The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
NAR continues to believe that offers of compensation are an important option to help make professional representation more accessible.
Starting out in her 20s, Rondon worked with real estate legend Faith Hope Consolo while at Garrick Aug Associates, where she spent 13 years.
The awards are part of Gov. Hochul's $25 billion comprehensive Housing Plan that will create or preserve 100,000 affordable homes across New York State
ALBANY—New York Gov. Kathy Hochul announced on Monday (April 8) a total of $412 million in bonds and state subsidies for affordable housing developments statewide that will create or preserve approximately 1,100 affordable housing units.
The funding awards were for communities in New York City (Bronx and Brooklyn) and Ulster County in the Hudson Valley, as well as projects in the Finger Lakes.
“My administration is committed to tackling our state’s housing shortage head-on and expanding opportunities in communities big or small,” Gov. Hochul said. “This funding will generate housing opportunities that are affordable, modern, sustainable, and offer the types of services that can improve the lives of more New Yorkers.”
The awards are part of Gov. Hochul's $25 billion comprehensive Housing Plan that will create or preserve 100,000 affordable homes across New York State, including 10,000 with supportive services for vulnerable populations, plus the electrification of an additional 50,000 homes.
The financing is allocated through New York State Homes and Community Renewal's March 2024 bond issuance which provided $283 million in tax-exempt housing bonds and $129 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 create $625 million in overall investment.
The locally awarded projects include:
An award of $37.9 million for the rehabilitation of three properties known as the Ulster Portfolio to preserve 212 affordable homes in Ulster County. The Ulster Portfolio consists of the 80-unit Birchwood Village in the city of Kingston, The Birches at Saugerties in the town of Saugerties with 60 apartments, and 72-unit Chambers Senior Housing in the town of Ulster. The three properties will undergo extensive capital improvements and interior renovations, including sustainability improvements. The developer is Beacon Communities LLC.
The state has allocated $54.1 million for the new construction of La Olazul to create 115 affordable homes in the Mount Hope section of the Bronx. The 13-story building along Jerome Avenue will include 69 supportive units for homeless adults and families and over 11,000 square feet of retail and community space. The developers are Westhab, Inc. and Vaya Development LLC.
Another $51.8 million is earmarked for the new construction of Jericho 158 to create 129 affordable homes in the Melrose section of the Bronx. Jericho 158 will consist of two buildings with a total of 129 affordable apartments, including 78 supportive units for homeless adults and young adults, and 42,000 square feet of community space. The developers are The Jericho Project and Procida Development Group.
$170.3 million has been awarded for the new construction of Innovative Urban Village Phase 1a to create 385 affordable homes in East New York, Brooklyn. The project is the first phase of a comprehensive redevelopment of the Christian Cultural Center’s 10-acre campus and will include 94 supportive units for homeless families. The development team is a joint partnership between The Gotham Organization, Urban Living Alternatives, and Monadnock Development, LLC.
Another $82.8 million has been awarded for the new construction of Marcus Garvey Extension Phase 2 to create 178 affordable homes in Brownsville, Brooklyn. The development will be constructed on a vacant parking lot on the campus of Marcus Garvey Apartments, an existing Mitchell-Lama housing complex. Eighty-eight apartments will be reserved for individuals in need of supportive services, which will be provided on-site by the Osborne Association. The developer is L+M Development Partners.
The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
NAR continues to believe that offers of compensation are an important option to help make professional representation more accessible.
Starting out in her 20s, Rondon worked with real estate legend Faith Hope Consolo while at Garrick Aug Associates, where she spent 13 years.
“The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,” said NAR Chief Economist Lawrence Yun.
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