New York State to spend $991m on creating 3,242 affordable homes

New York City (Thomas Lozinski/Dreamstime)
Kathy Hochul, the governor of New York State, has announced that $991m will be made available in the forms of bonds and subsidies to create or preserve 3,242 affordable and sustainable homes.

The fund is intended to draw in an additional $380m in private funding, giving a total $1.4bn investment in the sector.

Funding will be split between the following districts:

  • New York City: $262m for phase 1a of a six-phase redevelopment at the 27-acre Brooklyn Developmental Centre with 450 units; $101m for 475 Bay Street in Staten Island with 270 homes; $60m for Edgemere Commons A1 in Far Rockaway, Queens, with 194 apartments.
  • Western NY: $96m is earmarked for the rehabilitation and preservation of four multifamily properties in the Erie County town of Amherst; $38m each for the McCarley Gardens Apartments and Pilgrim Village Family, and $27m Pilgrim Village Senior, all three in Buffalo.
  • Mid-Hudson: $200m will create 477 apartments at 500 Main Street in New Rochelle, $43m for 113 homes in Hudson Hill in Yonkers and $14m for Tall Oaks Apartments in Middletown, Orange County
  • Capital District: $25m will be spent on the Yates Village Phase II in Schenectady.
  • Mohawk Valley: $41m will be spent on Stone Ridge in the Herkimer County village of Herkimer, redeveloping 153 public housing apartments.
  • Finger Lakes: $30m will renovate and preserve affordability at eight developments in Livingston, Monroe and Orleans Counties.
  • North Country: $16m for Woodcreek Apartments in Gouverneur, St Lawrence County and the Bateman Apartments in Lowville, Lewis County.

Governor Hochul said: “The need for affordable and supportive housing has been exacerbated by the pandemic throughout New York and its essential we take the steps necessary to ensure every New Yorker has a roof over their head.

“These awards address this issue at its core by supporting the creation of high-quality housing that keeps people safe, brings new businesses and jobs to our communities, and improves access to the essential services that give people a chance to build a more fulfilling life.”

Hochul has planned further housing spending of $25bn across the next five years, yielding 100,000 affordable homes, 10,000 of which will have support services.

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