New York State Providing $789 Million in Financing For Housing Projects in NYC, Mid-Hudson Regions

ALBANY—New York State officials announced on June 26 that nearly 3,000 affordable, modern, energy-efficient homes will be created or preserved in communities throughout New York State as a result of $1 billion in housing bonds and subsidies.

Of that funding, a total of $789 million in funding is being directed to six projects in New York City ($603 million) and three projects in the Mid-Hudson region ($186 million).

“Solving New York’s housing crunch and cutting costs for families hinges on increasing home availability statewide,” Gov. Kathy Hochul said. “Through these investments, we’re helping produce more affordable, modern, supportive, sustainable housing. This is going to help push costs down, keep our state strong and provide housing opportunities to thousands of New Yorkers.”

Financing is allocated through New York State Homes and Community Renewal’s recent bond issuances which provided $560 million in tax-exempt housing bonds and $466 million in subsidy. All awarded projects will achieve high levels of sustainability and carbon reduction. When coupled with additional private funding and resources, the projects receiving funding are expected to generate $1.5 billion in overall investment.

The awarded projects include:

New York City ($603 million)

• $23 million for Kittay House in the Bronx – Rehabilitation of a Mitchell-Lama development built in 1969 in the Fordham neighborhood. The 295-unit development for seniors includes a common kitchen, dining hall, recreation rooms, a doctor’s office, and is conveniently located near health care and services. Developed by Kittay Senior Housing.
• $326 million for Vital Brooklyn Alafia Phase 2 in Brooklyn – Construction of two 14-story, mixed-use buildings with 634 units and over 12,000 square feet of commercial space as part of the redevelopment of the Brooklyn Development Center. Includes 47 units with supportive services for individuals struggling with homelessness. Developed by Apex Real Estate Development.
• $40 million for Emerson Davis Apartments in Brooklyn – Demolition of an obsolete building and the new construction of a 12-story building with 103 affordable and supportive apartments in the Clinton Hill neighborhood of Brooklyn. The development will include supportive social service space for residents in the Emerson-Davis Family Residence program. Developed by Institute for Community Living.
• $142 million for Edgemere Commons in Queens – Construction of an 18-story, mixed-use building with 244 units and nearly 4,000 square feet of commercial space at the former Peninsula Hospital site in Far Rockaway. Includes 73 units with supportive services for individuals and families experiencing homelessness, as well as 9,000 square feet of community facility space set aside for a daycare facility. Developed by Tishman Speyer.
• $63 million for Westbeth Artist Housing in Manhattan – Rehabilitation of the historic Westbeth Artist Housing in the West Village with 385 residential units and 73 commercial units across eight buildings. The affordable live-work housing for artists, includes studios, a gallery, a theater, commercial spaces, and landscaped park and courtyard. Developed by Westbeth Corp. Housing Development Fund Company.
• $9 million for Jericho House in Manhattan – Rehabilitation and expansion of a 48-unit affordable housing and supportive development, with eight units added for a total of 56. All apartments are set aside for formerly homeless individuals. The development is receiving funding from the Clean Energy Initiative. Developed by the Jericho Project.

Mid-Hudson ($186 million)

• $36 million for Rip Van Winkle Apartments in Poughkeepsie – Acquisition and rehabilitation of an 18-story building containing 179 affordable apartments. The development is receiving funding from the Clean Energy Initiative and will be fully electrified. Developed by Related Affordable.
• $43 million for 345 McLean Ave. in Yonkers – New construction of a 12-story building containing 105 units for seniors aged 62 or older, including 31 units with supportive services for households experiencing homelessness or at risk of homelessness. Developed by Verus Development.
• $107 million for 345 Q-West Towers in Mount Vernon – New construction of a 15-story building containing 115 units and a 12-story building containing 114 units. Both buildings will also include commercial space. Developed by Simone Development Companies.