Developers have begun work on a new 80-unit affordable housing property on the site of a former factory in the Adirondack village of Tupper Lake, NY. The $46 million project will transform the long-vacant Oval Wood Dish Factory into modern apartments and more than 25,000 feet of commercial space, with residences affordable to households earning up to 90% of the Area Median Income.
Housing Visions, Lahinch Group and Braxton Capital are developing the project, which will be all-electric, utilizing cold-climate heat pump technology for heating and cooling as well as a whole-building ventilation system. The Oval Wood Dish Factory development forms part of Governor Hochul’s $25 billion Housing Plan, which aims to create or preserve 100,000 affordable homes in New York over a five-year period.
Oval Wood Dish Factory enjoys a mix of public and private financing, including Federal and State Low-Income Housing Tax Credits (LIHTC) from New York State Homes and Community Renewal (HCR) that are expected to generate more than $17 million in equity.
“Under Governor Hochul’s leadership, New York State is making the targeted investments needed to tackle our regional housing shortages head-on,” said Empire State Development President, CEO, & Commissioner Hope Knight in a statement. “The start of construction on the Oval Wood Dish development marks a transformative moment for Tupper Lake and the entire North Country.”
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