Foss & Company Partners with New York State HCR to Enhance Affordable Housing Initiatives

Introduction

In a groundbreaking effort to promote affordable housing, Foss & Company has teamed up with the New York State Homes and Community Renewal (HCR). The partnership aims to enhance the reach of the Small Building Participation Loan Program (PLP) using historic tax credits. This collaboration has culminated in the successful closing of investments aimed at rehabilitating four critical sites in New York, specifically in Buffalo, Albany, Fredonia, and Kingston.

The Projects

The collective vision materializes through four distinct projects that are set to create or sustain 156 affordable housing units. Each project combines PLP financing with federal and state Historic Tax Credits (HTC), showcasing an effective solution for financial gaps in smaller-scale rehabilitation efforts. Here’s a closer look at the four initiatives:

1. Eckhardt Building, Buffalo

Originally a 1940s department store, the Eckhardt Building has been repurposed into a vibrant community asset that now offers 28 affordable apartments. The rentals are restricted to an average of 65% of the Area Median Income (AMI) and include 22,000 square feet of commercial space that is fully leased to a nonprofit child day care provider. This project highlights the potential of historic structures to serve as affordable housing while providing community services.

2. Selfridge Langford Building, Albany

Located near the State Capitol, the Selfridge Langford Building is transforming a former furniture showroom into 49 rent-restricted housing units, available for families making up to 80% of AMI. This four-story renovation also incorporates approximately 3,900 square feet dedicated to commercial space and amenities, creating a vibrant neighborhood within Albany.

3. 343 Central, Fredonia

This project entails the rehabilitation of six multifamily properties, resulting in 40 units, including 16 one-bedroom and 24 two-bedroom apartments. Developer Good Carbon emphasizes sustainability by integrating geothermal systems and other efficiency upgrades. This initiative serves as an excellent example of how to effectively modernize existing housing while preserving community character.

4. 80 Washington Street, Kingston

Lastly, the adaptive reuse of the former Home for the Aged of Ulster County into 39 affordable apartments represents a commitment to serve residents of all ages. With an affordability cap of 80% AMI, this project preserves a historic asset and maintains the cultural richness of the Hudson Valley region.

The Power of PLP and Historic Tax Credits

This collaboration between HCR and Foss & Company illustrates the efficacy of marrying PLP with HTC strategies. According to John Sorel of Foss & Company, PLP is exceptional in reaching small to mid-sized buildings that larger funding sources often overlook. The success of these projects exemplifies how such partnerships can effectively address housing shortages across varying markets.

Conclusion

Foss & Company's ongoing commitment to affordable housing through this partnership underscores the importance of public-private collaboration in addressing critical societal needs. As these four projects near completion, they offer a blueprint for similar initiatives nationwide. By harnessing the potential of historic tax credits alongside innovative financing solutions, Foss & Company and HCR are paving the way for sustainable, inclusive development in New York and beyond.

For more information on Foss & Company's groundbreaking work in the rehabilitation of historic sites and contribution to affordable housing, visit Foss & Company Website.