$17.5 million historic rehabilitation preserves affordable housing and adds new LEED Gold-certified community space.
COHOES, N.Y. (Oct. 19, 2012) – The grand opening of Cohoes Falls Apartments, an affordable housing community developed by The Community Builders, Inc. (TCB) was celebrated by public officials and local residents today in Cohoes, N.Y., in northern Albany County.
|Pictured left to right: Sean Fitzgerald, New York State Homes and Community Renewal deputy commissioner; Dianne Nolin, Cohoes 4th Ward Councilwoman; John T. McDonald III, Cohoes Mayor; Sue McCann, The Community Builders, Inc. New York development director, Bart Mitchell, The Community Builders, Inc. president and CEO; Jesse Batus The Community Builders, Inc. project manager; April Kennedy, Cohoes 1st Ward Councilwoman; and Bob Signoracci, U.S. Department of Housing and Urban Development field liaison.|
The 66-unit Cohoes Falls development consists of one, two and three-bedroom apartments in seven buildings. Purchased by TCB in 2011, the rehabilitation of this historic residential community will preserve affordable housing for low income families as a project-based Section 8 site.
“Today marks the preservation of quality affordable housing for 66 deserving Cohoes families,” said Bart Mitchell, president and CEO of TCB. “The Cohoes Falls rehabilitation strengthens this historic community and creates environmentally sustainable community space for residents to enjoy.”
The rehabilitation of the housing units included environmental remediation and a conversion to an efficient gas heating system. A new community building was also constructed with an full array of environmental features that include efficient, long-lasting LED lighting fixtures, heat reflecting roof shingles and recycled building materials. The development uses renewable energy credits to ensure 70 percent of the power consumed is produced by renewable sources such as wind, solar or geothermal.
Representatives from the U.S. Green Building Council were on hand to present the LEED® Gold certificate for the new building.
State and local officials who provided support for the site were on hand to celebrate.
“The City of Cohoes is pleased to recognize and welcome the excellent work that The Community Builders has completed in the community,” said Mayor John T. McDonald III. “An investment in properties of this nature can be a challenge at times, but TCB has worked hard and closely with the City of Cohoes to bring these buildings up to code, improve their energy efficiency, and provide safe and affordable housing for our residents. This has been a positive experience for the City and I look forward to future opportunities to partner with TCB.”
Financing for the project included multiple federal, state and private sources. Neighborhood Stabilization Program 2 funds from TCB’s national grant in the amount of $13.2 million. Nearly $970,326 of funding was awarded by New York State Homes and Community Renewal.
“We are proud to partner with TCB to revitalize upstate New York communities,” said Sean Fitzgerald, New York State Homes and Community Renewal deputy commissioner who gave remarks at the ribbon cutting ceremony.
Paula Neunmann, a life-long resident of Cohoes and a tenant of Cohoes Falls also provided remarks highlighting the essential role affordable housing has played for her husband and three children.
Stephanie J. Anderson
The Community Builders, Inc.
About The Community Builders, Inc.
The Community Builders, Inc. (TCB) is the largest nonprofit developer of mixed-income housing in the United States. Our mission is to build strong communities where people of all incomes can achieve their full potential. We realize our mission by developing, financing and operating high-quality housing and implementing neighborhood self-help initiatives to drive economic opportunity for our residents. Since 1964, we have constructed or preserved over 320 affordable and mixed-income housing developments and secured over $2.5 billion in project financing from public and private sources. Today, we manage more than 100 properties in 12 states. We are headquartered in Boston with regional hubs in Chicago and Washington.