The Community Builders 'Tapestry on the Hudson' Receives Affordable Housing Finance 2017 Readers Choice "Green" Award
A vacant industrial building has been repurposed into 67 mixed-income homes in Troy, N.Y.
Tapestry on the Hudson supports the city’s goals of redeveloping its blighted historic buildings and providing needed new housing. At the same time, developer The Community Builders (TCB) has created one of the region’s greenest buildings.
Tapestry boasts many sustainable and energy-efficiency measures, including a geothermal HVAC system for heating and cooling and a gas-powered central hot water heater. Units are individually equipped with water meters and thermostats to support water conservation and allow for water leak detection. The building is photovoltaic-ready for future solar-electricity generation.
Located along the Hudson River, the project also involves the reconstruction of an old seawall and the construction of an elevated green space above parking. The green space is irrigated with rainwater collected on the roof of the main building.
Residents have the opportunity to participate in community gardening and utilize the Troy Bike Path along the seawall at the rear of the property.
“We’re always seeking to push the envelope on green design and innovation,” says Jennica Petrik-Huff, TCB project manager. “… We’ve worked to design buildings that are energy efficient not only for the benefit of long-term operations but for the benefit of our residents.”
The adaptive reuse of the 1899 Mooradian building, a former shirt-collar factory that later served as a furniture warehouse, provides affordable housing for a variety of income levels. Nineteen homes are supportive-housing units with on-site services.
The $22.3 million development is part of a Community Preservation Corp. (CPC) program that models future energy savings of proposed upgrades before the rehabilitation of a property. By looking at the energy efficiency of a development, CPC used the anticipated savings to underwrite a higher loan to offset the costs of the energy upgrades.
Tapestry is also financed with low-income housing and historic tax credit equity from KeyBank. Read More.