67 Units Will Be Built to Serve Low-Income and Formerly Homeless Residents
Tapestry On the Hudson Part of State’s Multi-Million Investment in Housing and Revitalization of City of Troy
Washington, D.C. – (RealEstateRama) — Governor Andrew M. 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.”
State Senator Neil D. Breslin said, “Tapestry on the Hudson is yet another example of how government investment in affordable housing can help revitalize our neighborhoods, as it is doing right here in Troy. This project will also help address the growing homelessness we’ve seen in the state with the supportive housing units that provide people not just with a roof over their heads, but the services they need to escape poverty and become thriving members of the community.”
Assemblyman John T. McDonald III said, “Supportive housing has been shown to dramatically reduce homelessness while increasing property values and encouraging growth in neighborhoods after opening. This is a tremendous project that will produce benefits for years to come. I thank Governor Cuomo for his support of this and other projects that are contributing greatly to Troy’s rebirth.”
Troy Mayor Patrick Madden said, “Tapestry on the Hudson is an important part of the ongoing rebirth of the City of Troy, with amazing features including green infrastructure investments, community and art spaces, and majestic views which overlook the Hudson River. The Community Builders have been great partners with the City of Troy through their investment in downtown and now North Central neighborhoods and this project will enhance the continued redevelopment of our neighborhoods. I want to thank Governor Cuomo and our state and community partners for their investment and support for this important project.”
Rensselaer Co. Exec Kathleen Jimino said, “This building is a piece of Troy’s history – and as envisioned in its new form – is an important part of Troy’s future. This development enriches us all: it addresses the need for quality affordable housing; the desire for a stronger community in the city’s heart; speaks to the wisdom of our housing policies; and addresses the crisis of homelessness that our communities struggle to abate. Thanks to Governor Cuomo’s new housing and homelessness initiatives, we will see more of this type of investment in the months and years to come.”
John B. Rhodes, NYSERDA President and CEO said, “Governor Cuomo’s comprehensive energy strategy and strong commitment to affordable housing for low-income residents come together at Tapestry on the Hudson. NYSERDA is proud to be a partner in supporting healthy indoor air quality, and energy and cost savings at this new housing development.”
Susan McCann, TCB Regional Vice President of Development, New York and New Jersey said, “We are proud to deepen our commitment to the revitalization of the city of Troy with the transformation of Tapestry on the Hudson. Soon, with help from our partners, 67 local families will have high quality apartments to call home.”
Sadie McKeown, CPC’s Chief Operating Officer said, “Finding a way to remove the cost barriers that prevent multifamily properties from implementing conservation measures could play a major role in enhancing the affordability and sustainability of our state’s housing stock. It’s exciting that we were able to partner with The Community Builders and utilize our new underwriting method to leverage additional capital to help finance Tapestry’s energy and water conservation measures. In addition to being an efficient, high-performance building, Tapestry will also serve the community as a resource of affordable housing with a focus on bringing stability and supportive services to victims of domestic violence. My thanks to Governor Cuomo, TCB, Comptroller DiNapoli, and Unity House for their partnership on this important project.”
The 2016-17 Enacted Budget that Governor Cuomo signed into law includes $20 billion over five years for a comprehensive statewide housing and homelessness action plan.
The $10 billion housing plan boosts state spending on housing programs by nearly $5 billion and will create and preserve 100,000 affordable housing units across the state, along with supporting services for New Yorkers seeking affordable housing. This program builds on the achievements in affordable housing preservation and construction over the past five years, including the creation of the Tenant Protection Unit, which has returned more than 50,000 housing units to rent regulation, and the $1 billion House NY initiative.
The $10 billion homelessness action plan will also support the creation of 6,000 new supportive housing beds, 1,000 emergency beds, and a variety of expanded homelessness services over the next five years. Over 15 years, the state will add 20,000 new units that will build upon 44,000 existing supportive housing units that the state already funds. This investment marks the largest commitment to addressing homelessness in New York State history.
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