Hudson Terrace Apartments

Hudson Terrace Apartment was built in 1973 through the HUD Section 236 Mortgage Program. The property has a mix of 168 one, two and three bedroom multifamily units, all of which are covered by a project-based HUD Section 8 rental subsidy contract. Evergreen Partners acquired Hudson Terrace in January 2010 using a combination of FNMA debt financing originated by Wells Fargo, Tax Credit Assistance Program (TCAP) Loan from NY DHCR, and equity raised through the sale of 9% LIHTCs to Wachovia Affordable Housing Community Development Corporation. Evergreen Partners completed substantial interior and exterior renovations at Hudson Terrace beginning in February 2010. With assistance from NYSERDA's Energy Reduction Program, we were also able to convert the inadequate electric baseboard heat to individual gas fired heat and AC systems.  As part of our preservation plan for Hudson Terrace, the Section 8 subsidy was be extended to a 20-year term to ensure ongoing affordability at the property.

During the renovation process, Evergreen was able to expand its rehab scope by taking advantage of federal Weatherization funds and state and federal solar energy rebates.  A 72 kWh photo voltaic solar array was installed at the property and supplies most of the common area electricity used by the property. 

Hudson Terrace Apartments
15 North Front Street
Hudson, New York
Phone: (518) 828-0600

Preservation Transaction Description

First Mortgage Financing: New Fannie Mae debt financing was provided by Wells Fargo Multifamily Capital.

HUD Section 236(e)(2): Interest Reduction Payments Decoupling: Under the HUD 236(e)(2) program, the remaining stream of interest reduction payments were “decoupled” from the original 236 mortgage and used to support additional new debt provided by Wells Fargo Multifamily Capital.

Equity Investment: Equity raised through the sale 9% LIHTCs to Wachovia Affordable Housing Community Development Corporation.

Tax Credit Assistance Program Financing (TCAP): $2.150 million in TCAP Financing was provided to the project by NY Division of Housing and Community Renewal.

Payment in Lieu of Taxes (PILOT) The City of Hudson approved and participated in a lease/lease back structure to affect a PILOT Agreement to help support the preservation of Hudson Terrace Apartments.

NYSERDA - Energy Reduction Program.  The satisfaction of threshold requirements and the level of energy reduction achieved resulted in an award of $212,000 through the program.

Weatherization Funds:  Columbia Opportunities Inc. was instrumental in helping Evergreen obtain more than $800,000 in weatherization funding and implement superior energy efficiency measure at the property.

Property Rehabilitation Scope

Over $9 million in total rehabilitation was implemented at Hudson Terrace including:

  • New Kitchen cabinets, counter tops and appliances
  • New Bathroom vanity and lavatory
  • New flooring throughout the units and common space
  • New High Efficiency HVAC System
  • New Windows, Doors, Siding and Roofing
  • New Common Area Lighting
  • Renovations will follow NY DHCR Green Building Criteria
  • 72 kWh photovoltaic solar system
  • New property management office

Development Partners

Allocating Agency
New York State Division of Housing and Community Renewal

Local HUD Office
HUD Buffalo

City of Hudson, New York

Equity Investor
Wachovia Affordable Housing Community Development Corporation

State Energy Office

First Mortgage Lender
Wells Fargo Multifamily Capital

The Architectural Team, Inc.

General Contractor
Lecesse Construction

Legal Counsel
Honigman Miller Schwartz

Blank Rome LLP
Pillsbury Winthrop Shaw Pittman LLP
Nixon Peabody LLP
Rapport, Meyers, Whitbeck, Shaw & Rodenhausen LLP

Due Diligence Contractors
Appraisal: GAR Associates

Market Study: GAR Associates
Environmental: Stantec
Environmental: Spectrum Environmental Services Inc.