Neighbors Of Watertown, Inc. has experience in many types of development, both residential and commercial, large projects and small. Neighbors has also been very successful in utilizing a variety of funding sources to make projects feasible.
This experience is available to others on a consultant basis or through joint venture techniques.
Joint Ventures:
Neighbors Of Watertown, Inc is very good at the rehabilitation and ongoing management of large older properties. Others may be good at selling shoes or clothing or being a lawyer or other professional. We are interested in forming joint ventures with business persons interested in having their business located in a restored historic building and having the benefits of ownership without the burden.
Syndication:
Neighbors has utilized both Low Income Housing Tax Credits and Historic Rehabilitation Tax Credits in rehabilitating older inner city buildings. These tools are essential in building affordable financing packages that can be supported by rents in a distressed neighborhood. It also brings private sector resources to bear on quasi social issues.
Neighbors has experience in all facets of the syndication process including initial project concept, proforma development, financing application preparation, limited partnership formation, project implementation and ongoing ownership and management.
Neighbors is actively involved as the General Partner in several limited partnerships through it's subsidiary corporations.
Tax Credit projects include several buildings located in Watertown NY's Public Square Historic District. Click on a name to see photos and read more detail on these properties. Your browser's back button will return you here.
The Brighton is a 36 unit project utilizing Low Income Housing Tax Credits and Historic Rehabilitation Tax Credits.
The Buck is a mixed use building containing 11 residential units and 2 commercial tenants. The Buck utilized Low Income Housing and Historic Rehabilitation Tax Credits.
The Burdick is a mixed use building containing 28 residential and 6 commercial units. The Burdick also utilized Low Income Housing and Historic Rehabilitation Tax Credits.
The Marcy is Neighbors commercial revitalization project. The Marcy is being rehabilitated into 50,000 square feet of quality, affordable commercial space utilizing Historic Rehabilitation Tax Credits and NYS Economic Development Zone Tax Credits.
Emerson Place Redevelopment is Neighbors latest revitalization project. This is a comprehensive neighborhood revitalization with the center piece, the historic Emerson Place Row House. The scope includes the renovation of 7 buildings containing 22 dwelling units by Neighbors Of Watertown utilizing Historic and LIHTC tax credits plus a $1.2 mil menu of housing grants for the surrounding neighborhood.
Investment opportunities are available from time to time. Some syndications require a New York State taxable investor due to the NYS EZ Tax Credit. Please contact us to be placed on our mailing list for notice of future projects.
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