Expanding Rochester’s Affordable Housing
Rochester Management’s plans for modernizing Cobbs Hill Village will expand Rochester’s limited stock of affordable housing for seniors aged 55 years and older. All units in the modernized Cobbs Hill Village will continue to be affordable under state guidelines, serving individuals earning 30% or less of the Area Median Income (AMI) up to 80% of AMI. For Rochester, as of April 1, 2018, this would be $15,550 (30% AMI) to $41,450 (80% AMI) for single-occupancy units. Cobbs Hill Village will also continue to serve individuals aged 55 years and older.
We are committed to ensuring that every current Cobbs Hill Village resident who wishes to remain in the affordable housing complex can do so. All 60 current residents of the complex will continue to pay the same rent they pay today, including existing utilities, in their new unit in the modernized Cobbs Hill Village for as long as they live there. This commitment was made to current residents at the outset of the project, reiterated throughout the process and documented in writing in December 2016 for each Cobbs Hill Village resident.
Importantly, the rents on these 60 units are guaranteed for at least 15 years, meaning that if any residents move out sooner than 15 years, new residents will be able to move in at the same rates for the balance of the 15 year term. In addition, we have committed to keeping 20 of these units at their current rent levels for an unprecedented 40 years.
At project completion, the modernized Cobbs Hill Village will offer:
- 72 units at or below 50% Area Median Income (AMI)
- 8 units at 60% AMI
- 24 units at 80% AMI
Long-term, once current residents no longer live there and the 15-year guarantee on their units has expired, Cobbs Hill Village will offer:
- 40 units at or below 50% AMI
- 40 units at 60% AMI
- 24 units at 80% AMI
As the largest operator of affordable housing in Rochester, we have served individuals with limited incomes for nearly 70 years. Our plans for Cobbs Hill Village will allow us to provide affordable and more accessible housing to Rochester’s senior citizens for many generations.