• Tarrytown, NY
• 161 units
• 81 units - In Construction; 90 units - 2026 Construction Start

D+B and WBP are partnering with the Tarrytown Municipal Housing Authority to undertake a RAD conversion and redevelopment of its 161-unit, two-project portfolio with a mix of tenant-in-occupancy moderate rehabilitation and new construction development.

Franklin Towers (under construction)
An 81-unit, 60-year old, 10-story building has numerous mechanical, accessibility, energy efficiency, and sustainability deficiencies. The façade has structural issues and is not well insulated, no apartments meet ADA requirements, and the building has limited accessible interior and exterior access. The units have inadequate electric service, and the building operates on a single-zone, steam heat system that is fueled with oil and is highly inefficient.

• Full system upgrades, apartment renovations, unit and common area ADA improvements, and energy-efficiency enhancements
• New façade and windows
• Complete renovation of interior and exterior common areas, such as hallways, walkways, gathering spaces and parking. The existing conference room and adjacent maintenance storage area will be reprogrammed for use as a fully accessible community room and a fitness center. TMHA’s offices will be fully renovated, and the building’s existing parking lot will be repaired and resurfaced

Rehabilitation is being conducted with tenants in occupancy in order to minimize off-site relocation.

The project was awarded a 9% LIHTC allocation by HCR, and Regions Bank is the syndicator and Bank of New York the LIHTC investor and construction lender. Permanent financing will be a Freddie Mac loan from Regions Bank. Construction completion is scheduled for 2028.

Franklin Courts (2026 construction start)
The adjacent Franklin Courts is a 70-unit, property consisting of 14 buildings with one and two-story homes. The 70-year-old Franklin Courts is physically and functionally obsolete and located in an AE flood zone per the Preliminary FEMA flood hazard maps and do not meet current HUD FFRMS or NYS CRRA requirements for residential use.

• Demolition of obsolete 70-unit development
• Replacement with 90 new apartments (70 RAD replacement units and 20 LIHTC units)
• New buildings will be two attached garden-style apartment buildings containing 12 units each, and two multifamily buildings containing 33 units each
• One, two, and three-bedroom units.
• A new community center and upgraded passive and active recreation areas will be built.
• All-electric, high-performance heating/cooling/domestic hot water equipment, ERV fresh air systems and photovoltaic solar arrays. Geothermal HVAC and hot water are planned in the multi-family buildings and geothermal HVAC with individual electric hot water systems in each townhouse unit
• All buildings will be modular construction and raised two feet above the Base Flood Elevation.

Off-site relocation is being minimized by phasing demolition and new construction. Closing on HFA tax-exempt bond financing and subordinate funding is scheduled for October 2026, with Bank of New York providing bond credit enhancement and purchasing the 4% LIHTC, NYS Brownfield tax credits (the project is a Track 4 brownfields remediation) and ITC through Regions Bank. Permanent financing will come from HFA with a SONYMA-insured mortgage. Completion is scheduled for 2029.

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