Tapestry on the Hudson Will Provide 67 Apartments for Families and Formerly Homeless Residents
New York –- (RealEstateRama) — Governor Andrew M. Cuomo today announced the opening of Tapestry on the Hudson, a $22.3 million affordable and supportive housing development for families along the Hudson River in Troy. The project included renovating the former Wilbur, Campbell, & Stephens Co. Factory, which was built in 1899, and was most recently home to Mooradians Furniture. Since 2011, New York has invested more than $22 million and leveraged $82.7 million in additional public and private investment to create 434 affordable homes for Troy families.
“A significant step forward in this administration’s efforts to provide housing for our most vulnerable Capital Region residents, Tapestry on the Hudson will help combat homelessness and contribute to Troy’s resurgence as the city continues to transform into a vibrant, affordable, quality place to live, work and raise a family,” Governor Cuomo said. “The revival of this historic factory will provide safe, affordable and energy-efficient homes for local families, while delivering support services to ensure New Yorkers can lead a healthy productive life.”
Tapestry on the Hudson features 67 apartments, including 19 with support services for formerly homeless individuals and their families. Residents have access to a community room, fitness room, kitchenette, and laundry facilities on each floor. This unique development will serve people earning 30 percent, and up to 90 percent of the area median income for the City of Troy. Developed by The Community Builders, Inc., work began last April and a ribbon-cutting ceremony was held today to celebrate the grand opening.
The new building features:
- An elevated green deck irrigated with rainwater from the main building’s roof;
- Outdoor seating areas with raised garden beds;
- A playground for children;
- A geothermal heating and cooling system;
- A gas powered central hot water heater; and
- Individual water meters and thermostats for each unit to support water conservation.
The development is supported by the Empire State Supportive Housing Initiative and is being administered by the Office of Temporary and Disability Assistance, which provided $4.2 million through the Homeless Housing and Assistance Program. Homes and Community Renewal provided $3.8 million from the Housing Trust Fund program and an annual Low Income Housing Tax Credit allocation in the amount of $538,672. NYSERDA also provided a $67,000 grant through its Multifamily Performance Program. Additionally, the Community Preservation Corporation provided a $7.3 million construction loan and a $1.9 million SONYMA-insured permanent loan was provided through the New York State Common Retirement Fund. The state’s investment also leveraged federal and state historic tax credits, as well as general partner contribution.
CPC, in consultation with SONYMA, used a new mortgage underwriting method to secure an additional $350,400 in their SONYMA-insured loan from CPC, ensuring the project would be able to afford the costs of implementing its conservation and sustainability measures.
Tapestry residents are in close proximity to The Capital Roots’ new Urban Grow Center that will offer a shared-use incubator kitchen, community resource rooms, indoor and outdoor event space and year-round greenhouses to residents. The new development is just a few blocks from the city’s new Capital District Transportation Authority transit hub, a local grocery store and Troy’s restaurant district.
New York State Office of Temporary and Disability Assistance Commissioner Samuel D. Roberts said, “Supportive housing projects like Tapestry on the Hudson merge together housing with services tailored to help individuals and their families achieve better stability in their lives. Governor Cuomo recognizes this need for safe and affordable housing for New Yorkers of all incomes, as well as those experiencing homelessness. I am proud to once again partner with New York State Homes and Community Renewal as well as other local and private partners on this project that will not only help residents, but will continue to revitalize the City of Troy.”
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Safe, affordable places to call home are critical to the future of families and the success of communities. Developments like Tapestry on the Hudson offer stability and security for families, and hope for those who need support to live independent and productive lives. Investments like this that we’ve made in Troy under Governor Cuomo’s leadership are making the city one of the Capital Region’s most vibrant places to live.”
NYSERDA President and CEO John B. Rhodes said, “Tapestry on the Hudson illustrates the State’s strong commitment to supporting housing that is affordable, comfortable and energy efficient regardless of income level. Sustainable communities are fundamental to Governor Cuomo’s nation-leading energy agenda and will help ensure a cleaner, greener future for all New Yorkers.”
