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<\/a> Foss & Company <\/p>\n“PLP is one of the more effective tools New York has for reaching the small and mid-sized buildings that larger financing structures tend to pass over,” said John Sorel of Foss & Company. “When you pair it with historic tax credit equity, you get a model that works in Fredonia as well as it does in Buffalo \u2014 proof that public-private partnerships like this can scale across very different markets.” <\/p>\n
HCR administers PLP as part of its mission to build, preserve, and protect affordable housing while supporting community revitalization. The program provides low-interest financing specifically for rehabilitation and adaptive reuse of existing affordable housing, addressing a gap that has historically made smaller rehabilitation deals difficult to finance through conventional channels. <\/p>\n
The Four Projects <\/p>\n
Eckhardt Building \u2014 Buffalo, NY
A 1940s former department store in Buffalo’s Broadway-Fillmore Historic District, now delivering 28 affordable apartments (rents restricted to an average of 65% AMI) and roughly 22,000 square feet of commercial space, fully leased to a nonprofit child day care provider. Construction is complete. <\/p>\n
Selfridge & Langford Building \u2014 Albany, NY
A four-story former furniture showroom near the State Capitol, being converted into 49 rent-restricted units (up to 80% AMI) with approximately 3,900 square feet of ground-floor commercial space and shared resident amenities. <\/p>\n
343 Central \u2014 Fredonia, NY
Rehabilitation of six existing multifamily properties totaling 40 units \u2014 sixteen one-bedroom and twenty-four two-bedroom apartments affordable at up to 80% AMI. Developer Good Carbon is incorporating geothermal systems and other efficiency upgrades. <\/p>\n
80 Washington Street \u2014 Kingston, NY
Adaptive reuse of the former Home for the Aged of Ulster County into 39 affordable apartments (up to 80% AMI), open to tenants of any age, preserving a historic Hudson Valley asset. <\/p>\n
“We’re proud of our continued work with HCR,” Sorel added, “and we’ll keep building on this model of pairing PLP with historic tax credits to reach communities that need it most.” <\/p>\n
ABOUT FOSS & COMPANY This press release contains forward-looking statements based on current expectations and projections, subject to risks including changes in tax law, construction\/completion risks, energy production variability, and market conditions that could cause actual results to differ materially. Foss & Company undertakes no obligation to update these statements. <\/p>\n
Founded in 1983, Foss & Company is a national tax equity investor and fund sponsor that, since its inception, has deployed over $11 billion in tax equity on behalf of insurance, banking, and other large corporate clients into historic rehabilitation projects, renewable energy, and advanced energy production facilities. Foss & Company is a full-service advisor with proven expertise in helping its partners navigate the world of tax equity investments. For more information about Foss & Company, please visit www.FossandCo.com<\/a>. <\/p>\n