Gov. Hochul announces $682 million in funding for affordable housing

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Governor Kathy Hochul announced today that $682 million in bonds and grants has been awarded to create or maintain more than 1,600 affordable, sustainable and supportive homes across the state. The developments will mobilize an additional $218 million in private funds to create a total investment of nearly $901 million to advance local economic development efforts, reduce homelessness and New York’s commitment to expanding safe and healthy housing opportunities for individuals and to advance families.

“We are working tirelessly to expand much-needed affordable housing throughout New York State, and these new developments will help us build a more stable and equitable future for the next generation,” said Governor Hochul. “When we invest in modern and healthy housing, we strengthen our communities and provide new opportunities for New Yorkers to thrive and thrive, and today is a significant step in providing safe, livable, quality, affordable housing for all New Yorkers to secure and preserve Yorkers. ”

The awards are part of Governor Hochul’s far-reaching plans to make housing more affordable, equitable and stable. The Governor introduced and successfully secured a new $25 billion five-year comprehensive housing plan in the 2022-23 state budget that will increase housing supply by creating or maintaining 100,000 affordable homes throughout New York, including 10,000 with support services for the needy population and the electrification of another 50,000 households.

Funding is made possible by New York State Homes and Community Renewal’s June 2022 bond offering, which provided $463 million in taxable and tax-exempt housing bonds and $219 million in subsidies, including $5 million in funding through the Clean Energy Initiative pilot program

Awards include:

Capital Region

$21 million for Yates Village Phase II Lot 3 in the Goose Hill neighborhood of the city of Schenectady. The project will demolish and replace six existing public rental buildings along Van Vranken Avenue that were originally constructed in 1948. Once all phases of the project are complete, the 37 new two-story buildings will provide 211 affordable housing, including 43 housing reserved for individuals with physical disabilities. These residents have access to on-site services provided by the Schenectady Community Action Program. Phase I of the Yates Village redevelopment, also funded by HCR, was completed in 2021 and renamed Northside Village. The Phase II development team consists of Pennrose Holdings, Duvernay + Brooks, LLC and the Schenectady City Housing Authority.

$50.7 million for The Lion Factory in the city of Troy. The historic industrial building will be converted into 151 affordable apartments and almost 9,000 square meters of commercial space on the ground floor. The six-story building, which occupies an entire city block, is listed on the National Register of Historic Places. The building’s historically and architecturally significant design elements are preserved while incorporating new energy efficiency measures, including all-electric heating and cooling systems. 25 apartments will be reserved for homeless families in need of supportive services provided by the Unity House of Troy and funded through the Empire State Supportive Housing Initiative. The developer is Regan Development Corporation.

finger lakes

$70 million for Tailor Square in the city of Rochester. The project will convert the historic four-story manufacturing building where Hickey Freeman resides into 134 affordable homes, including 45 homes for seniors in need of supportive services funded through the Empire State Supportive Housing Initiative. Originally constructed in 1910, the building will undergo a major redevelopment that will preserve the historic architecture and preserve approximately 77,000 square feet of manufacturing space and an outlet store for continued use by Hickey Freeman. The energy efficient design will incorporate geothermal and photovoltaic solar technology to manage the heating and cooling systems. Developer is Home Leasing.

$46 million for Canal Street Apartments in the city of Rochester. The project will convert a vacant factory and warehouse called the Utz and Dunn Shoe Company Building into 123 affordable homes. Located in the Susan B. Anthony Historic District, the century-old building will carefully preserve the original architectural details and industrial character. Seventy apartments will be reserved for homeless adults who have access to onsite supportive services funded by the Empire State Supportive Housing Initiative and administered by the New York State Off. Developer and service provider is East House.

Mid-Hudson

$80 million for West View Apartments in the city of New Rochelle. The 24-story building at 26 Garden Street in the city’s historic downtown will offer 186 affordable apartments and parking for residents. The development is the result of New Rochelle’s transportation-focused rezoning, which aims to make downtown more economically dynamic and pedestrian-friendly. The developer is MJ Garden Affordable Developer, a joint venture between Mark Stagg and Joseph Simone.