Congressman Paul Tonko said, “America’s strength is not only measured in the power of our arms or our economy, but also in how we treat the most vulnerable. I am pleased to join with state and local leaders to celebrate the completion of this worthy Capital Region project, which transformed a former industrial space into a valuable affordable housing resource for the Troy community.”
Senator Neil Breslin said, “A critical component to a thriving economy is the availability of affordable and supportive housing. As Troy’s renaissance continues we must remain diligent and ensure there is economic opportunity for everyone. The 67 apartments for families and formerly homeless residents at the Tapestry on the Hudson continues New York States more than $22 million investment in supportive housing which has created 434 affordable homes for Troy families.”
Assemblymember John T. McDonald III said, “Providing affordable housing for our communities is key to ensuring the success of our residents and our neighborhoods. The Tapestry on the Hudson renovation project repurposes a building formerly used as a factory and furniture store into a use that fits the current needs. This type of development is a trend that we are seeing more of in the region and I am hopeful it will continue. The City of Troy is very fortunate to have The Community Builders as a partner in North Central Troy and I am pleased to see investment in this area.”
Rensselaer County Executive Kathleen Jimino Rensselaer County Executive said, “This project breathes new life into a former vacant warehouse putting the building back on the tax rolls and allowing the city to take further advantage of its waterfront. For the 67 individuals or families this will provide safe, affordable housing with many amenities. As well, this is a state of the art energy efficient building that will limit costs to residents and environmental impacts. My congratulations to all the partners involved in this project at the state and local level for all their efforts that have resulted in bringing this important project to fruition.”
Troy Mayor Patrick Madden, “Quality housing opportunities like those available through the Tapestry on the Hudson project are critically important to developing and sustaining healthy, vibrant communities. As Troy continues to thrive and grow we must ensure that all our residents, regardless of age, ability or background, have access to safe, affordable housing options. I applaud the efforts of Governor Cuomo, the Empire State Supportive Housing Initiative, the Community Builders and our state representatives and partners for their support and significant investment in this important development effort which will strengthen the fabric of our community and support the ongoing revitalization of our North Central neighborhood as a place where families can live, work and play.”
Susan McCann, The Community Builders’ Regional Vice President of Development – New York and New Jersey said, “We are delighted to bring high-quality, energy-efficient apartment homes for Troy families with a range of incomes. The support of our partners helps make this work possible and we look forward to furthering our commitment to preserving and developing mixed-income housing in the Capital Region.”
Thomas McGrath, CPC’s Senior Vice President, Director of Upstate Revitalization said, “As a mission-driven nonprofit, our goal is to create a positive impact in communities by investing in stable and sustainable housing. Tapestry on the Hudson is a resource of affordable housing for New Yorkers in need, and its energy-efficient design ensures its physical and financial sustainability will serve its tenants and the Troy community well into the future. My thanks to our long-time partners at TCB, Governor Cuomo, HCR, OTDA, our lending partners at the State’s Common Retirement Fund, and all of the project’s supporters for their collaboration.”
Tapestry on the Hudson joins several other housing developments that are providing affordable homes and helping to revitalize Troy, including:
- Hudson Arthaus opened in 2015, creating 80 affordable apartments, gallery, and studio space in a former shirt and collar manufacturing building constructed in 1895.
- Monument Square Apartments preserves a historic building and provides 89 affordable homes for seniors.
- Phase I of Martin Luther King Apartments is rehabbing a distressed Troy Housing Authority public housing site and creating 46 affordable, quality apartments.
The FY 2018 Budget continues funding for the state’s $20 billion comprehensive, five-year plan for affordable and supportive housing to ensure New Yorkers who are homeless or at risk of homelessness have safe and secure housing. The Budget includes $2.5 billion in funding to advance the creation or preservation of 100,000 affordable and 6,000 supportive housing units
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