The award will increase housing supply and provide support services to allow seniors, veterans and vulnerable populations to live independently.
Governor Kathy Hochul announced $875 million in financing through bonds, tax credits and subsidies to build or maintain 3,100 affordable, sustainable and supportive homes at 27 developments across New York State. Together with additional private funding and resources, the 27 funded projects are expected to generate a total investment of more than $1.5 billion. The awards will increase housing supply in each region, assist local economic development efforts, address homelessness through on-site services that provide safe housing for vulnerable populations, include sustainable features that advance the state’s climate goals, and provide free broadband to help bridge the digital divide.
“My administration is committed to ensuring that every New Yorker has access to affordable, sustainable housing and critical services that improve lives,” Governor Hochul said. “This funding will ultimately create more independent living spaces for seniors and vulnerable residents, affordable apartments for young people, and revitalized neighborhoods where businesses can succeed and grow their workforce. These innovative developments are part of our growing supply at the heart of our strategic efforts to housing and create a more affordable and liveable New York for all.”
The incentives announced today are part of Governor Hochul’s $25 billion comprehensive housing plan to create or preserve 100,000 affordable housing units in New York State, including 10,000 housing with support services for the disadvantaged and an additional 50,000 electrified housing units .
Funding is provided through New York State Homes and Community Renewal’s Low Income Housing Tax Credit Program and tax-exempt bond financing. Seven projects received $684 million in subsidized and tax-free housing bonds in the agency’s March 2023 bond offering. Twenty developments received more than $191 million in funding through HCR’s Multifamily Housing Financing RFP, a competitive process for federal and state low-income housing tax credits and affordable and supportive multifamily development Subsidized financing available.
All projects meet HCR’s new sustainability standards set in 2022, which promote healthier living environments and efficient buildings, and support the goals set by the New York State Climate Leadership and Community Protection Act.
More than half of the winning projects will use a total of $9 million from NYSERDA’s Clean Power Program to achieve higher levels of sustainability and carbon reduction.
In addition, these developments build on the Governor’s ConnectALL initiative to provide residents with free broadband service, which has made historic investments to provide high-speed Internet in underserved communities and close the digital divide for low-income New Yorkers.
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “The $875 million in financing we’re announcing today will deliver more than 3,100 high-quality, affordable, environmentally sustainable apartments in every borough of New York, while expanding access to broadband and essential support services. Building on our $25 billion housing plan In the spirit of these 27 projects, these 27 projects will increase housing supply in New York and create vibrant, diverse and economically stable communities that make living affordable for people of all income levels. Congratulations and thanks to our talented development partners for their The hard work that goes into these life-changing developments.”
A full description of the awards can be found at here.
capital region
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Mosaic Apartment in Schenectady, DePaul Properties, Inc. to spend $27 million on two new buildings. -
35 Broadway Veterans Housing In the village of Menands A $25 million 67-unit new build project by Beacon Community Services, LLC.
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Creek Pier in syracuse is a $31 million, 52-unit, multi-site redevelopment and new construction project by Housing Visions Consultants, Inc.
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Pellington Pines in Fairport Village is a $137 million project to acquire and rehabilitate the 508-apartment HUD Section 236 multifamily property and five historic two-story buildings built by Winn Companies. -
Alta Vista at St. Joseph’s Park in Rochester is a new $36 million, 76-unit mixed-income, mixed-use project that is a priority for the Ibero-American Development Corporation’s Downtown Rochester Revitalization Initiative. -
San Leo Premium Apartments in hilton village is a $15 million new construction project providing 40 units of supportive and senior housing by Providence Housing Development Corporation and Episcopal Senior Life Communities.
