Maple Court Apartments

Maple Court Apartments was originally built in 1971-1972 and financed through the HUD Section 236 mortgage program. The property is comprised of 92-units serving families, with a mix of (7) studio, (55) one, (22) two, and (8) three bedroom apartments. All of the units at the property are covered by a 20-year project-based Section 8 rental subsidy contract. Evergreen Partners acquired Maple Court in May 2015 using a combination of 4% Federal Low Income Housing Tax Credits, SONYMA 1st mortgage financing, subordinate financing from the Development Authority of North Country (DANC) and the City of Watertown CDBG Program, and the NY State Energy Research & Development Authority Multifamily Performance Program (NYSERDA MPP).

The property will be undergoing substantial renovations that will update virtually all aspects of the interior and exterior of the buildings. The rehab was focused on modernizing the unit interiors and replacing the buildings’ major systems including the roofing, HVAC, windows and physical/structural improvements to the exteriors and the construction of a new community building.

Maple Court Apartments
540 Kief Drive
Watertown, NY 13601
Phone: (315)782-2060

Preservation Transaction Description

First Mortgage Financing: State of New York Mortgage Agency (SONMYA) Permanent First Mortgage Financing and Tax-Exempt Bonds made available by New York State Housing Finance Agency.

Other Key Financing: In addition to the new First Mortgage Financing, the project utilized financial resources from the City of Watertown, DANC and the NYSERDA MPP.

Equity Financing: PNC Bank N/A provided equity to the project from the sale of 4% Federal Low Income Housing Tax Credits.

Section 8 Contract Renewal: Yes