Troy Portfolio Preservation Bundle 1 (Griswold Heights Apartments)

Organization Name: Troy Portfolio Preservation LLC, a co-developer partnership between the Troy Housing Authority (THA) and MDG Real Estate Partners (MDG)

Project Title: Troy Portfolio Preservation Bundle 1 (Griswold Heights Apartments)

Project Location: Troy, New York

Project Description:
The Troy Portfolio Preservation Bundle 1 rehabilitation project is a public-private partnership between THA and MDG to revitalize Griswold Heights Apartments, a 391-unit affordable housing development, the largest in THA’s portfolio. This exciting $136M preservation transformed 13 townhome-style buildings through an occupied rehabilitation process. Upgrades included modernized kitchens and bathrooms, new flooring and roofing, and masonry repairs. Energy efficiency was a key focus, with the instillation of ENERGY STAR® appliances, LED lighting, low-flow plumbing, and high-efficiency water heaters. The revitalized complex now also features four playgrounds, basketball courts, a dog park, and community center with a gym and computer lab. Built in 1950 and 1963, the original buildings are listed in the National Register of Historic Places, with renovations meeting NYS OPRHP’s Historic Rehabilitation standards. Project financing utilized HCR’s Federal LIHTC and Public Housing Preservation programs, as well as Federal and State Historic Tax credits from NYS OPRHP. The development team also created the first NYS HFA-funded “Master Lease Pass Thru” project to generate over $7M in Tax Credit Equity.

Community Impact:
Griswold Heights will remain or become available to households earning up to 50% AMI, and nearly all units are covered under a Project-Based Section 8 Housing Assistance Payment contract. Additionally, residents were able to remain in their individual apartments throughout the course of construction and were provided with the option to utilize a hospitality suite during the day while construction took place. For the project to succeed, MDG and THA garnered extensive support from elected officials and stakeholders, including strong working relationships with Mayor of Troy Carmella Mantello, Senators Chuck Schumer and Kirsten Gillibrand, Troy City Council, and the U.S. Department of Housing and Urban Development (HUD).

MDG and THA were dedicated to making Griswold Heights a safe space for residents to call home. Updated security measures included a new security camera system and additional lighting on-site. The development team revitalized the Community Center, modernizing the existing kitchen and gym, and adding a new computer lab. The goal was to support growing after-school homework help and summer meal programs. These efforts have fostered community growth and learning among residents.

Organization Description:
MDG Real Estate Partners is a subsidiary of MDG Design & Construction (MDG), a family-owned affordable housing-only contracting and development firm that specializes in the rehabilitation and new construction of quality affordable housing. To date, MDG has created or preserved 22,300 units of affordable housing and is responsible for over $3.2 billion invested in New York City’s underserved communities, with their reach expanding across upstate New York and into New Jersey, Connecticut, Delaware, Pennsylvania, Florida, and the U.S. Virgin Islands.

Team Members:

• Troy Housing Authority
• NYS HCR
• NYS OPRHP
• NYS HFA
• U.S. Department of HUD
• J.P. Morgan Community Development Banking
• Hudson Housing Capital
• National Parks Service