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Plaza del Carmen in hempstead village is a $155 million transit-oriented, walkable, 228-unit development by Long Island’s Conifer and Community Development Corporation. -
Estella Residence in hempstead village is an almost $72 million energy efficient, 96 affordable and supportive development by Concern for Independent Living. -
north alegria hamlet at waidanji is a $48 million 81-unit new construction project near the Long Island Rail Road. The developer is D&F Development Group, LLC. -
forest In the village of Patchogue is a $33 million 55-unit new build supportive housing development by GGV Grove Apartments, LLC. New Ground, Inc. is the service provider.
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James Linburgh Condominium in Yonkers is a $47 million new construction project with 94 seniors units near the Metro North station. The developer is Warburton Avenue Apartments, LLC is the developer. -
Newburgh East End Loft is a $23 million 66-unit mixed-use and mixed-income infill new construction project by Kearney Realty & Development Group Inc. -
Silver Gardens in the Highland Hamlet is a $20 million 57-unit new build supportive housing development for low-income seniors by RUPCO, Inc.
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Utica Renaissance in utica is a $101 million, 74-unit senior and supportive housing development by the Vecino Group and Utica Housing Authority. -
Glove City Lofts in Gloversville is a $25 million, 75-unit mixed-income, mixed-use development by Parkview Development & Construction, LLC.
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Clarkson Manor in brooklyn is a new $238 million nine-story, 328-unit affordable development by CAMBA Housing Ventures. -
Sutphin Senior Housing, Queens Breaking Ground’s $142 million 173-apartment, 15-story high-end residential development. -
Residences on Pitkin Avenue, East New York, Brooklyn is a $22 million, 39-unit new construction development by Housing Works, Inc. -
castle three In East Harlem, Bronx It is a $53 million, 82-unit new build affordable support project from the Fortune Society. -
Comunilife Tiebout at Fordham Heights in the Bronx is worth $54 million 83-unit senior and supportive housing development by Comunilife, Inc.
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Oval Wooden Plate Factory in Tupper Lake Village A $39 million, 80-unit economical complex with commercial space provided by Housing Visions Consultants, Inc.
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Bath Village Dana Lyons is a $21 million, 49-unit mixed-use development by Providence Housing Development Corporation. -
stately apartment in ithaca city It is a $30 million new 57-unit mixed-use development by Visum Development Group, LLC and Arbor Housing and Development.
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ETC Tower in Buffalo is a $72 million 281-unit conservation project by Beacon Communities and First Shiloh Baptist Church. -
manhattan village at best self in buffalo A $27 million, 66-unit new build project by BestSelf Properties, Inc. and BestSelf Behavioral Health. -
875 Lafayette, Buffalo is a $34 million, 80-unit mixed-income development by Belmont Housing Resources for Western New York, Inc. -
Rileybrook Apartments Hamburg Town is a $24 million 70-unit workforce housing development and community building project by Grove Development and Southern Tier Environments for Living.
Representative Brian Higgins said, “Access to affordable living has long been one of the important characteristics of Western New York. We must continue to find ways to improve living in existing homes and open up new affordable housing opportunities for all. These projects are a big part of Thanks in part to the federal government’s Low Income Housing Tax Credit, we continue to make that happen.”
Representative Adriano Espaillat said, “Affordable housing is critical to the health and sustainability of our communities. I applaud Governor Hochul for allocating such substantial funding to ensure affordable housing throughout New York State. Today’s announcement furthers our commitment to fostering economic development, supporting sustainable communities and helping disadvantaged families thrive. “
Representative Joe Morell said, “Quality, affordable housing is the foundation of every community, and everyone deserves a safe and secure home. I thank Governor Hochul for his commitment to supporting more housing choices for New Yorkers. I look forward to our continued partnership efforts to create opportunities for low-income families.”
Rep. Pat Ryan said, “I work every day to make housing more affordable in the Hudson Valley, and this investment of over $40 million is a game changer for hardworking families in Newburgh and the Highlands. This funding means hundreds of Seniors and veterans will be able to live independently, receive additional funding for free broadband, and become active members of the community. I look forward to continuing to work with Governor Hochul, RUPCO, and Kearney Real Estate Development Group to reduce the housing costs”
