Construction Underway on $22 Million Affordable Housing Project in Troy

 

Governor Andrew Cuomo today announced the start of construction on a $22.3 million affordable and supportive housing development for low-income and formerly homeless individuals. The project involves the renovation of the former Wilbur, Campbell, & Stephens Co. Factory built in 1899 along the Hudson River in Troy. Since 2011, the state has invested more than $20 million in housing and community revitalization developments in Troy that have created more than 350 units and driven $79 million in additional public and private investment in the city.

“Helping all New Yorkers gain access to affordable housing is a priority of this administration and today we are taking another step towards making that goal a reality,” Governor Cuomo said. “This investment will not only create more affordable living opportunities in the region, but help build a stronger, safer and more vibrant Troy community.”

Addressing the Crisis of Homelessness

Tapestry on the Hudson, developed by The Community Builders, Inc., will feature 67 units, including 15 supportive housing units for formerly homeless families. The remaining 52 units will be reserved for low- and middle-income families. Rents in this mixed-income development will range from $782 to $1,150 a month. The six-story building will include elevators, a community room, a fitness room, a kitchenette, and laundry facilities on each floor.

The Office of Temporary and Disability Assistance provided $4.2 million through its Homeless Housing and Assistance Program for Tapestry on the Hudson, Homes and Community renewal provided $4.3 million in Housing Trust Fund program and Low-Income Housing Tax Credits, and NYSERDA provided a $67,000 grant through its Multifamily Performance Program.

Samuel D. Roberts, Commissioner of the New York State Office of Temporary and Disability Assistance, said, “Governor Cuomo rightly recognizes the importance of safe, decent, affordable housing for low-income working families, as well as those experiencing homelessness. I am excited that we can once again partner with New York State Homes and Community Renewal to support such a worthwhile project.”

James S. Rubin, Commissioner of New York State Homes and Community Renewal said, “Tapestry on the Hudson will complement other state investments that are making north central Troy a vibrant, stable neighborhood. The redevelopment taking place in this part of the city exemplifies Governor Cuomo’s commitment to addressing the crisis of homelessness, and his deep understanding of affordable housing’s ability to revive communities.”

Investing in the Rebirth of Downtown Troy

Tapestry on the Hudson joins other state-supported housing and community development projects in Troy including:

Hudson Arthaus, which opened in 2015 on the strength of $12 million in financing through the state’s housing agency, and is reinvigorating downtown Troy with 80 affordable apartments, gallery, and studio space in a former shirt and collar manufacturing building constructed in 1895.

Monument Square Apartments, which was awarded more than $1 million through Governor Cuomo’s Capital Region Economic Development. The funding helped preserve the historic building and provide 89 affordable homes for seniors.

2431 Sixth Avenue received a $200,000 award through the Governor’s Capital Region Economic Development Council for the multi-million dollar new construction of Unity House’s new headquarters, The Front Door. The site offers daytime respite and support services for people who are homeless and others in need.

New York State’s investment will leverage Federal and State Historic Tax Credit equity, a $7.3 million Community Preservation Company construction loan and a $1.9 million State of New York Mortgage Agency-insured permanent loan through the New York State Common Retirement Fund.

CPC, in consultation with SONYMA, used a new mortgage underwriting method designed to make energy conservation measures financially feasible for a broad range of developers and building owners. The “underwriting to savings” system evaluates the potential cost saving from a project’s proposed energy conservation measures, and a percentage of those savings are then underwritten into the mortgage, giving the borrower additional capital needed to implement the conservation measures. This method was used in underwriting the mortgage for Tapestry, and allowed the development team to secure an additional $350,400 in their SONYMA-insured loan from CPC, ensuring the project would be better able to afford the costs of implementing its conservation and sustainability measures.

New York State Comptroller Thomas P. DiNapoli said, “Tapestry on the Hudson demonstrates how the state pension fund can contribute and benefit New York’s communities. I am pleased that our partnership with the Community Preservation Corporation has once again been able to help create affordable housing for New York's families, while delivering a solid investment for the Common Retirement Fund.”

Congressman Paul Tonko said, “Last year, the City of Troy ended homelessness among veterans, meeting the White House challenge put forth by Michelle Obama. I am glad to see Governor Cuomo working to build on this success not only in Troy, but statewide. When we work to end homelessness among veterans as well as civilians, we promote our communities economically, socially, and spiritually. Investing in our neighborhoods through revitalization programs like this is key to rebuilding areas that are still working to return to pre-recession levels.”

Source: Press Office, Governor Andrew M. Cuomo