Gov. Hochul announces nearly $1 billion in funding for affordable housing

Governor Kathy Hochul announced today that $991 million in bonds and grants has been awarded to create or maintain 3,242 affordable, sustainable and supportive homes across the state. The developments will mobilize an additional $379 million in private funds to create a total investment of nearly $1.4 billion to advance local economic development efforts, reduce homelessness and New York’s commitment to expanding safe and healthy housing opportunities promote for individuals and families.

“The need for affordable and supportive housing has been exacerbated throughout New York by the pandemic, and it is important that we take the necessary steps to ensure every New Yorker has a roof over their heads.” said Governor Hochul. “These awards address this issue at its core by supporting the creation of quality housing that keeps people safe, brings new businesses and jobs to our communities, and improves access to the essential services that enable people to build a fuller life.”

Today’s announcement is part of Governor Hochul’s far-reaching 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 sustain an additional 100,000 affordable housing in urban and rural areas throughout New York, including 10,000 with support services that increase new housing construction and tackle inequalities in housing market.

The funding is made possible through a Fall 2021 bond issuance by New York State Homes and Community Renewal, which provided $785 million in taxable and tax-exempt housing bonds and $206 million in grant funding through various programs that aim to develop and maintain affordable housing.

Awards include:

NYC

$262 million for Phase 1a of the six-phase redevelopment of the 27-acre Brooklyn Developmental Center in East New York. Phase 1a will consist of 450 affordable homes, including 132 homes with supporting services. As part of the state’s $1.4 billion Vital Brooklyn Initiative, the development aims to address chronic disparities in access to health care, housing and services in central Brooklyn neighborhoods. The 15-story building will include a 15,000-square-foot medical clinic and nearly 8,000-square-foot retail space on the ground floor. The all-electric design includes many sustainable features such as geothermal and solar panels on the roof, and offers free WiFi to all residents. The development team includes L+M Partners and Services for the UnderServed.

$101 million for 475 Bay Street on Staten Island. The 12-story building will contain 270 apartments, including 138 houses reserved for the homeless or to house insecure seniors who have access to supportive services provided by Self Help for Independent Living. The building, located within the Staten Island Downtown Revitalization Initiative strategic area, will also include 10,000 square feet of retail space on the ground floor. Developer is BFC Partners.

$60 million for Edgemere Commons A1 in Far Rockaway, Queens. The 17-story building will provide 194 homes, including 29 supportive homes for people 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 eventually include over 2,000 affordable homes, medical facilities and commercial space. Edgemere Commons is developed by The Arker Companies.

Western New York

$27 million for Pilgrim Village Senior in Buffalo. The existing Pilgrim Village Senior residential complex will be demolished and replaced with a single four-storey building containing 105 apartments for adults aged 55 and over. Forty-nine apartments are reserved for seniors who need supportive services to live independently. The development includes 20,000 square meters of green space with walkways, seating areas and gardens. The developer is Stuart Alexander and Associates, Inc.

$38 million for Buffalo’s Pilgrim Village Family. Adjacent to Pilgrim Village Senior, this section of the development will offer 132 affordable apartments in a single five-story building. Common rooms and commercial areas are to be created on the ground floor. Pilgrim Village Family and Senior are both adjacent to the Buffalo Niagara Medical Campus. The developer is Stuart Alexander and Associates, Inc.

$38 million for McCarley Gardens Apartments in Buffalo. The project will refurbish 21 existing townhouses and construct four additional buildings for a total of 149 affordable apartments. The existing apartments will be upgraded to be more energy efficient with improved insulation, new windows and replacement boilers and water heaters. Site work will enhance the 15-acre property, located in a growing downtown neighborhood near the Buffalo Niagara Medical Campus. The developers are BFC Partners and St. John’s Baptist Church.

