Mark H. Trammell has grander plans for his return to the affordable housing arena than just buying a pair of aging apartment complexes in Niagara County.
The former owner of the Pilgrim Village low-income housing complex in Buffalo is seeking to buy a total of six residential properties in Erie and Niagara counties, with 157 one- and two-bedroom units.
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The $15.5 million deal includes the Brookside Commons Apartments and the Silver Lake Apartments in Niagara County, with 75 units between them, as well as another 82 apartments in Kenmore and the Town of Tonawanda. Those are located at the intersection of Colvin Boulevard and Sanders Road, at Winchester Place and Nassau Avenue, on Delwood Road and on Highland Parkway. All are owned by Puneet Tandon.
The cost works out to $98,700 per unit in a transaction that has been in the works for over a year.
Trammell’s MHT Holdings then plans to spend millions of dollars more to renovate the buildings, while keeping them as affordable housing, using a combination of affordable or low-income housing tax credits from the state, along with tax-exempt bond financing and tax breaks from both the Niagara County and Erie County industrial development agencies.
“The federal government and state have provided additional funds for acquisition, but also to incentivize developers to preserve affordable housing,” Trammell said Wednesday. “It’s a big issue in…
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