City Life Org – Investing in Affordable Housing

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Funding will create or preserve 1,600 sustainable, affordable and welcoming homes across New York State

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

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

The awards are part of Governor Hochul’s broad plans to make housing more affordable, equitable and stable. The Governor introduced and successfully secured, in the 2022-2023 State Budget, a new five-year, $25 billion comprehensive housing plan that will increase housing supply by creating or preserving 100,000 affordable homes in New York, including 10,000 with support services for vulnerable people. populations, as well as the electrification of 50,000 additional households.

Funding is made possible through the bond issuance of New York State Homes and Community Renewal in June 2022, which provided $463 million in taxable and tax-exempt housing bonds and $219 million in grants, including $5 million in funding under the Clean Energy Initiative pilot program.

Rewards include:

Capital Region

$21 million for Yates Village Phase II, Parcel 3 in the Goose Hill neighborhood of the City of Schenectady. The project will demolish and replace six existing public rental housing buildings along Van Vranken Avenue, originally built in 1948. Upon completion of all phases of the project, the 37 new two-storey buildings will provide 211 affordable housing units, including 43 apartments reserved for disabled people. physical disabilities. These residents will have access to on-site services provided by the Schenectady Community Action Program. Phase I of Yates Village redevelopment, also funded by UNHCR, was completed in 2021 and renamed Northside Village. The Phase II development team is comprised of Pennrose Holdings, Duvernay + Brooks, LLC, and the Schenectady Municipal Housing Authority.

$50.7 million for The Lion Factory in the city of Troy. The historic industrial building will be adapted into 151 affordable apartments and nearly 9,000 square feet of retail space on the ground floor. Occupying an entire city block, the six-story building is listed on the National Register of Historic Places. The building’s historically and architecturally significant design elements will remain intact, while incorporating new energy efficiency measures, including all-electric heating and cooling systems. Twenty-five houses will be set aside for homeless families in need of support services provided by Unity House of Troy and funded by 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 Hickey Freeman’s historic four-story manufacturing building into 134 affordable apartments, including 45 homes for seniors in need of support services funded by the Empire State Supportive Housing Initiative. Originally constructed in 1910, the building will undergo a gut renovation that will preserve the historic architecture and retain approximately 77,000 square feet of manufacturing space and a factory outlet for continued use by Hickey Freeman. The energy-efficient design will integrate geothermal and photovoltaic solar technology to manage the heating and cooling systems. The promoter is Home Leasing.

$46 million for Canal Street Apartments in the city of Rochester. The project will convert a vacant factory and warehouse known as the Utz and Dunn Shoe Company Building into 123 affordable apartments. Located in the historic Susan B. Anthony neighborhood, the original architectural details and industrial character of the century-old building will be carefully preserved. Seventy apartments will be set aside for homeless adults who will have access to on-site support services funded by the Empire State Supportive Housing Initiative and administered by the New York State Off. The 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 located at 26 Garden Street in the city’s historic downtown area will offer 186 affordable apartments and residential parking. The development is the result of New Rochelle’s transit-oriented rezoning designed to make the downtown area more economically vibrant and pedestrian-friendly. The developer is MJ Garden Affordable Developer, a joint venture between Mark Stagg and Joseph Simone.

$32 million for La Mora Senior Apartments in the Yonkers’ Hollow neighborhood located southwest of the central business district. When completed, the newly constructed building will include 60 apartments for people aged 62 and over who will each receive housing assistance based on a Section 8 project voucher administered by the City of Yonkers Municipal Housing Authority. The development incorporates sustainable design elements and is expected to achieve Passive House certification. The developer is The Mulford Corporation.

New York City

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

$104 million for Phase 1B of the Brooklyn Developmental Center redevelopment. The redevelopment of this 35-acre property in East New York is part of the Vital Brooklyn Initiative, a comprehensive community development initiative that addresses chronic social, economic and health disparities in central Brooklyn. The six-phase redevelopment is expected to ultimately create 2,400 affordable housing units with other mixed uses on a campus with walkways, streets and open spaces. Phase 1B consists of a six-storey building with 124 apartments designed to be fully electric and Passive House compliant. 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 offer 326 apartments, 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 will benefit from free Internet access in each unit and several building-wide amenities. The developers are Bronx Pro and Services for the Underserved.

South level

$58 million for the rehabilitation of three public housing developments operated by the Ithaca Housing Authority to create 118 modern, affordable housing units in the city of Ithaca. Overlook Terrace and Southview Gardens will undergo major upgrades while Northside Apartments will be demolished and replaced with 82 townhouse-style apartments and two new play areas. The new construction of Northside Apartments is designed to meet UNHCR’s extended sustainability standards for energy efficiency and has received an additional grant under 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 historic Buffalo’s West Village. Ten historic multi-family buildings with 135 apartments will undergo major repairs and upgrades designed to improve quality of life, improve safety and reduce energy consumption. Twenty-one homes will be set aside for homeless veterans who will have access to Soldier On support services. The 135 apartments will be covered by a Section 8 housing assistance payment contract based on the project administered by the Federal Department of Housing and Urban Development. The developer is Winn Companies.

Homes and Community Renewal Commissioner RuthAnne Visnauskas said: “We are thrilled to announce this $682 million in funding that will expand New York’s housing supply and support local economic development priorities in communities across the state. The projects announced today will ultimately provide more than 1,600 affordable, energy-efficient housing units, preserve and protect historic buildings, modernize public housing, and create more than 300 supportive housing units for New York’s most vulnerable residents. . We look forward to working with our many partners to make these developments a reality and achieve 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 major investments we need to make in affordable, sustainable, and supportive housing, and centered economic development. on the community. It’s a great day when the Governor, Commissioner RuthAnne Visnauskas, and the wonderful people at NYS Homes and Community Renewal are able to funnel this critical funding to our communities to create and preserve more than 1,600 homes across New York City. . This investment will go a long way to providing housing stability, revitalizing neighborhoods and strengthening local economies.

Assemblyman Steven Cymbrowitz said: “These UNHCR bond-funded projects will provide safe, affordable and supportive housing to thousands of individuals and families across the state who face the threat of homelessness, as well as seniors. and people with disabilities who will benefit from on-site support services and resources. . Our work to create and preserve affordable housing continues, but each unit we build brings stability and hope to another essential 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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