$96 million for the rehabilitation and preservation of four multi-family homes in the city of Amherst, Erie County. The projects include Princeton Court with 304 apartments, Brewster Mews with 216 apartments, Parkside Houses with 180 apartments and Oxford Village Townhomes with 316 apartments. The developers for the four properties are The Related Companies and MJ Peterson Real Estate Corporation.

Mid-Hudson

$43 million for Hudson Hill in Yonkers. The project involves the demolition and replacement of a dilapidated building with a new six-story building containing 113 affordable apartments. 45 apartments will be reserved for homeless households in need of support services. The all-electric building with solar panels on the roof was funded by the New York State Energy Research and Development Authority’s Building of Excellence program. Developer and service provider is Westhab, Inc.

$14 million for Tall Oaks Apartments in Middletown, Orange County. The project will refurbish 150 apartments in 16 buildings. Originally built as a Mitchell Lama in 1973, the scope of work includes the renovation of all apartments, new roofing, solar panel installation and exterior improvements. Developer is The Related Companies.

$200 million in taxable and tax-exempt bonds for 500 Main Street in New Rochelle, Westchester County. The mixed-income development will construct 477 new homes, with 119 units affordable at up to 60 percent of the area’s median income. Developer is the BRP Development Corporation.

Capital District

$25 million for Yates Village Phase II in Schenectady. This is the second and final phase of the redevelopment of the Yates Village public housing complex, originally constructed in 1948. Phase II involves the replacement of six outdated buildings with 37 new two-story buildings containing 68 apartments on a more walkable and attractive campus. The development team includes Pennrose Holdings, LLC, Duvernay + Brooks, LLC and the Schenectady City Housing Authority.

Mohawk Valley

$41 million for Stone Ridge in the village of Herkimer, Herkimer County. The project will rehabilitate 153 social housing units in five different locations in the village’s downtown area. Three existing buildings will be renovated, one property will be demolished and a new building with 24 apartments will be built. The developer is Herkimer Affordable Housing, Inc., the not-for-profit arm of the Herkimer Housing Authority.

finger lakes

$30 million to renovate and maintain affordability eight separate developments in Livingston, Monroe and Orleans counties. The eight properties owned and developed by PathStone Corporation total 203 affordable homes. Rehabilitation work varies according to need.

north country

$16 million for the Woodcreek Apartments in Gouverneur, St. Lawrence County and the Bateman Apartments in Lowville, Lewis County. Two existing settlements in neighboring districts are being renovated. Originally built as a hotel in 1869, the Bateman Apartments were converted into affordable housing in 1991 and offer 24 apartments and four commercial premises. Originally constructed as Section 801 military housing, Woodcreek Apartments comprises 96 apartments in 30 buildings. The developer is the Baldwin Real Estate Development Corporation.

RuthAnne Visnauskas, Commissioner for Home and Community Renewal, said: “HCR is proud to be at the forefront of Governor Hochul’s mission to create and sustain affordable housing opportunities throughout New York. This $991 million investment will fund the construction of new homes in growing downtown areas with access to public transportation and services, and make life-enhancing improvements to existing developments, including public housing. From Staten Island to St. Lawrence County, these 14 projects will ultimately Contributing more than $1 billion to the economy to benefit thousands of individuals and families in urban, suburban and rural communities while demonstrating our commitment to building a greener, healthier and more equitable future for our state.”

State Senator Brian Kavanagh, chairman of the Senate Housing Committee, said: “I applaud Governor Kathy Hochul and Commissioner RuthAnne Visnauskas for receiving this important funding to create and maintain affordable and sustainable housing across the state. While much more needs to be done to increase the state’s affordable housing stock, this investment will go a long way in helping revitalize neighborhoods and strengthen local communities‘ economies. It is also noteworthy that many of these projects are being developed in accordance with the state’s green building standards and environmental sustainability goals.”

Rep. Steven Cymbrowitz, chairman of the Assembly’s Housing Committee, said: “These 14 HCR bond-funded projects will 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. 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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