Preservation and rehab of 66 affordable rental units using $11.7 million in funding from TCB's Neighborhood Stabilization Program 2 (NSP2) grant.
Cohoes Falls Apartments is a scattered-site, Project-Based Section 8 preservation initiative located in the City of Cohoes in northern Albany County. Cohoes is a turn-of-the-century textile mill town, with historic masonry structures and beautiful views of the falls at the confluence of the Mohawk and Hudson rivers. This $17 million project will preserve 66 units of affordable housing for families by rehabilitating seven different buildings. In addition, this development involves the construction of a new, LEED-Certified community room and site office where a building burned down less than ten years ago in order to create a permanent and prominent presence for TCB in the community.
Cohoes has experienced the industrial and capital flight endemic of smaller upstate New York communities, leaving a large number of distressed, vacant, and abandoned buildings in the City. This project is TCB's first phase of a redevelopment strategy for the City using Neighborhood Stabilization 2 (NSP2) funding to address this problem, dovetailing with the successful and on-going conversion of the adjacent Harmony Mills complex into high-end market rate housing. The project scope includes remediating environmental contaminants, addressing building code violations, and converting the existing electric baseboard heating system to a more efficient gas boiler system.
The development team has already received a commitment from The Community Builders for NSP2 funds in the amount of $13.2 million, of which $1.6 million shall serve as a permanent source. New York State Homes and Community Renewal awarded $970,326 in Low-Income Housing Tax Credits in the 2010 Unified Funding Round, which shall generate over $8.2 million in private equity toward this development. The Federal Home Loan Bank of New York committed $500,000 in Affordable Housing Program funds through M&T Bank as participating lender. A new first mortgage of $2.1 million shall provide hard debt for the project. Federal and State Historic Tax Credit equity of $2.6 million and a deferred developer fee of $295,000 round out the project's sources and uses.