Gov. Kathy Hochul announced on Monday, Dec. 29, that nearly $2 billion in housing bonds and subsidies has been awarded to 24 housing developments located in communities across New York State, which will create or preserve more than 6,600 affordable, supportive, sustainable, and modern homes.
The awards are part of the governor’s $25 billion five-year Housing Plan, which, she said, is on track to create or preserve 100,000 affordable homes statewide.
Gov. Hochul said, “These investments show my commitment to creating quality homes and making New York more affordable for a range of households, including families and seniors.”
Gov. Hochul said, “These investments show my commitment to creating quality homes and making New York more affordable for a range of households, including families and seniors.”
“By coupling State financing tools with private resources, we are generating more than $3 billion in overall investment that will improve neighborhoods, reduce energy costs, and provide thousands of affordable housing options across every region of the State,” she added.
Hochul said financing is allocated through New York State Homes and Community Renewal’s recent bond issuances, which provided $865 million in housing bonds and $990 million in subsidies.
The governor stated that all awarded projects will achieve high levels of sustainability and carbon reduction, complementing New York’s mission to address climate change by reducing emissions by 85 % across all sectors by 2050.
When coupled with additional private funding and resources, Hochul said the projects receiving funding are expected to generate $3.5 billion in overall investment.
RuthAnne Visnauskas said, “This $2 billion will help over 6,600 families afford homes while building stronger, greener communities.”
RuthAnne Visnauskas said, “This $2 billion will help over 6,600 families afford homes while building stronger, greener communities.”
“This is another step forward in our $25 billion Housing Plan that is building the future that New York needs to thrive,” she added.
Assembly Member Linda B. Rosenthal said, “To address the housing crisis, we must both build and preserve affordable as well as supportive units across the state. That’s why the Legislature and the Governor have diligently worked to do just that.
“This much-needed funding will go a long way in creating new homes for the many New Yorkers who are struggling to get by,” she said. “As Chair of the Assembly Housing Committee, I will continue the fight to build more housing throughout the Empire State next session.”
State Sen. Brian Kavanagh said, “These enormous investments are exemplary of our sustained commitment to using every tool available to us to end the crises of inadequate housing supply, unaffordability, evictions, and homelessness that grip our state.
“I thank Gov. Kathy Hochul, Senate Leader Andrea Stewart-Cousins and our legislative colleagues, Commissioner RuthAnne Visnauskas, and everyone at HCR, for their partnership in this critical work,” he added.
State Sen. Jose M. Serrano said, “Preserving and expanding affordable housing is essential, and this $2 billion investment in housing bonds and subsidies for 24 developments statewide will meaningfully strengthen communities across New York.
“As Senator of the 29th Senate District, proudly representing neighborhoods in the South Bronx and East Harlem, I am happy to hear that this housing initiative includes much-needed investments in the 29th Senate District,” he said. “Many thanks to Gov. Kathy Hochul and my colleagues in government for working to maintain and expand this important initiative.”
Hochul said the awarded projects in the city include: $87 million for the Stewart Hotel in Manhattan – The transformation of the former Stewart Hotel in Midtown Manhattan into a 579-unit affordable and supportive housing development for households earning up to 60 % of the Area Median Income. The project also includes ground-floor retail space.
$95 million for Concern Inwood in the Bronx – Construction of a 210-unit affordable and supportive housing development in the Highbridge neighborhood of the Bronx for households earning up to 60 % of the Area Median Income. The project includes a terrace with community gardening opportunities and additional green space.
$95 million for Concern Inwood in the Bronx – Construction of a 210-unit affordable and supportive housing development in the Highbridge neighborhood of the Bronx for households earning up to 60 % of the Area Median Income. The project includes a terrace with community gardening opportunities and additional green space.
$166 million for River II Apartments in the Bronx – Construction of a 292-unit mixed-use project in the Bronx’s West Concourse neighborhood for households earning up to 80 % of the Area Median Income. The project also includes commercial space, an urban farm, and community facilities. There will be supportive units reserved for eligible tenants who experience chronic homelessness or veterans with disabilities.
$49 million for Bay Ridge Towers in Brooklyn – Preservation of an 811-unit affordable development in Brooklyn’s Bay Ridge neighborhood. The development is a Mitchell-Lama co-op situated above a Long Island Rail Road rail line, featuring playgrounds and other outdoor amenities designed for families. The complex is occupied by low- and moderate-income households, whose monthly common charges equate to an average of approximately 40% of the Area Median Income.
$39 million for Jimerson Apartments in Brooklyn – Preservation of a 421-unit affordable development in Brooklyn’s Brownsville neighborhood. The development is a Mitchell-Lama co-op occupied by households earning an average of 40 % of the Area Median Income.
$186 million for Sparrow Square Phase 1 in Brooklyn – The construction of a 261-unit affordable supportive project on the site of the former Kingsboro Psychiatric Center in the East Flatbush neighborhood of Brooklyn for households earning up to 30 % of the Area Median Income. The project is part of Vital Brooklyn, the State’s comprehensive community development initiative that addresses chronic social, economic, and health disparities in central Brooklyn.