$32 million for the La Mora Senior Apartments in the Yonkers’ Hollow neighborhood southwest of the Central Business District. When complete, the newly constructed building will have 60 residences for seniors aged 62 and over, each receiving a project-based Section 8 housing grant administered by the City of Yonkers Urban Housing Authority. The development integrates sustainable design elements and aims to achieve passive house certification. The developer is The Mulford Corporation.

NYC

$65 million for Logan Fountain in the Cyprus Hills neighborhood of Brooklyn. The 13-storey U-shaped building will offer 174 affordable apartments, 105 of which will have supporting services. The east wing of the building will contain separately owned and funded transitional housing for families served by the NYC Department of Homeless Services. The building will also include a nearly 10,000 square foot residential courtyard and 7,600 square feet of ground floor retail space along Atlantic Avenue. The development team is a joint venture between The Hudson Companies and DCV Holdings, Inc.

$104 million for Phase 1B redevelopment of the Brooklyn Developmental Center. The redevelopment of this 35-acre property in East New York is part of the Vital Brooklyn Initiative, a comprehensive community development initiative addressing chronic social, economic and health inequalities in Central Brooklyn. The six-phase redevelopment will ultimately create 2,400 affordable mixed-use homes on a campus with sidewalks, streets and open spaces. Phase 1B consists of a six-storey building with 124 apartments, which are fully electric and achieve passive house standards. The development team consists of Apex Building Company, Inc. and L+M Development Partners, LLC.

$123 million for Starhill Phase I in the Morris Heights section of the Bronx. The newly constructed development will feature 326 homes, including 200 with supportive services funded by the Empire State Supportive Housing Initiative and administered by the New York State Office of Addiction Services and Supports. Residents benefit from free internet access in every unit and several building-wide amenities. The developers are Bronx Pro and Services for the Underserved.

Southern Tier

$58 million to redevelop three public housing developments operated by the Ithaca Housing Authority to create 118 modern and affordable homes in the city of Ithaca. Overlook Terrace and Southview Gardens will undergo extensive refurbishment, while Northside Apartments will be demolished and replaced with 82 townhouse-style apartments and two new playgrounds. The new construction of the Northside Apartments meets HCR’s stretch sustainability standards for energy efficiency and has been additionally funded by the Clean Energy Initiative. The development team consists of Ithaca Housing Authority and 3D Development Group LLC.

Western New York

$31 million for Whitney Apartments in Buffalo’s historic West Village neighborhood. Ten historic multi-family houses with 135 apartments will be extensively renovated and upgraded to improve quality of life, improve security and reduce energy consumption. Twenty-one apartments will be reserved for homeless veterans who have access to Soldier On support services. All 135 apartments are covered under a project-based Section 8 housing benefit contract administered by the Federal Agency for Housing and Urban Development. The developer is Winn Companies.

RuthAnne Visnauskas, Commissioner for Home and Community Renewal, said: “We are very pleased to announce this $682 million financing, which will expand New York’s housing supply and support local economic development priorities in communities across the state. The projects announced today will ultimately create over 1,600 affordable and energy efficient homes, preserve historic buildings and protect buildings, modernize public housing facilities and create more than 300 supportive homes for New York’s most vulnerable residents. We look forward to working with our many partners to make these developments a reality and meet the governor’s important housing goals.”

State Senator Brian Kavanagh said: “Governor Kathy Hochul and the Legislature have worked hard to ensure the state is able to fund the large investments we need to make in affordable, sustainable and supportive housing and community-focused economic development. It’s a great day when the Gov., Commissioner RuthAnne Visnauskas and the amazing staff at NYS Homes and Community Renewal are able to direct this important funding into our communities to create and protect more than 1,600 homes across New York receive. This investment will go a long way towards creating housing stability, revitalizing neighborhoods and strengthening the local economy.”

Assembly Member Steven Cymbrowitz said: Funded by HCR bonds, these projects provide safe, affordable, and supportive housing to thousands of individuals and families across the state at risk of homelessness, as well as seniors and people with disabilities who benefit from local support services and resources. Our work to create and sustain affordable housing continues, but every unit we build brings stability and hope to another important member of our community. I commend Governor Hochul for her commitment to expanding safe and affordable housing options for our residents.”

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