NY Metro Region Secures More Than $92 Million in Funding for Affordable Housing Projects

ALBANY—New York Gov, Kathy Hochul and U.S. Rep. Paul Tonko (D-20th District) announced on March 18 more than $270 million has been awarded through the federal Low-Income Housing Tax Credit and subsidies to create or preserve more than 1,800 affordable, supportive, and sustainable homes in 28 separate developments across New York State.

The awarded projects will expand or preserve the housing supply in every region, upgrade and modernize public housing, further local economic development initiatives, and include energy-efficient features that advance the State's climate goals. The funding is part of Governor Hochul’s $25-billion five-year Housing Plan, which is on track to create or preserve 100,000 affordable homes statewide. Among the awarded projects, the Mid-Hudson and New York City regions secured a combined $92.1 million in funding.

“Solving New York’s housing crisis comes down to one simple strategy: building more housing,” Gov. Hochul said. “These critical federal resources make it possible for us to provide New Yorkers with new opportunities to access affordable, modern, sustainable homes that also provide access to childcare, supportive services, and the amenities that individuals and families need to thrive.”

The federal Low-Income Housing Tax Credit program is a powerful tool to incentivize the creation of housing and address a crisis that impacts people of all ages and phases of life throughout New York. Gov. Hochul supports legislation in Washington to expand the program and make it even more effective. The Affordable Housing Credit Improvement Act will potentially increase allocations to finance the development of two million new affordable units nationally over ten years and more than 100,000 units in New York State.

Representative Paul Tonko said, “If we want to solve our historic home shortage, we must invest in affordable housing—which is why I am a proud supporter of LIHTC and other vital programs that help us tackle the housing crisis. Supporting affordable, sustainable housing benefits everyone in our communities. At a time when millions struggle to afford quality housing, we must continue to drive smart investments like these that serve families across New York State.”

Financing for the projects is allocated by New York State Homes and Community Renewal, which provided $61 million in Federal and State Low Income Housing Tax Credits and more than $200 million in subsidy to support the 28 projects. When coupled with additional private funding and resources, the projects receiving funding are expected to create over $1 billion in total investment.

All awarded projects meet HCR’s sustainability standards, which promote healthier living environments and support the goals set by the New York State Climate Leadership and Community Protection Act. Several awarded projects will receive funding from the Clean Energy Initiative, a partnership with HCR and the New York State Energy Research and Development Authority, to achieve even higher levels of sustainability and carbon reduction.

In addition, each of the awarded developments offer free broadband internet services to residents, building on the Governor’s ConnectALL initiative, which has made historic investments to deliver high-speed internet in underserved communities and close the digital divide for lower-income New Yorkers.

The awarded projects in the HGAR market area include $38.3 million in funding for Mid-Hudson projects and another $53.8 million for

Mid-Hudson

$8.1 million for Franklin Towers in the Village of Tarrytown: Preservation of the 81-unit Franklin Towers aging public housing development. The project is located within a half mile of the Metro North train station and Westchester County Bee-line bus stops and is receiving funding from HCR and NYSERDA’s Clean Energy Initiative.

$12.1 million for 30 West in the Town of Haverstraw: A newly constructed 81-unit affordable and supportive housing development being constructed on an underutilized municipal parking lot. Includes 20 units with supportive services for homeless households. Recently. Rockland County recently announced that the developer Westhab had secured a $3 million HALO loan for the 30 West project.

$18.1 million for Waltemade Residence in the City of Mount Vernon: Adaptive reuse of a vacant nursing facility to create a 102-unit development for seniors aged 62 and older. The project includes 30 units with supportive services for seniors experiencing homelessness.

New York City

$13.9 million for Van Cortlandt Ave Apartments in the Bronx: New construction of a 12-story, 78-unit affordable and supportive housing development. Includes 47 units with supportive services for homeless and vulnerable populations.

$15.4 million for Hillside Avenue Apartments in Queens: A newly constructed 92-unit mixed-use, affordable and supportive housing development with a New York State Office of Mental Health-licensed outpatient mental health clinic. Includes 56 units with supportive services for homeless and vulnerable populations.

$9.9 million for Bartlett Crossing in Brooklyn: New construction of a 78-unit, two-building, mixed-use development on two vacant lots owned by the NYC Department of Housing Preservation and Development. Includes 1,200 square feet of retail space.

$14.6 million for HOGAR Eagle Gardens in the Bronx: New construction of an 83-unit affordable and supportive housing development in the Morrisania neighborhood. Includes 50 units with subsidies for individuals experiencing homelessness.