Historic Buildings Repurposed Into Affordable Housing
New investment projects across New York will create or preserve 156 affordable housing units for local residents.
Updated on Oct. 13, 2026 in Commercial
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Foss & Company has closed four historic rehabilitation investments across New York state to address regional housing needs. These projects will create or preserve 156 affordable housing units in Buffalo, Albany, Fredonia, and Kingston.
Why it matters
The initiative utilizes the Small Building Participation Loan Program to fill financing gaps that Historic Tax Credits alone cannot cover for smaller developments. This strategy enables the adaptive reuse of existing properties into essential community housing.
The developments include 28 units at the Eckhardt Building, 49 units at the Selfridge & Langford Building, 40 units at 343 Central, and 39 units at 80 Washington St. These sites are being rehabilitated using a combination of federal and state tax credits alongside low-interest financing.
The players
Foss & Company
An investment firm that specializes in tax credit equity and historic rehabilitation financing to support community development projects.
The details
The program functions by pairing Historic Tax Credits with Small Building Participation Loan Program financing to incentivize the rehabilitation of aging structures. This dual-funding approach allows developers to convert historic buildings into residential apartments and commercial space while keeping rents restricted. By bridging the financing gap, the model supports the restoration of buildings that might otherwise remain vacant or underutilized.
Timeline
The investments were closed by October 13, 2026.
The Home Front
This investment model highlights a growing trend in state-level housing policy to incentivize the adaptive reuse of existing historic infrastructure. It follows the structure of the Small Building Participation Loan Program to address the urgent need for affordable inventory in older city centers.
Residents in these cities should monitor local municipal announcements for information regarding application timelines for these specific housing units. If you are a property owner interested in similar adaptive reuse, consult with a professional who specializes in historic tax credit financing.
The takeaway
These projects demonstrate how historic preservation can serve as a viable path to increasing local affordable housing stock. For those seeking housing, keep an eye on community development board meetings where occupancy timelines and eligibility requirements for these units will be clarified.
Further reading
You can find more information on local development trends in the Commercial section.
Source note: This article includes information reported by NYREJ.
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Do you support prioritizing the renovation of older buildings to create affordable housing in your community?
