Winncompanies Preserves Historic New York Affordable Housing

WinnCompanies has completed an $86 million rehabilitation of Evergreen East, a historic 508-apartment affordable housing community in Fairport, N.Y.

The three-year effort modernized homes for nearly 2,000 residents, expanded resident services and amenities, created a modern community building, and improved housing options for residents with disabilities.

"This project was the largest and most extensive occupied rehab that our company has ever designed and completed, and I am proud of how our teams worked together to make it a success for the residents," said WinnCompanies CEO Gilbert Winn. "Thanks to this effort, we have ensured that Evergreen East will shine as a critical source of quality affordable housing for decades to come. Equally important, we have invested in the resident programs and support systems that ensure that this historic property endures as a vibrant and diverse resource."

Formerly known as the Pines of Perinton, the community was built outside Rochester between 1972 and 1976 by the New York State Urban Development Corp. (UDC), based on design by renowned modernist architectural firm Gwathmey Siegel & Associates and master planning and landscape architectural firm Peter Rolland and Associates. It earned historic designation as an example of UDC’s pioneering suburban housing program, which sought to address post-war housing shortages by producing thoughtful, low-density mixed-income and affordable communities outside urban centers.

Work included the gut renovation of 489 apartments and the rebuilding of 19 units destroyed in a fire in 2022. Roofs measuring 2 miles in length and on average 50 feet wide were replaced. Some 2,140 windows, nearly 2,000 air-conditioning sleeves, and 1,090 entry doors were installed. All plumbing lines, fixtures, outlets, electrical infrastructure, roads, and sidewalks were replaced. Twenty-six units were converted to Americans With Disabilities Act-accessible housing—the first compliant apartments in the property’s 50-year history.

WinnCompanies closed on the acquisition and recapitalization project in March 2023, orchestrating public and private financing that protects and expands Evergreen East’s affordability for at least 40 years.

Financing for the Evergreen East acquisition-rehab included a mix of public and private sources, including federal and state low-income housing tax credits from New York State Homes and Community Renewal (HCR) that are expected to generate more than $54.5 million in equity with Bank of America as the investment partner. 

HCR also supported the project with $22.8 million in long-term permanent debt with a State of New York Mortgage Agency enhancement and $34.8 million in subsidies from HCR. The New York State Office of Parks, Recreation and Historic Preservation and the National Park Service facilitated an estimated $17.2 million in federal historic tax credit equity and $14.7 million in state historic tax credit equity from Bank of America. The New York State Energy Research and Development Authority and Fairport Electric provided $600,000 in funding for the fire-damaged portion of the building.

“This comprehensive investment has transformed more than 500 homes while preserving the character of a truly unique community, improving energy efficiency and accessibility, and creating new opportunities and amenities for residents,” said HCR commissioner RuthAnne Visnauskas. “We are proud to celebrate this milestone with WinnCompanies and all the partners who helped secure Evergreen East’s future as a thriving, affordable community.”