Historic Pastures Mansions

Historic Pastures Mansions involves the acquisition, renovation, and preservation of three family complexes totaling 251 units in the south end of Albany, NY. The project, which commenced in January 2015 and was completed in January 2016, focused on substantial updates to ensure long-term sustainability and improved living conditions.

The comprehensive rehabilitation included new ENERGY STAR-rated windows and lighting, updated kitchens and bathrooms, new flooring, roofing, siding, gutters, and masonry repairs. All units were equipped with ENERGY STAR appliances to enhance energy efficiency throughout the complex. Site improvements included concrete sidewalk replacement and parking lot repaving.

Financed through a combination of funding sources, the project utilized Tax-Exempt Bonds, 4% Low-Income Housing Tax Credits (LIHTC), Homes for Working Families funding through NYS HFA, DHCR Community Investment Funds, State Low-Income Housing Tax Credits, and HOME funds from the City of Albany. Construction and permanent financing were provided by Citibank through their Affordable Housing Subordinate Loan program, with Raymond James Tax Credit Funds serving as the syndicator for both State and Federal Tax Credits. Additionally, developer equity and the current Reserve for Replacement Reserves were utilized.

Historic Pastures Mansions includes HUD Section 8 projects, with 80 units rented to applicants at or below 60% of AMI and 14 units rented at or below 90% of AMI. The remaining units are available to applicants at or below 50% of AMI, ensuring a range of affordable options for residents.