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SILVER CREEK, NY (WNY News Now) — A project that would have renovated the dilapidated Silver Creek School into affordable housing has fallen through.
The Chautauqua Industrial Development Agency has been working with the Region Nine Housing Corporation to transform the building into 47 units.
However, Wednesday the Corporation’s director announced his company is ceasing its involvement in pursuing low-income housing tax credit development.
“We are very disappointed that we will not be moving ahead with this project. We have put our hearts and souls into this and were very committed to seeing it to fruition,” explained Region Nine Director of Development Mark Comroe in a statement. “Unfortunately, despite our commitment as a non-profit to take no development fees or money from the project, the dramatically increased renovation costs have made the building and maintenance of this project untenable.”
“Available grants, tax credits, and tax credit rental limits combined could not meet the costs associated with converting this historic school building into affordable homes for seniors,” continued Comroe. “Everyone, including the local community, the county, the state, and the CCIDA, has been terrific to work with, and we hope that eventually this project will come to fruition.”
Chautauqua County officials hope to find another developer to take the project on, utilizing a $1 million dollar grant for this project and other technical assistance and incentives.
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