Troy Portfolio Preservation Bundle 2
Largescale post-RAD refinancing and historic preservation project in Upstate, NY.
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Project Name
Troy Portfolio Preservation Bundle 2
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Location
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Units
341
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Buildings
50 Residential, 1 Community Center, and 1 Maintenance Building
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Project Role
MDG is Developer, General Contractor, and Relocation Coordinator
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Project Status
Completed, June 2026
Project Highlights
Grand Street Apartments.
Canty Recreational Park Dedication at Corliss Park.
Grand Street Apartments ribbon cutting celebration on September 22, 2026.
Kitchen at Grand Street Apartments.
Canty Recreational Park Dedication at Corliss Park
Kitchen at Grand Street Apartments.
In-unit laundry.
Canty Recreational Park Dedication at Corliss Park
Bedroom at Grand Street Apartments.
Playground dedication and back to school celebration.
Playground dedication and back to school celebration.
Playground dedication and back to school celebration.
Playground dedication and back to school celebration.
Playground dedication and back to school celebration.
Playground dedication and back to school celebration.
Playground dedication and back to school celebration.
Playground dedication and back to school celebration.
Bathroom at Grand Street Apartments.
Playground dedication and back to school celebration.
Playground dedication and back to school celebration.
Playground dedication and back to school celebration.
Playground dedication and back to school celebration.
Playground dedication and back to school celebration.
Playground dedication and back to school celebration.
Grand Street Apartments.
Playground dedication and back to school celebration.
Playground dedication and back to school celebration.
Grand Street Apartments.
Grand Street Apartments ribbon cutting celebration on September 22, 2026.
Grand Street Apartments ribbon cutting celebration on September 22, 2026.
Grand Street Apartments ribbon cutting celebration on September 22, 2026.
Grand Street Apartments ribbon cutting celebration on September 22, 2026.
Grand Street Apartments ribbon cutting celebration on September 22, 2026.
Grand Street Apartments ribbon cutting celebration on September 22, 2026.
Grand Street Apartments ribbon cutting celebration on September 22, 2026.
Grand Street Apartments ribbon cutting celebration on September 22, 2026.
Grand Street Apartments ribbon cutting celebration on September 22, 2026.
Living room with fireplace.
Grand Street Apartments ribbon cutting celebration on September 22, 2026.
Grand Street Apartments ribbon cutting celebration on September 22, 2026.
Grand Street Apartments ribbon cutting celebration on September 22, 2026.
Project Features
Site Improvements
The project’s site improvements include interior and exterior upgrades, like updated kitchens (with the installation of Energy Star appliances), new cabinetry, new countertops, and updated bathrooms. All lighting was replaced with LED light fixtures. New low-flow plumbing fixtures, smoke detectors, and carbon monoxide detectors were installed. The buildings received new ADA compliant entry door hardware, extensive waterproofing including masonry repairs, 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.
Project Highlights
Troy Portfolio Preservation Bundle 2 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. We successfully created the second 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)
