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New York village to convert Oval Wood Dish Factory into 80 apartments
The project secured $23.8 million in New York LIHTC financing plus $12.95 million in historic tax credits, supported by tax equity syndicator Foss & Company.
HousingWire reports developers have broken ground on a conversion of the former Oval Wood Dish Factory in Tupper Lake, New York, turning the World War I-era industrial site into 80 affordable and workforce apartments.
Financing for the project includes $23.8 million in New York LIHTC, delivered through the New York State Homes and Community Renewal and Empire State Development, along with $12.95 million in federal and state historic tax credits.
HousingWire adds that Foss & Company secured $8 million in federal historic tax credits and $4.95 million in state historic tax credits as part of the deal, with the factory listed on the state and National Registers of Historic Places in 2021.
The joint venture includes Housing Visions, Braxton Capital, and Lahinch Group, with Housing Visions Construction Co. leading construction and Passero Associates preparing the plans for the adaptive reuse, according to HousingWire.