Feb. 17—The planned rehabilitation of two Niagara County housing properties will not be moving forward.
MHT Holdings was looking to purchase and renovate 75 apartment units in Brookside Commons, at 6127 North Whitham Drive in the Town of Niagara, and Silver Lake Apartments, at 8235 and 8305 Buffalo Avenue in Niagara Falls, turning them into affordable housing. MHT recently notified the Niagara County Industrial Development Agency it would withdraw its project application.
MHT President Mark Trammell said he was informed in January about a new state policy where the New York State Homes and Community Renewal will only issue low-income housing tax credits for new housing projects, not renovations. It also prevents Industrial Development Agencies from issuing the kind of tax-exempt bonds he needed to move forward.
“I’m very disappointed,” Trammell said, feeling they were close to closing on the properties.
The Niagara County IDA previously awarded MHT $1.25 million in tax incentives for Silver Lake Apartments and $504,401 for Brookside Commons, with those not used.
Aside from Niagara County, Trammell has been involved in affordable housing projects in Erie County, planning to acquire further units in the Town of Tonawanda and the Village of Kenmore.
The Brookside Commons project had received some criticism from Town of Niagara officials about the complex coming lower-income housing, feeling this should not qualify for PILOT benefits, and residents being displaced.
The IDA’s support for this involved no current residents being displaced.
Amanda Smith is a dedicated U.S. correspondent with a passion for uncovering the stories that shape the nation. With a background in political science, she provides in-depth analysis and insightful commentary on domestic affairs, ensuring readers are well-informed about the latest developments across the United States.
