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HUD to facilitate creation and rehabilitation of affordable rental homes, Closes rental assistance demonstration conversion in Albany, NY

The availability of $32 Million in funds will facilitate the creation and preservation of 88 affordable rental homes in the steamboat square community.

January 9, 2023

Washington, D.C.- The rental assistance demonstration (RAD) transaction with the Albany Housing Authority (AHA) was recently closed by the Department of Housing and Urban Development (HUD). With this transaction, there will be the creation of 23 new affordable rental homes, the preservation of 51 homes, and the addition of 14 locally funded affordable homes.

The steamboat square community located in Albany’s steamboat square neighborhood is a 382-home affordable housing property. Out of the four phases, this is the first phase to convert RAD 382 homes in four buildings to section 8 project-based vouchers. With the help of this conversion, the affordable rental homes in steamboat will be preserved as long-term affordable housing and will be available to the new occupants. At present, the building is partially occupied because of the repairs. AHA can easily bring 37 units back into the community with new financing sources.

The New York state energy research and development multifamily performance program will serve as the basis of this rehabilitation. This program aims to reduce energy consumption by 20% by installing energy-efficient windows, new heating and cooling systems, new energy star appliances, and new bathroom fixes. Besides this, many more units will be designed for physically impaired people, and specifically, four housing units will be dedicated to people suffering from visual impairments.

It is these investments that are enabling the AHA to address the immediate and future needs of the housing community and make the property continue assisting in housing affordability in the area for the long term. The $32 Million construction budget will be financed by the city of Albany HOME funds, Non-federal funds of the Public Housing Authority, empire state development corporation funds, and clean heat incentive funds.

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The content provided in this article draws inspiration and includes quotes from various reputable sources, including news articles, government data, and interviews. Affordable Housing 411 strives to ensure accuracy and credibility, but the information presented may be based on some external sources. We encourage readers to refer to the referenced materials for more in-depth insights and verification.

Department of Housing and Urban Development. “HUD Closes Rental Assistance Demonstration (RAD) Conversion In Albany, NY, To Facilitate Creation And Rehabilitation Of Affordable Rental Homes”. HUD, January 9, 2023,

Last Updated: September 20, 2021