Governor Hochul Announces Revitalization of 341 Units of Affordable Public Housing in Troy

Governor Kathy Hochul today announced the completion of a $152 million, 341-unit affordable public housing revitalization project in the city of Troy in Rensselaer County. The project is the second and final phase of the rehabilitation of the Troy Housing Authority's portfolio of 732 units of public housing in partnership with MDG Real Estate Partners, LLC. It is also part of Troy Housing Authority's rehabilitation efforts across its entire portfolio of more than 1,000 housing units. Under Governor Hochul's leadership, New York State Homes and Community Renewal (HCR) has created or preserved more than 1,300 affordable homes in Rensselaer County. Troy Portfolio Preservation Bundle 2 continues this effort and is part of Governor Hochul's $25 billion five-year Housing Plan, which is on track to create or preserve 100,000 affordable homes statewide.

"My administration continues to invest in projects that preserve affordable housing, including public housing developments that are vital to their communities," Governor Hochul said. "With the completion of this phase of the Troy Housing Authority's preservation work, we have added more than 300 modern and sustainable homes across the city and are providing new, energy efficient homes for the residents of Troy for generations to come."

Troy Portfolio Preservation Bundle 2 includes the renovation and modernization of four complexes: Corliss Park Apartments, Grand Street Apartments, Margaret W. Phelan Apartments, and Catherine M. Sweeney Apartments. It follows last year's completion of Troy Preservation Portfolio Bundle 1, which included renovations at the 391-unit Griswold Heights, and completion of renovations at the 141-unit Taylor Apartments. Additional rehabilitation projects are underway at other Troy Housing Authority complexes. Together, these projects will help preserve and revitalize more than 1,000 units of affordable public housing in Troy.

Homes at the Bundle 2 project sites are affordable to households earning up to 60 percent Area Median Income. There are 20 units to accommodate residents with mobility disabilities and eight units to accommodate residents with sensory disabilities.

The complexes include a variety of studio, one-, two-, three- and four-bedroom units, providing affordable homes for families and individuals. The developments are close to schools, including Rensselaer Polytechnic Institute, public transportation, parks and museums.

Upgrades at the four properties included new flooring, kitchen and bathroom fixtures, and lighting. Outdoor improvements included three new playgrounds and new landscaping. In addition to retaining character-defining interior features, the historic facades at Corliss Park Apartments and Grand Street Apartments were preserved while the exteriors at Margaret W. Phelan Apartments, and Catherine M. Sweeney Apartments were completely modernized.

The project prioritized electrification and an efficiency-first approach to redeveloping the properties into affordable, modern, low-carbon residences. Specifically, this project features energy efficient upgrades to both resident appliances and central building systems, along with LED light fixtures in apartments and high-efficiency Energy Star© certified domestic hot water systems with updated low-flow kitchen and bathroom fixtures. Residences will have fully electrified heating and cooling provided by all-electric heat pumps. The combined updates are expected to reduce energy usage across all buildings by more than 20 percent, ensuring residents can afford to maintain a comfortable and healthy living space.

Tenants were moved into vacant Troy Housing Authority units while their homes were renovated. All tenants had the right to return to their homes following the renovation, without increases in their rent.

Financing for Troy Portfolio Preservation Bundle 2 includes a mix of public and private sources, including Federal Low-Income Housing Tax Credits from HCR that are expected to generate more than $59 million in equity and $48 million in subsidy. The project benefits from $1 million from the Clean Energy Initiative funding, a partnership between HCR and the New York State Energy Research and Development Authority. Federal and state historic tax credits facilitated by the New York State Office of Parks, Recreation and Historic Preservation are expected to generate an estimated $20 million in equity.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "This $152 million investment exemplifies New York's efforts to preserve the public housing stock. The project delivers modern and sustainable homes for more than 340 households while also protecting the buildings' historic features. Thank you to Governor Hochul for her leadership on affordability. We are grateful to our partners MDG and the Troy Housing Authority for your dedication."

New York State Office of Parks, Recreation, and Historic Preservation Commissioner Kathy Moser said, "We thank Governor Hochul for her continued leadership in expanding housing opportunities for New Yorkers. As communities around the state look for creative ways to address affordable housing, we are a ready partner for projects that incorporate rehabilitating our state's remarkable - but often underutilized - historic buildings. Through the historic rehabilitation tax credit programs, projects can access financial incentives that can help create more dynamic and impactful results, while still preserving local character and enhancing pride of place. We see the past as having an important part in our future and value our role in helping create homes for New Yorkers."

New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, "Expanding access to affordable housing that is comfortable, healthy, and energy efficient is essential to building stronger communities across New York. NYSERDA is proud to work along State, local, and community partners to support this project and help ensure residents can benefit from modern homes that use less energy, while contributing to a cleaner, more resilient future."

Senator Charles Schumer said, "Every family in the Capital Region deserves a safe and affordable place to call home. I'm proud that the federal Low-Income Housing Tax Credit, which I worked to protect and expand, has generated nearly $60 million to help build 341 new affordable homes in Troy. These new townhome-style apartments include easy access to public transportation, parks and museums. I commend Governor Hochul for her continued efforts to create and preserve affordable housing across New York, and I will not stop fighting for the federal resources needed to support these critical efforts."

