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ROCHESTER, N.Y. — The Rochester City Council approved funding to transform the former Hotel Cadillac into affordable housing. The decision was made during Tuesday night’s meeting.
The city will loan $1.1 million to Cain Properties, the building’s current owner, to assist with renovations. Once completed, the building will be renamed the Fine Arts Loft Building.
“The years I’ve been living here, most of the people live outside Rochester’s downtown to be honest. There’s not really many people living downtown, it’s more businesses,” said Jensel Marquez, who lives nearby and works downtown.
The project will include 42 low-income apartments, free internet, and an artist’s studio. The $21 million renovation will be funded by a $350,000 ESL grant, $750,000 in county funding, $2.4 million from New York State, over $3 million in federal funding, a deferred developer fee of over $250,000, and more than $13 million from federal and state tax credit equity.
“Bring more people in here, you know? More stabilized, I’d say, you know, make it more – make it more as a downtown, generally. It’s very dry. All you see is cars, not many people,” Marquez said.
City Council also approved funding for a new building at the Fernwood Avenue Apartments, which will include a library, in partnership with the Rochester Housing Authority.
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