Beautiful proposal. I appreciate the thought and detail you shared here. I'm envious of your per square foot cost of construction. It's much higher down here in the D.C. area. Not to complexify an already complex process, but have you looked into state incentives for energy efficient construction, appliances, and mechanical equipment? Here in Maryland, we also have an interesting program called C-PACE, where developers can leverage additional funds towards energy efficiency and renewable energy that count as equity, rather than debt. It's a bit complicated and not many banks get it, but can make a big difference in the pro forma. Most states also offer tax credits or other incentives for affordable housing, but I'm sure you're aware of how it works in New York.
Best of luck on your wonderful project. Kingston looks charming.
Beautiful proposal. I appreciate the thought and detail you shared here. I'm envious of your per square foot cost of construction. It's much higher down here in the D.C. area. Not to complexify an already complex process, but have you looked into state incentives for energy efficient construction, appliances, and mechanical equipment? Here in Maryland, we also have an interesting program called C-PACE, where developers can leverage additional funds towards energy efficiency and renewable energy that count as equity, rather than debt. It's a bit complicated and not many banks get it, but can make a big difference in the pro forma. Most states also offer tax credits or other incentives for affordable housing, but I'm sure you're aware of how it works in New York.
Best of luck on your wonderful project. Kingston looks charming.
https://spotifyanchor-web.app.link/e/gffY9i4HrJb
Interesting project. I'm assuming this is Frog Alley!