Representative Paul Tonko said, "I'm thrilled to celebrate the completion of Troy Portfolio Preservation Bundle 2, which represents an important step toward our shared goal of ensuring that every family here in our Capital Region has access to safe, affordable housing that meets their needs. Thanks to the combined contributions of local, state and federal authorities - including more than $100 million in equity and subsidy from the Federal Low-Income Housing Tax Credit Programs - this 341-unit rehabilitation project will deliver modernized, energy-efficient housing for families large and small across the city of Troy. As the need for affordable housing grows more acute across our Capital Region and beyond, investments like this one provide an opportunity for hundreds of families to live sustainably, safely and affordably for generations to come."

Assemblymember John T. McDonald III, RPh said, "Safe, quality and affordable housing is essential and this investment in Troy's public housing is helping ensure that residents have homes they can be proud of for years to come. These improvements will not only preserve more than 300 units of affordable housing, but will also provide residents with modernized kitchens and bathrooms, fully electrified appliances, environmental remediation and free Wi-Fi. I commend the Troy Housing Authority, MDG Real Estate Partners and NYS Homes and Community Renewal for their commitment to investing in these properties and the families who call them home."

Troy Mayor Carmella R. Mantello said, "This is about giving families a home they can be proud of and a place where they can feel safe, comfortable and connected to their community. We are investing in Troy's housing, but more importantly, we are investing in the people who call Troy home. This continued investment shows what is possible when we put residents first and work together to create stronger, healthier, and more affordable homes for Troy families. I want to thank New York State Homes and Community Renewal, the Troy Housing Authority, MDG Real Estate Partners and every investor, developer and partner who helped make this project possible. Their commitment is helping create better homes and a better quality of life for Troy residents for generations to come."

Troy City Council President Sue Steele said, "The Troy City Council is grateful for this investment in Troy's affordable housing stock. With Troy Portfolio Preservation Bundles 1 and 2, the Troy Housing Authority has demonstrated its commitment to offering tenants modern amenities and living conditions. Historic housing has been preserved and updated for families to enjoy in our great city."

MDG Real Estate Partners Senior Development Project Manager John Larounis said, "The completion of Bundle 2 of the Troy Portfolio Preservation Project marks another major milestone in our partnership with the Troy Housing Authority and reflects what's possible when teams come together with a shared commitment to preserve and strengthen affordable housing. This phase continues the momentum we built in Bundle 1 with the completion of Griswold Heights, delivering modern, high-quality homes while preserving long-term affordability. We're proud to celebrate this achievement working alongside Governor Hochul, HCR, HUD, THA, the Troy community and most importantly, the residents of these properties. As MDG advances our resident-centric approach across New York and beyond, we look forward to continuing our work in Troy and building on the progress of this transformative, multi-phase preservation effort."

Troy Housing Authority Executive Director Deborah Witkowski said, "The Troy Portfolio Presentation Project has set the standard for thoughtful, effective collaboration in affordable housing revitalization. At the Troy Housing Authority, we are committed to delivering the highest quality of living to our residents, and the success of this project reflects that goal. Thanks to our partners at MDG Real Estate Partners, and to the residents themselves, this two-phase project has made and will continue to make a lasting, positive impact on our community. We're thrilled to celebrate this milestone, and we're already looking ahead to bringing this same standard of care and commitment to new residents across our city, so that every Troy resident can feel valued, supported and safe in a home they can afford."

Executive Director of Community Development Banking at JPMorganChase Jane Silverman said, "The Troy Portfolio Preservation project is a vital investment in the future of the Troy community, ensuring that 341 households have access to quality, affordable housing for years to come. At J.P. Morgan, we believe strong communities create opportunity and stability. By providing the letter of credit that supports this redevelopment, we're helping preserve critical public and affordable housing, protect long-term affordability for residents and strengthen the fabric of the Troy community for generations to come."

Governor Hochul's Housing Agenda

Governor Hochul is dedicated to addressing New York's housing crisis and making the State more affordable and livable for all New Yorkers. Since FY23, the Governor has worked to increase housing supply to make housing more affordable by launching a $25 billion five-year comprehensive Housing Plan, enacted the most significant housing deal in decades and implemented new protections for renters and homeowners. Under Governor Hochul's leadership, HCR has created new programs that jumpstart development of affordable and mixed-income homes - for both renters and homebuyers. These include the Pro-Housing Community Program, which allows certified localities exclusive access to up to $750 million in discretionary State funding. There are currently more than 450 certified Pro-Housing communities throughout the state, including the city of Troy.

As part of FY27 Budget, Governor Hochul secured a number of landmark reforms to New York's State Environmental Quality Review Act (SEQRA) to speed up housing and infrastructure development and lower costs as part of her "Let Them Build" agenda. "Let Them Build" also includes executive actions to expedite critical categories of projects that have been consistently found to not have significant environmental impacts, but for too long have been caught up in red tape and subject to lengthy delays.

The enacted FY27 Budget completes the Governor's current five-year Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations plus the electrification of an additional 50,000 homes. More than 87,000 affordable homes have been created or preserved to date. The enacted FY27Budget also invests $250 million in capital funding to accelerate the construction of thousands of new affordable homes.