Walden Park Senior Residences

In 1994, SAA|EVI won a competitive allocation of 9% LIHTC’s from New York State Department of Housing & Community Development (DHCD). Walden Park was constructed on an accelerated schedule in 9 months time and placed into service all 126 units in only 11 months. SAA|EVI utilized advanced schedule mechanisms to insure proper delivery of the project on time and under budget. Walden Park was syndicated directly by SAA|EVI to a single buyer. The City of Buffalo provided a 15 year PILOT Agreement and New York State Housing Finance Agency (HFA) provided long term permanent financing after construction completion and stabilization. Walden Park Senior Residences are located within the City of Buffalo, NY directly adjacent to the Town of Cheektowaga and serves as the cornerstone to a new housing subdivision and adjacent park.


In 2011 SAA|EVI refinanced Walden Park. The renovations occurred with tenants in place and with a central focus on utilizing green building standards and technologies, redevelopment included significant energy improvements to all components of the building and units. The project was purchased and financed utilizing tax exempt bonds issued by the Buffalo Municipal Housing Authority (BMHA) and credit enhanced by Freddie Mac; 4% LIHTC issued by New York State HFA; Replacement Housing Factor Funds (RHF) from HUD administered by BMHA; HOME Funds from the City of Buffalo; and a PILOT issued by both Erie County and the City of Buffalo. The New York State Energy Research and Development Authority (NYSERDA) provided a loan for exceptional energy improvements. The renovation of Walden Park Apartments was completed in December of 2012 and is now being managed by CRM.