Foss & Company’s continued partnership with HCR shows how pairing the Small Building Participation Loan Program with state and federal Historic Tax Credits is unlocking capital for smaller-scale affordable housing projects across New York.

ALBANY, N.Y., Sept. 29, 2026 /PRNewswire/ — Foss & Company, a leading tax equity syndicator, today announced the closing of four historic rehabilitation investments in Buffalo, Albany, Fredonia, and Kingston, New York, supported by New York State Homes and Community Renewal’s (HCR) Small Building Participation Loan Program (PLP). Together, the projects — the Eckhardt Building, the Selfridge & Langford Building, 343 Central, and 80 Washington Street — will create or preserve 156 affordable housing units, pairing PLP financing with state and federal Historic Tax Credits (HTC) to close financing gaps that HTC equity alone cannot bridge on smaller-scale rehabilitation projects.

“PLP is one of the more effective tools New York has for reaching the small and mid-sized buildings that larger financing structures tend to pass over,” said John Sorel of Foss & Company. “When you pair it with historic tax credit equity, you get a model that works in Fredonia as well as it does in Buffalo — proof that public-private partnerships like this can scale across very different markets.”

HCR administers PLP as part of its mission to build, preserve, and protect affordable housing while supporting community revitalization. The program provides low-interest financing specifically for rehabilitation and adaptive reuse of existing affordable housing, addressing a gap that has historically made smaller rehabilitation deals difficult to finance through conventional channels.

The Four Projects

Eckhardt Building — Buffalo, NY
A 1940s former department store in Buffalo’s Broadway-Fillmore Historic District, now delivering 28 affordable apartments (rents restricted to an average of 65% AMI) and roughly 22,000 square feet of commercial space, fully leased to a nonprofit child day care provider. Construction is complete.

Selfridge & Langford Building — Albany, NY
A four-story former furniture showroom near the State Capitol, being converted into 49 rent-restricted units (up to 80% AMI) with approximately 3,900 square feet of ground-floor commercial space and shared resident amenities.

343 Central — Fredonia, NY
Rehabilitation of six existing multifamily properties totaling 40 units — sixteen one-bedroom and twenty-four two-bedroom apartments affordable at up to 80% AMI. Developer Good Carbon is incorporating geothermal systems and other efficiency upgrades.

80 Washington Street — Kingston, NY
Adaptive reuse of the former Home for the Aged of Ulster County into 39 affordable apartments (up to 80% AMI), open to tenants of any age, preserving a historic Hudson Valley asset.

“We’re proud of our continued work with HCR,” Sorel added, “and we’ll keep building on this model of pairing PLP with historic tax credits to reach communities that need it most.”

ABOUT FOSS & COMPANY
Founded in 1983, Foss & Company is a national tax equity investor and fund sponsor that, since its inception, has deployed over $11 billion in tax equity on behalf of insurance, banking, and other large corporate clients into historic rehabilitation projects, renewable energy, and advanced energy production facilities. Foss & Company is a full-service advisor with proven expertise in helping its partners navigate the world of tax equity investments. For more information about Foss & Company, please visit www.FossandCo.com.

This press release contains forward-looking statements based on current expectations and projections, subject to risks including changes in tax law, construction/completion risks, energy production variability, and market conditions that could cause actual results to differ materially. Foss & Company undertakes no obligation to update these statements.

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SOURCE Foss & Company