Troy Completes $152M Rehab of 341 Public Housing Homes

A $152 million rehabilitation has been completed across 341 Troy Housing Authority apartments in New York, combining affordable-housing tax credit equity, state subsidy and historic preservation financing to modernize four existing communities.

Announced September 22, Troy Portfolio Preservation Bundle 2 was developed in partnership with MDG Real Estate Partners. The work reaches beyond apartment interiors, addressing building systems, exterior conditions, accessibility and energy performance.

For residents, the announcement includes an important protection: tenants were temporarily relocated to vacant housing authority apartments during construction and had the right to return to their renovated homes without rent increases.

Four Communities, One Preservation Effort

The completed phase covers Corliss Park Apartments, Grand Street Apartments, Margaret W. Phelan Apartments and Catherine M. Sweeney Apartments.

The properties serve households earning up to 60% of area median income, with apartments ranging from studios to four-bedroom homes. Twenty apartments accommodate residents with mobility disabilities, and eight accommodate residents with sensory disabilities.

New York State describes Bundle 2 as the second and final phase of a 732-apartment rehabilitation initiative. That initiative is part of a broader effort to preserve and revitalize more than 1,000 homes across the housing authority’s portfolio.

The distinction matters: these 341 apartments are existing homes being preserved and improved, rather than 341 newly added units.

What Changed Inside and Outside the Buildings

The rehabilitation included upgraded kitchens and bathrooms, new flooring and lighting, and substantial exterior work.

Troy Housing Authority’s project description identifies roof and window replacements, façade repairs, water and sewer line improvements, energy-efficient heating and cooling systems, and sidewalk and parking-area repairs among the work undertaken across the four sites, as applicable.

The scope also included upgraded security lighting and cameras, landscaping and outdoor amenities. The state’s completion announcement identifies three new playgrounds.

Historic preservation shaped part of the work. Corliss Park and Grand Street retained their historic façades, while the exteriors at Margaret W. Phelan and Catherine M. Sweeney were modernized.

For property operators, the scope illustrates how a major preservation transaction can address apartment conditions, building infrastructure and site needs within the same rehabilitation program.

How the $152 Million Project Was Financed

The state identified several major components of the financing package:

• Federal Low-Income Housing Tax Credits administered through New York State Homes and Community Renewal are expected to generate more than $59 million in equity.

• HCR is providing $48 million in subsidy.

• Federal and state historic tax credits are expected to generate approximately $20 million in equity.

• The Clean Energy Initiative, a partnership between HCR and the New York State Energy Research and Development Authority, contributed $1 million.

JPMorganChase also provided a letter of credit supporting the redevelopment, according to the announcement.

Those disclosed components do not constitute a complete accounting of the $152 million development budget. They do show how housing tax credits, historic preservation incentives and public subsidy were combined to support the work.

Electrification With Projected Energy Savings

The project includes all-electric heat pumps for heating and cooling, efficient appliances and building systems, LED lighting, and high-efficiency domestic hot water equipment with low-flow fixtures.

State officials expect the combined improvements to reduce building energy use by more than 20%.

That figure is a projection. The completion announcement does not provide measured post-renovation energy consumption or establish a specific reduction in residents’ utility bills.

Where RAD Fits Into the Larger Picture

Troy Housing Authority describes its broader portfolio as predominantly supported by HUD’s Rental Assistance Demonstration program.

That provides context for the authority’s preservation effort, but the September 22 announcement does not detail the conversion history or rental-assistance contract structure of each Bundle 2 property.

For housing authorities considering similar work, Troy offers a concrete example of the rehabilitation scope that can accompany a transaction combining multiple financing sources: apartment modernization, infrastructure replacement, accessibility improvements and preservation of existing affordable homes.

What the Completion Means for Housing Operators

The milestone is the delivery of renovated housing. The announcement does not report an NSPIRE inspection score or establish a new HUD compliance requirement.

The work nevertheless concerns many of the physical systems that owners and managers must maintain over time, including roofs, windows, plumbing, heating, cooling and common areas.

For the affordable-housing industry, the significance is practical: this transaction translated tax credit equity and public investment into completed improvements across four established communities, while giving existing residents the right to return.