444 River Street

Organization Name: The Community Preservation Corporation

Project Title: 444 River Street

Project Location: 444 River Street, Troy, New York

Project Goals:
444 River Lofts is the adaptive reuse and renovation of a former industrial building in Troy, NY into a mixed-use, mixed-income rental property with subsidized affordable apartments.

The Downtown Waterfront area of Troy is currently experiencing a revitalization that is being driven by recent investments in housing. This project will play a key role in the city’s ongoing revitalization and its efforts to create an economically diverse, thriving downtown by adding new high-quality housing that is affordable to a range of incomes. The renovation will also maintain the building’s historic structure and aesthetic allowing it to fit within the contextual landscape of the community and serve as a link to the city’s historic past.

Project Description:
444 River Lofts, is an adaptive reuse of a former industrial building located at 444 River Street in Troy, New York. The building will be transformed into a mixed-use, mixed-income, residential building featuring 74 rental apartments, of which 47 units will be income-restricted and designated for families earning between 60% and 90$ AMI. The development will also offer 7,400 square feet of commercial space. It was built in 1908 by the Troy Waste Manufacturing Company, and 2014 it was listed on the National Register of Historic Places. Architecturally, it’s an example of historic mill construction and features locally significant Classical Revival styling. CPC provided an $11.3 million construction loan and a SONYMA-insured $7.3 million permanent loan financed through its partnership with the New York State Common Retirement Fund. The project also received $4.2 million through the New York State’s Housing Trust Fund Corporation and $6.5 million in Federal and State Historic Tax Credits.

Community Impact:
Located on the Hudson River, the city of Troy is experiencing new development near the Downtown Waterfront which are helping to spur its revitalization. New housing that is affordable to a range of income levels is critical to the ongoing public-private efforts to create a community of choice. 444 River Lofts brings 74 new mixed-income rental apartments, including 47 affordable units that will add to the permanent population of the downtown area, and promote a community and that is livable, economically diverse and which offers benefits including proximity to transit, retail, arts/cultural activity, and a high ceiling for new economic activity. In addition, 444 River Lofts will preserve the historic structure of building, serving as a touchstone to the city’s past. Historic buildings, including former manufacturing facilities that were once drivers for the local economy can be put back into use as new housing and retail space – again serving as anchors of economic opportunity.

Organization Description:
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. We provide innovative capital solutions, fresh thinking and a collaborative approach to the often complex challenges that owners and developers of multifamily housing face. To date, CPC has leveraged nearly $10 billion in private and public investment to finance more than 170,660 units of housing. Our work with our partners has helped revitalize countless neighborhoods throughout New York, and provided quality housing for families, senior citizens, and individuals with disabilities.