From Blight to Beacon: How a Historic School Is Solving a Housing Crisis

HAMMONDSPORT, NY – July 22, 2026 – In the picturesque Finger Lakes village of Hammondsport, a long-dormant historic landmark is being reborn. Monarch Private Capital, an Atlanta-based impact investment firm, has announced the closing of a more than $2.5 million historic tax credit investment to transform the former Glenn H. Curtiss Memorial School into a vibrant mixed-use development. The project, a strategic partnership with developer MM Development Advisors, Inc., aims to address one of the region's most pressing challenges: a severe shortage of quality housing for its local workforce.

The adaptive reuse of the 1935 Art Deco schoolhouse will create 24 modern apartments and nearly 4,700 square feet of commercial space, breathing new life into a building that had stood vacant for over a decade. But beyond the bricks and mortar, the Curtiss Hill redevelopment represents a powerful convergence of historic preservation, community planning, and innovative finance, offering a blueprint for how small towns can navigate the complex pressures of a tourism-driven economy.

A Tale of Two Markets: Tourism Boom vs. Housing Bust

Hammondsport’s charm is undeniable. Nestled at the southern tip of Keuka Lake, its scenic beauty and wineries attract a steady stream of tourists, fueling a thriving vacation rental market. A quick search on Airbnb reveals over 50 short-term rentals, while local home values have soared. The median sale price recently hit $515,000, a staggering 93% increase, starkly contrasting with the Steuben County median of just $175,000.

This boom, however, has a downside. The proliferation of seasonal properties has squeezed the long-term rental market, leaving local professionals, young families, and downsizing residents with few viable options. This is the “missing middle” housing crisis in microcosm: the very people who staff the local wineries, schools, and businesses are priced out of the community they serve. The Curtiss Hill project directly confronts this issue by introducing 24 studio, one-, and two-bedroom apartments with monthly rents projected between $1,200 and $2,375, targeting the workforce segment struggling to find a foothold.

From Blight to Beacon: Reviving a Community Landmark

For years, the Glenn H. Curtiss Memorial School stood as a symbol of faded glory. Built on the former home site of Hammondsport’s most famous son—the aviation pioneer Glenn H. Curtiss—the school served the community until its closure in 2010. For the next decade, the vacant structure deteriorated, suffering from a compromised roof and extensive water damage, becoming what local planning documents called a "prominent source of blight."

Its revival is about more than just real estate; it's about reclaiming a piece of local identity. Curtiss, known as the "Father of U.S. Naval Aviation," turned Hammondsport into the "Cradle of Aviation" in the early 20th century, establishing one of the nation's first flying schools and the world's largest aircraft company. The school built in his honor was a cornerstone of community life for generations. The redevelopment, led by MM Development Advisors, a woman-owned firm with deep expertise in historic reuse, ensures this legacy is not lost but reimagined for a new era.

"We're excited to partner with Monarch Private Capital on the redevelopment of Curtiss Hill," said Monica McCullough, President & Founder of MM Development Advisors, Inc. "This project preserves an important piece of Hammondsport's history while addressing a real need for quality housing and flexible commercial space."

The Financial Architecture of Preservation

Projects like Curtiss Hill are complex and costly, often facing a significant gap between rehabilitation expenses and market returns, especially in smaller rural communities. This is where the strategic use of tax credits becomes essential. Monarch Private Capital’s investment leverages both federal and New York State Historic Tax Credit (HTC) programs, which provide a critical equity source that makes the project financially feasible.

These government-backed programs incentivize private investment in the restoration of historic buildings. The federal HTC program alone has spurred nearly $200 billion in private investment and created almost 3 million jobs since its inception, all while returning an estimated $1.20 in tax revenue for every dollar of credit issued. By packaging these credits, Monarch enables developers to bridge the financing gap and turn at-risk landmarks into productive community assets.

"Historic tax credit investments do more than preserve remarkable buildings—they help communities address today's needs while honoring their past," noted Rick Chukas, Partner and Managing Director of Historic Tax Credits at Monarch Private Capital. "Curtiss Hill is an outstanding example of how historic preservation can attract private investment, create much-needed housing, support local businesses, and strengthen communities for generations to come."

The project's viability was further bolstered by state support, including a $1 million Restore NY grant and an $885,000 NY Forward grant, underscoring its alignment with the village's long-term strategic goals for revitalization.

A New Chapter for Hammondsport

The transformation of the old schoolhouse is a key component of a broader strategic shift in Hammondsport. It complements other recent public investments, including the new Glenn H. Curtiss Park on Keuka Lake, which opened in May, and the planned replacement of the Champlin Beach Pier. Together, these initiatives aim to enhance the village's infrastructure and quality of life for year-round residents, not just seasonal visitors.

Future residents of Curtiss Hill will have access to modern amenities like a fitness room, bike storage, and outdoor garden space, all within a building that embodies the sustainable practice of adaptive reuse—preserving the embodied energy of the original structure and avoiding the environmental cost of demolition and new construction. As the dust settles and new tenants move in, the Glenn H. Curtiss Memorial School will once again serve as a vital hub, trading classrooms for community living and ensuring that the legacy of its namesake continues to inspire innovation in Hammondsport for another century.