Troy Portfolio Preservation Bundle 2 (Corliss Park, Catherine M. Sweeney, Grand Street and Margaret W. Phelan Apartments)

Organization Name: Troy Portfolio Preservation B2 LLC, a co-developer partnership between the Troy Housing Authority (THA) and MDG Real Estate Partners LLC (MDG)

Project Title: Troy Portfolio Preservation Bundle 2 (Corliss Park, Catherine M. Sweeney, Grand Street and Margaret W. Phelan Apartments)

Project Location: Troy, New York

Project Description:
The Troy Portfolio Preservation Bundle 2 rehabilitation project is a public-private partnership between the Troy Housing Authority (THA) and MDG Real Estate Partners LLC (MDG) to revitalize four historical properties through substantial rehabilitations of interiors, exteriors, and community spaces. This groundbreaking $152M preservation effort delivered renovated kitchens and bathrooms, along with new windows, doors, ceilings, appliances, cabinetry, countertops, and flooring. Energy efficiency was a priority: ENERGY STAR® appliances, LED lighting, low-flow plumbing, and high-efficiency water systems achieved a 20% reduction in energy use. Exterior work included new roofs, water and sewage line repairs, garbage enclosures, HVAC systems, lighting, and security cameras, plus new mailboxes, bus shelters, and three new playgrounds. Financing combined public and private sources, including Federal Low-Income Housing Tax Credits from NYS Homes and Community Renewal (HCR), the Clean Energy Initiative (a partnership between HCR and the NYS Energy Research and Development Authority), and Federal and State Historic Tax credits from NYS Office of Parks, Recreation and Historic Preservation (OPRHP).

Community Impact:
All Bundle 2 homes remain affordable to households earning up to 60% of Area Median Income (AMI). Most units were rehabilitated through THA's Non-Debt RAD conversion; the rest are covered by THA's project-based vouchers. Residents either remained in place or were temporarily relocated to vacant THA units on their respective site during construction, and all had the right to return home without a rent increase. The project also added 20 mobility-accessible units and 8 hearing- and vision- accessible units.
The development team worked with Troy Mayor Carmella Mantello, U.S. Senator Chuck Schumer, Congressman Paul Tonko, NYS HCR Commissioner RuthAnne Visnauskas, the Troy City Council, and the NYS Energy Research and Development Authority.
Upgrades were chosen to measurably improve residents' daily lives, including enhanced security, new bus shelters, and parking lot improvements. MDG and THA also renovated common areas to foster connection among residents, building three new playgrounds and improving outdoor amenities. Corliss Park's new playground, The Canty Recreational Park, honors longtime THA resident and Special Olympics champion Ezra Canty.

Organization Description:
MDG Real Estate Partners and affiliates are a family-owned affordable housing-only contracting and development firm that specializes in partnering with housing authorities and non-profits to create fantastic places to live. To date, MDG has created or preserved 24,500 units of affordable housing and is responsible for over $4.3 billion invested in underserved communities, with active partnerships in New York City, the New York Capital Region, New Jersey, Delaware, Pennsylvania, South Carolina, Kentucky, Ohio and the U.S. Virgin Islands.

Team Members:

Troy Housing Authority, MDG Design & Construction LLC, NYS HCR, NYS OPRHP, NYS HFA, U.S. Department of Housing and Urban Development (HUD), J.P. Morgan Community Development Banking, PNC Bank