Former Silver Creek School (Google Maps)
The developer set to renovate the former Silver Creek School into senior housing has walked away from the project.
The Chautauqua County Industrial Development Agency sent out a release saying that Region Nine Housing Corporation made the announcement at a recent meeting with town, county, state and IDA officials.
Region Nine Director of Development Mark Comroe said the company is ceasing its involvement in pursuing all low-income housing tax credit development, “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.”
The Village of Silver Creek Senior School Apartments project involved the substantial rehabilitation, conversion, and an addition to a vacant, nearly 100-year old abandoned former school into a facility with 47 units of affordable rental homes for seniors ages 62 and older.
The project had been awarded $1 million in Restore New York funds in December 2022.
State and local officials are hopeful that another developer will be able to step in to move forward with the project.
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