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Capital Region Economic Development Council and The Community Builders, Inc. Announce Monument Square Apartments’ Renovations Complete

89-unit affordable development for seniors injects $18.4 million into downtown Troy, focuses on comfort, affordability, energy-efficiency
(November 08, 2013)

Capital Region Economic Development Council and The Community Builders, Inc. Announce Monument Square Apartments’ Renovations Complete

The Capital Region Economic Development Council (CREDC), The Community Builders (TCB), Inc. and partners today celebrated the historic Monument Square Apartments at 2 First Street in Troy as the affordable housing development opened its doors to elderly residents. The Community Builders, Inc. led the $18.4 million rehabilitation of the historic structure, a comprehensive renovation that included important environmental and energy efficiency upgrades. The 89-unit affordable development opened on the strength of a $1.15 million award it received as part of Governor Andrew Cuomo’s Regional Council initiative.

“We are proud to have partnered with the United States Department of Housing and Urban Development (HUD), the New York State Homes and Community Renewal (HCR) and the New York State Energy Research and Development Authority (NYSERDA) in preserving this historic building,” said Bart Mitchell President and CEO of The Community Builders. “We are also happy to welcome a group of our neighbors to a comfortable, environmentally responsible and energy efficient new home.”

“Developing affordable housing is critical to creating jobs, attracting residents and businesses, and improving the city’s quality of life,” said CREDC co-chairs James Barba, president and CEO of Albany Medical Center, and Robert Jones, president of the University at Albany. “By working with other partners to revitalize this building in the heart of downtown Troy, we are investing in the future growth of the downtown economy.”

With The Community Builders, Inc. as owner, sponsor, developer and management agent, Monument Square Apartments is a Project-Based Section 8, elderly residence. Its 89 units of affordable housing include 74 one-bedroom units and 15 studio units. The many environmental and comfort upgrades include new energy-efficient windows, conversion from electric baseboard heating to a state-of-the-art geothermal heating and cooling system.

The Monument Square Apartments project is supported by HUD, New York State HCR and NYSERDA. As part of the first round of Governor Cuomo’s Regional Council initiative, TCB was awarded an annual allocation of $1.15 million in Low Income Housing Tax Credits, $2.82 million in Federal Historic Tax Credits and $1.83 million in State Historic Tax Credits. Together, this award leveraged $14.5 million in equity from the improving tax credit marketplace. Federal and State Historic Tax Credits and NYSERDA energy efficiency incentives facilitated the historic rehabilitation and energy efficiency improvements at Monument Square Apartments.

Darryl C. Towns, Commissioner/CEO of HCR said, “Governor Cuomo’s Regional Council initiative is designed to identify smart investments that help communities capitalize on their strengths. Monument Square is achieving this goal by providing quality, affordable homes for seniors, creating economic activity, and preserving a piece of Troy’s past. Congratulations to The Community Builders Inc. and the residents of Troy on making Monument Square a reality.”

“The Monument Square apartments are a model of how we can incorporate energy efficiency and sustainability in the rehabilitation of historically significant buildings,” said John B. Rhodes, President and CEO, NYSERDA. “Increasing energy efficiency across all sectors of New York's economy remains the cornerstone of the State's energy policy. Under Governor Cuomo, the State will continue its commitment to projects like Monument Square Apartments that maximize energy efficiency and help ensure cleaner communities in which to work and live.”

“This project is an excellent example of the type of government and private sector collaboration that creates accomplishments and achieves goals that truly have a positive impact. I want to commend The Community Builders and all the funding partners for their effort to breathe new life into this building that will improve its livability and affordability with a focus on energy efficiency. Truly a win for the City and County as well as the residents living here,” said Rensselaer County Executive Kathleen M. Jimino.

“We in the City of Troy offer our sincere gratitude to The Community Builders for their investment,” said Lou Rosamilia, Troy Mayor. “This project preserves a valuable component in the integral streetscape here on First Street. And, whenever we can also outfit one of Troy’s older buildings with sustainable energy sources, it’s a great day for our city.”

The Regional Economic Development Council initiative is a key component of Governor Andrew M. Cuomo’s transformative approach to State investment and economic development. The Councils are public-private partnerships composed of local experts and stakeholders from business, academia, local government, and non-governmental organizations. The Regional Councils have redefined the way New York invests in jobs and economic growth by putting in place a community-based, bottom up approach and establishing a competitive process for State resources. As a result of the first two rounds of awards, $1.5 billion in resources have been awarded to support more than 1,400 regionally significant economic development and community revitalization projects that are creating or helping to retain an estimated 75,000 jobs across the Empire State and generating investments to grow the economy.

The Community Builders, Inc. is the leading nonprofit developer of mixed-income housing in the United States. Its mission is to build and sustain strong communities where people of all incomes can achieve their full potential. It realizes its mission by developing, financing and operating high-quality housing and implementing neighborhood self-help initiatives to drive economic opportunity for our residents. Since 1964, it has constructed or preserved over 320 affordable and mixed-income housing developments and secured over $2.5 billion in project financing from public and private sources. Today, it owns or manages more than 10,000 apartments in 14 states and Washington, D.C. The Community Builders, Inc. is headquartered in Boston with regional hubs in Chicago and Washington.