Historic Buildings Repurposed for New York Housing

A state initiative has funded 156 new affordable units by pairing tax credits with low-interest construction loans.

Updated on Oct. 13, 2026 in Commercial

Historic Buildings Repurposed for New York Housing

Live Poll

Do you support prioritizing the renovation of older buildings to create affordable housing in your community?

Foss & Company has closed four historic rehabilitation investments across New York, aiming to create or preserve 156 affordable housing units. These projects revitalize existing structures in Buffalo, Albany, Fredonia, and Kingston to expand local housing supply.

Why it matters

This initiative bridges significant financing gaps that tax credit equity alone often fails to cover for smaller building renovations. By combining federal and state tax incentives with specialized loans, the program facilitates the adaptive reuse of properties that might otherwise remain dormant.

The initiative encompasses 156 affordable units across four sites, including 28 units at the Eckhardt Building and 39 at 80 Washington St. These developments serve households based on specific Area Median Income (AMI) restrictions, such as the 80% maximum AMI limit for most units at the Selfridge & Langford Building.

The players

Foss & Company

An investment firm specializing in tax credit programs that fund affordable housing and historic preservation projects.

The details

The projects utilize the Small Building Participation Loan Program, which provides low-interest financing to offset the high costs of rehabilitating older structures. This capital, paired with Historic Tax Credits, allows developers to convert empty or underused buildings into mixed-use or residential spaces. For example, the Eckhardt Building in Buffalo will now feature 22,000 square feet of commercial space alongside its 28 residential units.

2026-10-13
Article publication date.

Money Landscape

These investments follow a pattern set by the Small Building Participation Loan Program to address regional housing inventory shortages. The model marks a departure from traditional, large-scale developments by focusing on the adaptive reuse of smaller, historic properties.

Households looking for housing in these four cities may see new rent-restricted options become available as projects reach completion. Interested residents should monitor local housing authority announcements to learn about eligibility requirements for the units tied to AMI restrictions.

The takeaway

The use of combined tax credits and low-interest loans helps revitalize historic properties while expanding the regional stock of rent-restricted housing. Prospective tenants should check with local housing agencies to see if these developments align with their household income limits.