Trammell’s rehab projects halted due to bond financing loss in Buffalo.

TLDR:

• Mark H. Trammell’s affordable housing project in Niagara County faces setback due to loss of tax-exempt bond financing.
• Trammell had plans to acquire and renovate six apartment properties in Erie and Niagara counties with 157 units.

Former Pilgrim Village owner, Mark H. Trammell, faced a setback in his affordable housing project in Niagara County. Trammell’s plans to acquire and renovate six apartment properties with a total of 157 units were derailed due to the loss of tax-exempt bond financing. Despite receiving tax breaks from the Niagara County Industrial Development Agency for two of his projects, Trammell had to terminate those plans as he couldn’t obtain bond cap authorization from New York State. The inability to secure tax-exempt bond financing left Trammell with a significant financial gap, forcing him to cancel his purchase contracts and abandon the projects.

Key Points:

• Trammell’s affordable housing project in Niagara County faced setback due to loss of tax-exempt bond financing.
• Plans to acquire and renovate six apartment properties in Erie and Niagara counties with 157 units were scrapped.
• Trammell’s family built the Pilgrim Village low-income community in Buffalo more than 40 years ago.
• New York State’s rules for tax credits changed, impacting Trammell’s ability to proceed with the projects.