Cohoes Portfolio Preservation

Site Improvements

Rehabilitation work includes fully renovated kitchens, new bathrooms and appliances, and repaired facades and exteriors. The development team also preserved historic aspects of McDonald Towers and Roulier Heights Apartments. The entire development will have improved energy efficiency, free Wi-Fi access, and robust security systems. Additional site measures include playground upgrades, parking area repairs, and new landscaping.

Project Highlights

Through this redevelopment, CHA will convert its public housing units under the Rental Assistance Demonstration (“RAD”) Program of the U.S. Department of Housing and Urban Development (“HUD”) from public housing (Section 9) to project-based vouchers (Section 8). Financing includes tax-exempt bond funding, 4% Low Income Housing Tax Credit (“LIHTC”) and State Low Income Housing Tax Credit equity, federal and state Historic Tax Credits (“HTC”) equity and subsidy financing to rehabilitate and preserve the developments through a rehabilitation and recapitalization using the forthcoming Housing Assistance Payments (“HAP”) contract. We will successfully create the third New York State Housing Finance Agency-funded Master Lease Pass-Through project, generating over $4 million in Tax Credit Equity.

Project Partners

Cohoes Housing Authority

New York State Historic Preservation Office

U.S. National Park Service (NPS)

New York State Homes & Community Renewal (HCR)

U.S. Department of Housing and Urban Development (HUD)

JPMorgan Chase

PNC Bank

Newman Design

Heritage Consulting Group