NY State to Provide $682 Million for Affordable Housing Projects; $292M in NYC, $112M in Mid-Hudson Region
Real Estate In-Depth | August 3, 2022
NEW YORK—New York Gov. Kathy Hochul announced on Aug. 1 a total of $682 million in bonds and subsidies had been awarded to create or preserve more than 1,600 affordable, sustainable and supportive homes across the state.
The developments will leverage an additional $218 million in private funding to create an overall investment of nearly $901 million to further local economic development efforts, reduce homelessness, and advance the state’s commitment to expanding safe, secure and healthy housing opportunities for individuals and families.
The financing is made possible through New York State Homes and Community Renewal’s June 2022 bond issuance which provided $463 million in taxable and tax-exempt housing bonds and $219 million in subsidy, including $5 million in financing though the Clean Energy Initiative pilot program
Awards include a total of $80 million for the West View Apartments in the City of New Rochelle. The 24-story building at 26 Garden St. in the city’s historic downtown will offer 186 affordable apartments and residential parking. The developer is MJ Garden Affordable Developer, a joint venture between Mark Stagg and Joseph Simone.
The state is also providing $32 million in funding for the La Mora Senior Apartments in the City of Yonkers’ Hollow neighborhood located southwest of the Central Business District. When complete, the newly constructed building will feature 60 apartments for seniors aged 62 and older who will each receive Section 8 Project-Based Voucher Housing Assistance administered by the Municipal Housing Authority of the City of Yonkers. The developer is The Mulford Corporation.
In New York City, the state will provide $65 million for the Logan Fountain in the Cyprus Hills neighborhood of Brooklyn, $104 million for Phase 1B of the redevelopment of the Brooklyn Developmental Center and $123 million for Starhill Phase I in the Morris Heights section of the Bronx. A groundbreaking for that project was held in late July. The newly constructed development will offer 326 apartments, including 200 with supportive services funded through the Empire State Supportive Housing Initiative and administered by the New York State Office of Addiction Services and Supports. Residents will benefit from free Internet access in each unit, and several building-wide amenities. The developers are Bronx Pro and Services for the Underserved.
“We are working tirelessly to expand much-needed affordable housing across New York State, and these new developments will help us build toward a more stable and equitable future for the next generation,” Gov. Hochul said. “When we invest in modern and healthy housing, we strengthen our communities and provide new opportunities for New Yorkers to thrive and succeed, and today is a significant step in helping secure and preserve safe, livable, and quality affordable housing for all New Yorkers.”
The governor has introduced and successfully secured, in the 2022-23 State Budget, a new $25-billion, five-year, comprehensive housing plan that will increase housing supply by creating or preserving 100,000 affordable homes across New York including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.