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$22.3m for affordable and supportive housing in Troy, N.Y.

Troy housing
New York   For low-income and formerly homeless individuals

Governor Andrew M. Cuomo 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.”

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.

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.

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