Troy Portfolio Preservation Bundle 1 (Griswold Heights)

Site Improvements

The project’s site improvements upgraded the interior and exterior, including updated kitchens (with the installation of Energy Star appliances), new cabinetry, new countertops, and updated bathrooms. We replaced all lighting with LED light fixtures. New low-flow plumbing fixtures, smoke detectors, and carbon monoxide detectors were installed. The buildings received improvements including the installation of new ADA compliant entry door hardware, extensive waterproofing including masonry repairs and new roofing, new finishes in common areas, new painting, new flooring, and refurbishment of public areas. The heating and distribution systems were assessed and replaced as required. The revitalized complex now features four playgrounds, basketball courts, a dog park, and community center with a gym and computer lab.

Project Highlights

Griswold Heights was redeveloped as a Post-RAD Refinancing, as the Troy Housing Authority (THA) had converted 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) in 2018. This initial conversion was done without material improvements to the developments. The MDG team sourced tax-exempt bond funding, 4% Low Income Housing Tax Credit (LIHTC) equity, federal and state Historic Tax Credits (HTC), and subsidy financing to revitalize and preserve the developments through a rehabilitation and recapitalization using the in-place Housing Assistance Payments (“HAP”) contract. Working with all parties, we created the first New York State Housing Finance Agency-funded Master Lease Pass Through project, generating over $7 million in Tax Credit Equity.

Project Partners

Troy Housing Authority (THA)

New York State Homes & Community Renewal (HCR)

U.S. National Park Service (NPS)

J.P. Morgan Chase

Hudson Housing Capital

Newman Design

Heritage Consulting Group

New York State Historic Preservation Office

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