Why it Matters

America's affordable housing crisis demands innovative financing models. The NBT CEI-Boulos Impact Fund's latest project in Troy, NY proves that impact investing can deliver both competitive returns and community transformation.

The Big Picture

The Flanigan Square Transformation Project represents a new model for neighborhood revitalization—combining affordable housing, workforce development, and community amenities in a $75 million master plan for Troy's underinvested North Central district.

By the Numbers

• 72 new affordable and workforce housing units completed.

• 38 units rent-restricted for families earning <80% Area Median Income.

• 40,512 square feet of commercial space created.

• 20,000 square feet climbing gym with sliding-scale pricing.

• $75 million total project investment across three phases.

• Historic six-story textile factory fully converted.

Between the Lines

This isn't just about housing—it's about ecosystem building. The project combines essential services (grocery store, childcare), recreation (climbing gym), and transit access to create a "Live, Work, Play" community that addresses multiple neighborhood needs simultaneously.

The development model is particularly smart: converting a historic textile factory preserves community character while maximizing impact per dollar invested. Commercial tenants like Central Rock Gym bring foot traffic and programming for underrepresented youth, while the nonprofit grocery store (opened in Phase 1) addresses food access.

The Financing Innovation

NBT CEI-Boulos structured this as a public-private partnership with multiple layers of impact capital: federal, state, and county funding plus Community Reinvestment Act-eligible investments. The Impact Fund took majority ownership while partnering with experienced local developer First Columbia.

What's Proven

Mixed-use impact development can work at scale when you align multiple stakeholder interests. CEI-Boulos Capital Management specializes in Opportunity Zones and CRA-qualifying investments, serving banks, family offices, and institutional investors who want competitive returns with social impact.

What's Next

Phase 3 will add affordable senior housing, completing the neighborhood transformation. The transit-oriented location (two bus stops, two bike-share stations) positions residents for economic mobility while the commercial mix creates local job opportunities.

The Bottom Line

Impact investing works best when it solves multiple problems simultaneously. Flanigan Square proves that affordable housing development can drive neighborhood revitalization while generating competitive returns for investors.

Go Deeper

• Explore CEI-Boulos Capital Management investment strategies in Opportunity Zones and CRA-qualifying projects

• Check First Columbia's portfolio of waterfront redevelopment projects in Troy

• Research NeighborWorks America chartered members for nonprofit development best practices