Modernization and Rehabilitation of 50-Year-Old Complex Preserves Affordability, Improves Energy-Efficiency and Expands Green Space for 83 Households
(April 6, 2021) -- New York State Homes and Community Renewal, Beacon Communities LLC, the Troy Housing Authority, the Community Preservation Corporation (CPC), and KeyBank today announced the completion of the $14.7 million second phase of redevelopment of the Martin Luther King Apartments in Troy. The 50-year-old complex now provides 83 modern, affordable and energy efficient apartments designed to accommodate larger households. Additional upgrades to the site include expanded recreational and green space, community gathering areas, better lighting and pathways that link the complex to the neighboring community.
“Our investment in the Martin Luther King Apartments is not only in buildings, but in the people who call this development home,” said HCR Commissioner RuthAnne Visnauskas. “The completely transformed development now offers 83 spacious apartments that were designed to meet today’s standards for family living and energy efficiency. We are proud to partner again with Beacon Communities and the Troy Housing Authority to preserve affordability and improve quality of life at the MLK Apartments for decades to come.”
“Many communities in New York State have little or no affordable housing,” said Dara Kovel, Chief Executive Officer of Beacon Communities. “Properties like MLK serve a critical role in housing people who are most vulnerable. Without revitalization projects like these, the problems of homeleassness and housing the working poor would be even greater.”
Built in the 1970s, the Martin Luther King Apartments originally consisted of 12 townhome-style apartment buildings containing 120 apartments. The first two phases of redevelopment involved the selective demolition of obsolete structures and the substantial rehabilitation of other existing buildings. The number of apartments on-site was reduced in order to create larger apartments for families, improve accessibility and expand recreational space. To offset the reduction of apartments, a third phase of development is planned to construct the final 21 homes off-site.
The development now offers 22 two-bedroom, 49 three-bedroom and 12 four-bedroom homes. All apartments have new kitchens and bathrooms, EnergyStar central air conditioning, substantially upgraded envelope insulation, windows and doors and air sealing, as well as high-efficiency furnaces to reduce energy use and costs.
The redesign of the entire site resulted in more green space, community gathering areas, a basketball court, enhanced exterior lighting and lighted pathways that connect the apartments to the neighborhood and public transportation.
HCR’s support for this phase of the redevelopment came from its award of Low-Income Housing Tax Credits which leveraged almost $12 million in equity and $1.1 million from the Public Housing Preservation Program. The Community Preservation Corporation is providing a $1.3 million permanent loan through their partnership with the New York State Common Retirement Fund, the Troy Housing Authority contributed $300,000 and the New York State Energy, Research and Development Authority (NYSERDA) provided $37,000 through its Low-Rise New Construction Program.
HCR also financed the $13.3 million first phase of redevelopment, which was completed in 2018.
NYSERDA Acting President and CEO Doreen M. Harris said, “As we accelerate toward a clean energy future and New York’s nation-leading carbon emissions reduction goals, it is crucial that affordable multifamily housing offers the far-reaching benefits of energy efficiency so that all residents, no matter their circumstance, can enjoy energy savings and improved indoor environmental quality. We applaud the completed expansion of Martin Luther King Apartments as well as the commitment to healthy living and sustainability from the Troy Housing Authority and Beacon Communities and look forward to the project’s positive impact on the Capital Region community well into the future.”
Senator Neil D. Breslin said, "The Martin Luther King Apartments in Troy provide necessary affordable housing and with these new renovations, are better suited to meet the needs of resident families. I applaud New York State Homes and Community Renewal, Beacon Communities and the Troy Housing Authority for the completion of the second phase of the redevelopment of the Martin Luther King Apartments, a community investment that will pay off for years to come."
Assemblymember John T. McDonald III said, "I am pleased to see the completion of the second phase of this investment in the Martin Luther King Apartments. This project will bring this nearly half century development into the modern era and provide for energy efficient living as well as pathways that connect the apartments to public transportation and more.”
Mayor Patrick Madden said, “The revitalization of The Martin Luther King project is an important step in preserving housing in our city. Over the course of time the systems have aged, our way of living in apartments has changed, and the apartments needed to be modernized.”
Nicole Ferreira, Executive Vice President of Development in New York State for Beacon Communities said, “I’m proud to continue our commitment to considering resident and community needs first. MLK Apartments does this by boasting updated outdoor living space, shared community space and places for residents’ children to safely play with one another.”
Patrick Miller, Neighborhood Mortgage Officer, The Community Preservation Corporation, said, “The Martin Luther King Apartments are an irreplaceable piece of Troy’s housing stock that have played a key role in the stability of this community and some of its most vulnerable residents. We’re proud to have been able to join our partners in both Phase I and II of this important project to revitalize, update, and preserve this deeply affordable housing. My thanks to HCR, Beacon Communities, the Troy Housing Authority, and all of our partners.”
About Beacon Communities
Beacon Communities is a privately-owned real estate firm that develops, acquires, invests in, and manages multi-family housing. For 25 years, Beacon has engaged in development opportunities ranging from new construction, to historic adaptive reuse, to the renovation of existing housing while working to secure multi-family housing portfolios. Beacon’s approach implements creative funding sources and sustainable design features to benefit residents and investors alike. Understanding how to work with partners, communities, and local governments has enabled Beacon to create award-winning communities where their residents are Living Well by Design.
About The Community Preservation Corporation
Established in 1974, CPC is a nonprofit affordable housing and community revitalization finance company that believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. The company, which currently carries a AA-issuer rating from S&P Global, provides a full suite of capital products through its construction lending, Agency lending, and equity investing platforms. Since its inception, CPC has provided more than $11.5 billion to finance nearly 200,000 units of housing and is currently one of the largest Community Development Financial Institutions in the country dedicated to investing in multifamily housing.