Governor Hochul Announces Completion of 141-Unit Public Housing Development in Troy

Governor Kathy Hochul today announced the completion of the redeveloped John P. Taylor Apartments in the city of Troy. The new $67 million seven-story mixed-use building, developed by Pennrose, features 141 affordable apartments and ground floor retail space, replacing the complex's two original towers which were demolished in 2022 after having been vacant for more than a decade. Under Governor Hochul’s leadership, New York State Homes and Community Renewal has financed more than 1,300 affordable homes in Rensselaer County. The redevelopment of the John P. Taylor Apartments continues this effort and complements Governor Hochul’s $25 billion five-year housing plan, which is on track to create or preserve 100,000 affordable homes statewide.

“The completion of the John P. Taylor Apartments is another step forward in our ongoing mission to create and preserve affordable housing opportunities for New Yorkers,” Governor Hochul said. “This complex demonstrates how important our investments are for communities like Troy. This comprehensive project delivers 141 modern, energy-efficient affordable homes and significant infrastructure improvements that support the city’s continued efforts to revitalize its downtown waterfront.”

The redevelopment of the John P. Taylor Apartments was a priority of the Revitalize Riverside component of Troy's $10 million Downtown Revitalization Initiative, which was awarded by the State in 2021. The Revitalize Riverside plan was designed to enhance Troy's South Central neighborhood and is part of a comprehensive strategy to create commercial space, add new housing, restore Troy's downtown street grid, and improve the Congress Street Bridge which serves as an important artery to several of the region’s major roadways.

All units are supported by Project-based Section 8 vouchers issued by the Troy Housing Authority. Residents of the original John P. Taylor Apartments were given a preference for placement in the new apartments.

The new building was constructed to meet EPA Energy Star Multifamily New Construction and Enterprise Green Communities PLUS criteria. The development utilizes advanced energy efficiency features including all-electric HVAC, increased insulation, and an energy recovery ventilation system.

The John P. Taylor Apartments will offer an array of modern amenities for residents, including free Wi-Fi, washers and dryers in every apartment, and common areas such as a fitness center, community room, and outdoor patio.

State financing includes Federal Low-Income Housing Tax Credits that generate $30 million in equity and $20 million in subsidy from New York State Homes and Community Renewal. The Department of State's Downtown Revitalization Initiative provided $1.6 million in support. The Federal Home Loan Bank provided $1.4 million.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Replacing aging public housing stock with modern homes and amenities is one of the most impactful ways to increase quality of life and make housing more affordable for families. This $67 million project, developed by Pennrose in partnership with the Troy Housing Authority, not only provides 141 new apartments but connects people to the city and further revitalizes Troy’s historic waterfront. Under Governor Hochul’s leadership, HCR is proud to work alongside state and local partners to support efforts that are delivering thousands of affordable homes and improving affordability across New York.”

New York Secretary of State Walter T. Mosley said, “The new Taylor Apartments are a major step towards Governor Hochul’s efforts to make New York more affordable and to create badly needed housing throughout our state. We are incredibly proud of how the Downtown Revitalization Initiative takes a holistic approach in creating opportunities for communities to thrive and for residents to have an affordable place to call home. Congratulations on this successful project completion.”

U.S. Senator Chuck Schumer said, “Every family in Troy deserves a safe and affordable place to call home. I’m proud that the federal Low-Income Housing Tax Credit that I worked hard to protect and expand has delivered millions to build over 140 new homes at the John P. Taylor Apartments – a redeveloped waterfront building with energy-efficient air conditioning and ventilation systems. High housing costs are a key driver of inflation so we must build more housing for working people to bring down those high prices. I’m proud to have secured federal funding to raze the old, outdated and dilapidated Taylor towers, so that this wonderful new era at the Taylor Apartments could begin. I applaud Governor Hochul’s work increasing access to affordable housing in the Capital Region and across New York, and I will continue working to deliver federal resources to ensure that every New Yorker has a roof over their heads.”

Assemblymember John McDonald said, “The redevelopment of the John P. Taylor Apartments is a great example of what can be accomplished when state and local partners work together to meet the needs of our communities. This project not only provides high-quality, affordable housing for families in Troy, but it also strengthens the city’s economy through smart, community-focused investment. I’m proud to support initiatives like this that enhance quality of life and create new opportunities for Capital Region residents.”

Troy Mayor Carmella R. Mantello said, “The completion of the John P. Taylor Apartments marks a major milestone in our continued efforts to move Troy forward. This transformative redevelopment is made possible through the partnership of Pennrose, the Troy Housing Authority, and our city. It not only brings much-needed state of the art affordable housing to our downtown waterfront but also strengthens the connection between our neighborhoods and the Capital Region. Together, we are building a more vibrant, inclusive, and prosperous future for all who call Troy home.”

Troy City Council President Sue Steele said, “It was a great honor for me to serve as Chair of the Troy Housing Authority Board of Commissioners during the planning, demolition and construction of Taylor 1. This project transformed our city’s downtown while also providing new, modern housing for tenants of the THA. On behalf of the board I want to thank each and everyone involved in making this a reality. I’m grateful for the combined vision of local, state and federal partners and Pennrose to step up and address a critical housing need in our city.”

Troy Housing Authority Executive Director Deborah Witkowski said, “I want to thank Governor Hochul and our federal and state partners for their investment in the City of Troy and the new Taylor I building which provides 141 units of high-end affordable housing with modern-day amenities that encourage a healthy, sustainable environment for the residents we serve. The Taylor I building is only the beginning of the overall Taylor Apartments revitalization plan that will eventually include other mixed-use, mixed-income buildings with direct access to the riverfront, recreational areas, and a connection to Troy's downtown district.”

Pennrose Regional Vice President Dylan Salmons said, “Today's ribbon cutting is a significant milestone in the years-long effort to revitalize the historic downtown, and we look forward to continuing the momentum with phase II. We’d especially like to thank the local community, neighborhood stakeholders, and residents of Taylor Apartments for their time, feedback, continued trust, and collaboration throughout this process.”

Governor Hochul’s Housing Agenda
Governor Hochul is committed to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY 2025 Enacted Budget, the Governor secured a landmark agreement to increase New York’s housing supply through new tax incentives, capital funding, and new protections for renters and homeowners. Building on this commitment, the FY 2026 Enacted Budget included more than $1.5 billion in new state funding for housing, a Housing Access Voucher pilot program, and new policies to improve affordability for tenants and homebuyers. In addition, as part of the FY 2023 Enacted Budget, the Governor announced a five-year, $25 billion Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. Nearly 60,000 homes have been created or preserved to date.

The FY 2025 Enacted Budget also strengthened the Pro-Housing Community Program which the Governor launched in 2023. Pro-Housing certification is now a requirement for localities to access up to $750 million in discretionary funding. Currently, more than 300 communities have been certified, including Troy.