Four New York Historic Projects Secured Financing
New investment deals across the state have finalized the creation of 156 affordable housing units for residents.
Updated on Sept. 29, 2026 in Commercial
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Foss & Company has closed on four historic rehabilitation projects in New York, adding a total of 156 affordable housing units to the state's inventory. These projects are located in Buffalo, Albany, Fredonia, and Kingston.
Why it matters
These investments address financing gaps that often stall small-scale historic rehabilitations by layering low-interest state loans with federal and state tax credits. This model allows for the adaptive reuse of buildings that otherwise might remain underutilized while expanding local affordable housing options.
The projects account for 156 total affordable units, including 28 in the Eckhardt Building, 49 at the Selfridge & Langford Building, 40 at 343 Central, and 39 at 80 Washington St. These developments serve households with specific rent-restricted income requirements.
The players
Foss & Company
An investment firm that manages and structures tax credit equity and financial products for real estate developers.
The details
The developers used the Small Building Participation Loan Program to provide low-interest financing for the rehabilitation of these properties. By pairing these funds with historic tax credits, they successfully bridge the funding gap inherent in smaller, complex renovation efforts. This approach allows the projects to include commercial space alongside affordable apartments, such as the 22,000 square feet included in Buffalo's Eckhardt Building.
Timeline
September 29, 2026: Official publication date of the investment closing announcement.
Money Landscape
These investments align with the Small Building Participation Loan Program to facilitate the rehabilitation of older structures across the state. This strategy reflects a broader trend of leveraging tax incentives to overcome the high costs of converting historic commercial buildings into affordable housing.
Residents in these communities may gain access to new affordable housing options with rent restrictions set at specific income levels. If you are seeking affordable housing, consider consulting a local housing authority or financial advisor to understand income eligibility requirements in your area.
The takeaway
The successful closure of these projects highlights the efficacy of combining state-level loan programs with tax credit equity to revitalize historic properties. Households should monitor local municipal planning reports to track the availability of newly created rent-restricted units in their area.
Further reading
For more information on current developments, visit Commercial.
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Do you believe public-private partnerships are an effective way to increase affordable housing in your community?
