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Former Oval Wood Dish Factory to be converted into 80 affordable homes
The $46 million project in Tupper Lake, New York will create apartments and more than 25,000 feet of commercial space, with rents targeted for households earning up to 90% of area median income.
ConnectCRE reports that developers have started construction on an 80-unit affordable housing project on the site of the long-vacant Oval Wood Dish Factory in Tupper Lake, New York. The $46 million redevelopment will convert the former factory into modern apartments plus more than 25,000 square feet of commercial space.
The residences are designed to be affordable to households earning up to 90% of the Area Median Income, using an all-electric approach. The plan includes cold-climate heat pump technology for heating and cooling and a whole-building ventilation system, according to ConnectCRE.
The project is being developed by Housing Visions, Lahinch Group, and Braxton Capital. It is part of Governor Hochul’s $25 billion housing plan aimed at creating or preserving 100,000 affordable homes in New York over five years.
Financing includes Federal and State Low-Income Housing Tax Credits, provided by New York State Homes and Community Renewal, expected to generate more than $17 million in equity. Empire State Development President, CEO, and Commissioner Hope Knight said construction on the Oval Wood Dish development marks a transformative moment for Tupper Lake and the North Country, as quoted in the story.