Governor Hochul said. "Having nearly 600 modern and affordable homes in the heart of Rochester is a boon to the current and future residents with access to all the area has to offer. We thank Conifer Realty and our local partners for sharing our vision and working with us hand-in-hand to make this important project a reality."

Developed by Conifer Reality, Park Square II is affordable to households earning up to 60 percent of the Area Median Income and provides a mix of studio, one and two-bedroom units. The project includes the preservation of a 200-unit, 21-story building known as "The Tower @ Park Square" and the new construction of a 40-unit building.

Both buildings will have electric heating and cooling, with ENERGY STAR fixtures and appliances. They will include indoor community spaces, outdoor areas and a fitness room. The project is located near public transportation, an Amtrak station, as well as several retail, healthcare, educational and recreational opportunities.

The project will include fully accessible and adaptable apartments. There are 12 units to accommodate residents with mobility disabilities and six units to accommodate residents with sensory disabilities.

The Park Square housing complex was originally constructed in 1974 under the New York State Mitchell-Lama Program, which was established for the development of affordable housing, both rental and cooperatively owned, for moderate-income New Yorkers.

Park Square II is supported by HCR's Federal Low-Income Housing Tax Credit program, which is expected to generate $44 million in equity, its State Low-Income Housing Tax Credit program, which is expected to generate $3 million in equity, $41 million from its Multifamily Preservation Program, $16 million from its New Construction Capital Program, and an additional $7 million in permanent tax-exempt bonds. The city of Rochester is supporting the project with $500,000 through its ARPA program. There are 150 units receiving Section 8 project-based vouchers administered by HCR.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "Preserving affordable apartments ensures longtime residents can remain in their homes and neighborhoods, while also creating opportunities for new residents to benefit from these types of major investments. Thanks to the efforts of Governor Hochul, Conifer Realty, the city of Rochester, and all of our state and local partners, the 240 affordable homes that Park Square II boosts the ongoing revitalization efforts in the city. The Inner Loop will continue to prosper by reconnecting the downtown area as the community grows."

Representative Joe Morelle said, "Everyone deserves a safe, affordable place to call home, and the completion of Park Square II brings us one step closer to making that a reality for more Rochester families. This project will help ensure seniors, working families, and neighbors of all backgrounds can continue to live, work and thrive right here in Rochester. I'm grateful to Governor Hochul and all our partners for their commitment to expanding housing opportunities, and I look forward to our continued work together."

Senator Chuck Schumer said, "Every family in Rochester deserves a safe and affordable place to call home. I'm proud that the federal Low-Income Housing Tax Credit I've fought hard to tirelessly to preserve and expand has delivered millions in federal support to build 240 energy-efficient homes at Park Square II near Rochester's Inner Loop. I've long fought to transform the Inner Loop, and adding more housing is key to reconnecting communities. High housing costs are a key driver of inflation so we must build more housing for working people to bring down those high prices. I applaud Governor Hochul's work increasing access to housing for working families in New York, and I will continue working to deliver federal resources to develop more affordable housing."

Senator Kirsten Gillibrand said, "New Yorkers need access to affordable, secure, and modern housing. This project will create affordable housing in Rochester, deliver modern accommodations for residents and promote energy efficiency. I look forward to seeing the positive impacts of this development and I will continue fighting for initiatives that create the affordable, supportive housing that our state deserves."

State Senator Jeremy Cooney said, "If we want people to be able to live and thrive in Rochester, we have to start by making sure we are providing housing options that are affordable and high quality. That's exactly what Park Square II will represent which is why I'm proud to support this project and its goals to support our community members in need. I want to thank HCR and all of my colleagues in the state for their work to make this project a reality for Rochesterians."

Monroe County Executive Adam Bello said, "The opening of the Park Square II complex is welcomed news for the residents of Monroe County, as hundreds of our neighbors will have the opportunity to obtain quality, affordable housing. The modernization of Park Square is an integral component of the ongoing revitalization of downtown Rochester. Thank you to Governor Kathy Hochul and NYS Homes and Community Renewal for your commitment to the residents of Monroe County."

Rochester Mayor Malik D. Evans said, "Park Square II is a perfect example of what can happen when government, private partners, and the community work together. By preserving affordable homes and building new ones for families in our fastest-growing neighborhood, we are making sure downtown Rochester remains a place where longtime residents can stay, grow and thrive, and where new residents are welcome. This development represents opportunity, stability and belonging for the people of Rochester."

Conifer Realty Vice President of Operations Development and Acquisition Michael Birkby said, "Today is a celebration of what is possible when public and private partners share a commitment to preserving affordability, strengthening neighborhoods, and creating homes where residents can thrive. Park Square II protects 200 existing affordable homes, returns 40 new family apartments and ensures longtime residents remain part of the future of downtown Rochester. This community reflects Conifer's belief that revitalization must include everyone."

Governor Hochul's Housing Agenda

Governor Hochul is dedicated to addressing New York's housing crisis and making the State more affordable and livable for all New Yorkers. Since FY23, the Governor has worked to increase housing supply to make housing more affordable by launching a $25 billion five-year comprehensive Housing Plan, enacted the most significant housing deal in decades and implemented new protections for renters and homeowners. Under Governor Hochul's leadership, HCR has created new programs that jumpstart development of affordable and mixed-income homes - for both renters and homebuyers. These include the Pro-Housing Community Program, which allows certified localities exclusive access to up to $750 million in discretionary State funding. More than 420 communities throughout the state have been certified Pro-Housing, including the city of Rochester.

Governor Hochul's "Let Them Build" agenda will speed up housing and infrastructure development while lowering costs through a series of landmark reforms. Common-sense changes to New York's Environmental Quality Review Act (SEQRA) in the FY 2027 Enacted Budget as well as executive actions will expedite critical categories of projects that have been consistently found to not have significant environmental impacts, but for too long have been caught up in red tape and subject to lengthy delays.

The enacted FY27 Budget completes the Governor's current five-year Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations plus the electrification of an additional 50,000 homes. More than 81,000 affordable homes have been created or preserved to date. The Budget also invests $250 million in capital funding to accelerate the construction of thousands of new affordable homes. The enacted FY27 budget also further reinforces critical protections for tenants and homeowners.