Rochester Affordable Housing Gets a $119M Boost with Park Square II

A $119 Million Investment Transforms Downtown Rochester and Sets a Model for Affordable Housing Across Upstate New York

Rochester affordable housing took a major step forward this month as Governor Kathy Hochul announced the completion of Park Square II, a $119 million development that delivers 240 modern, energy-efficient apartments near the city’s Inner Loop. This milestone closes the book on a two-phase redevelopment of the Park Square housing campus, a project that has now preserved or created 576 affordable homes in the heart of one of Upstate New York’s most important cities. For working families, seniors, and residents with disabilities, the finish line on this project is not just a ribbon-cutting. It is a real answer to a real crisis.

What Is Park Square II and Why Does It Matter?

Park Square II is the second and final phase of the redevelopment of the Park Square housing campus, originally built in 1974 under New York State’s Mitchell-Lama Program. That program was designed to provide affordable rental and cooperative housing for moderate-income New Yorkers, and it laid the foundation for what Park Square has become today.

The newly completed phase includes two buildings. The first is a preserved 200-unit, 21-story high-rise known as “The Tower @ Park Square.” The second is a newly constructed 40-unit building. Together, they bring 240 apartments to a neighborhood that sits close to public transportation, an Amtrak station, healthcare providers, schools, and retail options.

The first phase, Park Square I, was completed in 2022 and rehabilitated 335 affordable apartments. Combined, the two phases have preserved or created 576 affordable homes near Downtown Rochester, according to the Governor’s office.

Who Can Live There? Affordability and Accessibility Details

The apartments at Park Square II are available to households earning up to 60 percent of the Area Median Income (AMI). The development offers a mix of studio, one-bedroom, and two-bedroom units, giving residents flexibility based on family size and need.

Accessibility is built into the design. The project includes 12 units specifically designed to accommodate residents with mobility disabilities and six units for residents with sensory disabilities. All apartments are described as fully accessible and adaptable.

A total of 150 units receive Section 8 project-based vouchers, administered by New York State Homes and Community Renewal (HCR). That means a significant portion of residents will pay rent based on their income rather than market rates.

Energy Efficiency Features

• Electric heating and cooling systems in both buildings
• ENERGY STAR certified fixtures and appliances throughout
• Indoor community spaces, outdoor areas, and a fitness room
• Proximity to public transit to reduce car dependency

How Was Park Square II Funded?

The $119 million price tag was assembled through a layered public-private financing structure that is increasingly common in large affordable housing projects. Here is how the funding breaks down, according to the Governor’s office:

• Federal Low-Income Housing Tax Credits (LIHTC): Expected to generate $44 million in equity
• State Low-Income Housing Tax Credits: Expected to generate $3 million in equity
• HCR Multifamily Preservation Program: $41 million
• HCR New Construction Capital Program: $16 million
• Permanent tax-exempt bonds: $7 million
• City of Rochester ARPA funds: $500,000

Senator Chuck Schumer highlighted the role of federal tax credits in making the project possible. “I’m proud that the federal Low-Income Housing Tax Credit I’ve fought hard to preserve and expand has delivered millions in federal support to build 240 energy-efficient homes at Park Square II near Rochester’s Inner Loop,” Schumer said. “High housing costs are a key driver of inflation so we must build more housing for working people to bring down those high prices.”

Rochester Affordable Housing in a Statewide Context

Park Square II does not exist in a vacuum. It is part of Governor Hochul’s broader $25 billion, five-year Housing Plan, which aims to create or preserve 100,000 affordable homes across New York State. According to the Governor’s office, more than 81,000 affordable homes have been created or preserved to date under that plan.

In Monroe County specifically, HCR has created or preserved more than 11,500 affordable homes under Hochul’s leadership, including more than 4,700 in Rochester itself. These numbers reflect a sustained investment in a region where housing affordability has become a growing concern alongside rising rents and limited inventory.

“The completion of Park Square Community marks a historic investment in affordable housing in Rochester,” Governor Hochul said. “Having nearly 600 modern and affordable homes in the heart of Rochester is a boon to the current and future residents with access to all the area has to offer.”

The Inner Loop Connection

The location of Park Square II near Rochester’s Inner Loop is significant. The Inner Loop has been the subject of a long-running effort to reconnect downtown Rochester with surrounding neighborhoods. A portion of the eastern Inner Loop was already filled in and converted into a street-level boulevard, and city planners have long argued that adding housing near the loop is essential to making that reconnection work.

