From a Factory to Affordable Housing
- Jun 28, 2015
Middletown, N.Y.—Ground has been broken by Mill Street Partners for the Mill at Middletown, the redevelopment of a three-story former factory building that will be converted into a 42-unit workforce housing development. Located at 34 Mill Street in Middletown, which is in the Hudson Valley region, the property will also provide job training through RECAP, a local nonprofit.
Originally built in the late 19th century as a silk hat factory, the renovated main factory building will include 17 one-bedroom units, 22 two-bedroom units, and three three-bedroom units, with one of the two-bedroom apartments reserved for an on-site superintendent. Designed by New York-based Magnusson Architecture and Planning, the updated buildings will meet or exceed the New York State Energy Conservation code requirements.
The front portion of the main former factory building will be home to the area’s third Fresh Start Café, a café and job training program run by RECAP. One of the original factory’s auxiliary buildings will also be converted into a community hall for residents. Other common amenities will include on-site parking and laundry facilities.
A number of public and private partners came together to finance the project. The Community Preservation Corp. provided a $7.4 million construction loan and is slated to provide a $1.8 million permanent loan through the New York State Common Retirement Fund, while the New York State Homes and Community Renewal allocated $8.7 million in Low Income Housing Tax Credits with Raymond James Tax Credit Funds Inc. as the syndicator, as well as a $1.7 million loan through the Housing Trust Fund. Additional contributions included a $600,000 grant from the Orange County’s HOME Program, $820,000 from the Federal Home Loan Bank, and $91,000 from the Urban Initiative.
All units will be available to families earning between 30 percent to 50 percent of the area median income. JJ Sisca & Associates Corp. will oversee the construction and Rural Ulster Preservation Group will manage the property when completed.