State Awards $991 Million in Funding for Affordable Housing Projects
Real Estate In-Depth | January 14, 2022
ALBANY—New York Gov. Kathy Hochul announced on Jan. 13 a total of $991 million in bonds and subsidies awarded to create or preserve 3,242 affordable, sustainable, and supportive homes across the state. The funding awards include $680 million in financing for six projects in the New York City and Mid-Hudson regions.
The developments will leverage an additional $379 million in private funding to create an overall investment of nearly $1.4 billion to further local economic development efforts, reduce homelessness, and advance New York’s commitment to expanding safe, secure and healthy housing opportunities for individuals and families.
“The need for affordable and supportive housing has been exacerbated by the pandemic throughout New York and its essential we take the steps necessary to ensure every New Yorker has a roof over their head,” Gov. Hochul said. “These awards address this issue at its core by supporting the creation of high-quality housing that keeps people safe, brings new businesses and jobs to our communities, and improves access to the essential services that give people a chance to build a more fulfilling life.”
The financing is made possible through New York State Homes and Community Renewal’s Fall 2021 bond issuance which provided $785 million in taxable and tax-exempt housing bonds and $206 million in subsidy financing through various programs that are designed to develop and preserve affordable housing.
Awards in the New York City and Mid-Hudson regions include:
New York City
$262 million for Phase 1a of the six-phase redevelopment at the 27-acre Brooklyn Developmental Center in East New York. Phase 1a will create 450 affordable apartments including 132 homes with supportive services. As part of the state’s $1.4-billion Vital Brooklyn Initiative, the development is designed to address chronic discrepancies in access to healthcare, housing and services in Central Brooklyn’s neighborhoods. The 15-story building will include a 15,000-square-foot medical clinic and nearly 8,000 square feet of ground floor retail space. The all-electric design includes many sustainable features, such as geothermal heating and rooftop solar panels, and will offer all residents free WiFi. The development team includes L+M Partners and Services for the UnderServed.
$101 million for 475 Bay St. in Staten Island. The 12-story building will include 270 apartments, including 138 homes reserved for homeless or housing insecure seniors who will have access to supportive services provided by Self Help for Independent Living. The building, located within Staten Island’s Downtown Revitalization Initiative strategy area, will also include 10,000 square feet of ground floor retail space. The developer is BFC Partners.
$60 million for Edgemere Commons A1 in Far Rockaway, Queens. The 17-story building will offer 194 apartments including 29 supportive homes for individuals with intellectual or developmental disabilities and 30 supportive homes for homeless adults. The development will also include 23,000 square feet of ground floor retail space for use by a grocery store and other businesses. Edgemere Commons is an 11-phase mixed-use community that will ultimately include more than 2,000 affordable homes, medical facilities, and commercial space. The developer of Edgemere Commons is The Arker Companies.
$43 million for Hudson Hill in Yonkers. The project includes the demolition and replacement of a dilapidated building with a new six-story building featuring 113 affordable apartments. Forty-five apartments will be reserved for homeless households in need of supportive services. The all-electric building with rooftop solar panels was awarded funding from the New York State Energy Research and Development Authority’s Building of Excellence program. The developer and service provider is Westhab, Inc.
$14 million for Tall Oaks Apartments in Middletown. The project will rehabilitate 150 apartments across 16 buildings. Originally constructed as a Mitchell-Lama in 1973, the scope of work includes renovations to all apartments, new roofing, installation of solar panels, and exterior improvements. The developer is The Related Companies.
$200 million in taxable and tax-exempt bonds for 500 Main St. in New Rochelle. The mixed-income development will construct 477 new apartments, with 119 units affordable up to 60 percent of the area median income. The developer is BRP Development Corporation.
The funding is part of Gov. Hochul’s sweeping plans to make housing more affordable, equitable, and stable. This includes a proposal for a new $25 billion, five-year housing plan that will create and preserve another 100,000 affordable homes in urban and rural areas across New York including 10,000 with support services, increase construction of new homes, and tackle inequities in the housing market.