23 North Apartments

23 North Apartments was the comprehensive rehabilitation of the abandoned former Burrous Building in Wellsville, New York into 16 apartments for seniors aged xx and older. The building prior to renovation was missing its back wall and was at risk of failing as well as the full building collapsing. The rehabilitation stabilized the building and rebuilt the missing wall, turning the upper floors into housing and the lower floor into offices for both the non-profit partner Alfred Housing, Inc. as well as an accessible office for the Village of Wellsville.

The project utilized Low Income Housing Tax Credits syndicated by Raymond James as well as a construction loan from NBT Bank. Full permanent financing is as follows: $3,482,624 in Community Investment Funds (NYSHCR), $4,306,676 in LIHTC Equity (Raymond James), $500,000 in Restore NY (ESD), $500,000 from the NY Main Street Program (ESD), $1,000,000 of Empire State Development Funds (ESD/REDC).