HCR Commissioner RuthAnne Visnauskas made that point directly. “The Inner Loop will continue to prosper by reconnecting the downtown area as the community grows,” she said. “Preserving affordable apartments ensures longtime residents can remain in their homes and neighborhoods, while also creating opportunities for new residents to benefit from these types of major investments.”

What Local Leaders Are Saying

The project drew praise from a wide range of elected officials and community leaders, reflecting the broad coalition that made it possible.

Rochester Mayor Malik D. Evans framed the project as a model for public-private collaboration. “Park Square II is a perfect example of what can happen when government, private partners, and the community work together,” Evans said. “By preserving affordable homes and building new ones for families in our fastest-growing neighborhood, we are making sure downtown Rochester remains a place where longtime residents can stay, grow and thrive.”

Monroe County Executive Adam Bello called the development “welcomed news” for county residents. “The modernization of Park Square is an integral component of the ongoing revitalization of downtown Rochester,” Bello said.

Representative Joe Morelle, who represents Rochester in Congress, connected the project to a broader principle. “Everyone deserves a safe, affordable place to call home, and the completion of Park Square II brings us one step closer to making that a reality for more Rochester families,” Morelle said.

State Senator Jeremy Cooney added, “If we want people to be able to live and thrive in Rochester, we have to start by making sure we are providing housing options that are affordable and high quality. That’s exactly what Park Square II will represent.”

Conifer Realty’s Role and the Developer’s Vision

The project was developed by Conifer Realty, a Rochester-based affordable housing developer with a long track record in the region. Michael Birkby, Conifer’s Vice President of Operations Development and Acquisition, described the project as a reflection of the company’s core mission.

“Today is a celebration of what is possible when public and private partners share a commitment to preserving affordability, strengthening neighborhoods, and creating homes where residents can thrive,” Birkby said. “Park Square II protects 200 existing affordable homes, returns 40 new family apartments and ensures longtime residents remain part of the future of downtown Rochester.”

Why This Story Matters for the Mohawk Valley

Readers in the Mohawk Valley may wonder why a Rochester housing project deserves their attention. The answer is straightforward. The same forces driving Rochester’s housing challenges, rising rents, aging housing stock, and limited affordable inventory, are active in Utica, Rome, and communities across the region. The funding mechanisms used at Park Square II, including federal and state tax credits, HCR preservation programs, and ARPA dollars, are the same tools available to developers and municipalities in the Mohawk Valley.

Projects like Park Square II demonstrate what is possible when local governments, state agencies, federal representatives, and private developers align around a shared goal. For Mohawk Valley advocates pushing for more affordable housing investment, Rochester’s success is both an inspiration and a roadmap.

Under Governor Hochul’s “Let Them Build” agenda, New York has also made changes to the Environmental Quality Review Act (SEQRA) in the FY 2027 budget to reduce red tape and speed up housing development. More than 420 communities across the state have been certified as Pro-Housing Communities, giving them access to up to $750 million in discretionary state funding. Rochester is among them.

Key Takeaways from Park Square II

• 240 new and preserved affordable apartments are now available near Downtown Rochester
• The two-phase Park Square redevelopment has created or preserved 576 total affordable homes
• Units are affordable to households earning up to 60 percent of AMI
• 150 units are supported by Section 8 project-based vouchers
• The project is fully accessible, with units designed for residents with mobility and sensory disabilities
• Funding came from a mix of federal tax credits, state programs, bonds, and local ARPA dollars
• The development is part of a statewide plan that has already created or preserved more than 81,000 affordable homes

The Bottom Line on Rochester Affordable Housing

Rochester affordable housing has a new landmark. Park Square II is more than a building. It is a statement about what communities can accomplish when they refuse to accept housing insecurity as inevitable. For the 240 families and individuals who will call it home, it represents stability, dignity, and access to a city that is working hard to grow in the right direction.

For the rest of Upstate New York, including the Mohawk Valley, it is a reminder that the tools to solve the housing crisis already exist. What is needed is the political will, the community partnerships, and the sustained investment to use them. If you want to see more projects like Park Square II come to your community, contact your local elected officials, attend city planning meetings, and support organizations working on affordable housing in your area. The blueprint is there. It is time to build.