State of New York to Provide $406M in Financing to Build Five Affordable Housing Developments

by John Nelson

ALBANY, N.Y. — New York Gov. Kathy Hochul has announced that the State of New York will provide $406 million in financing to deliver approximately 800 new affordable housing units across the state. The financing will be awarded through bonds and subsidies.

The New York Division of Homes and Community Renewal (HCR) is providing the financing for the five developments, which comprises $286 million in tax-exempt housing bonds and $120 million in subsidies.

The awarded projects are as follows:

  •  $113.3 million was provided for the development of 2435 Pacific Street, a 10-story project in Brooklyn. The property comprises 236 units, including 142 with supportive services, as well as 7,000 square feet of commercial space for the Love Fellowship Tabernacle Church. Alembic Development Co. is building the community on a remediated brownfield. The total cost of construction is expected to be approximately $171 million.
  • The Institute for Human Development, the development arm of Catholic Homes New York, secured $70.2 million for the construction of St. Anselm Apartments in the Mott Haven section of The Bronx. St. Anselm will offer 126 units, including 63 supportive homes for individuals and families experiencing homelessness, across 12 stories. The total cost of the project is expected to be approximately $89 million.
  • Housing Help Inc. and D&F Development Group received $78.6 million to develop Matinecock Court in Huntington. The community will offer 145 limited equity cooperatives and one superintendent’s unit across a 14.8-acre site. Eight units will remain as rental units and be set aside for tenants with intellectual or developmental disabilities. The total cost of the project will be approximately $99 million.
  • $102.5 million was provided for the construction of Wyandanch Building L in Babylon. Wyandanch Building L is the fifth building developed by Albanese Development Corp. as part of the Wyandanch Rising complex, a transit-oriented revitalization plan. The building will comprise 218 affordable units on a 40-acre site.
  • MacQuesten Development secured $41.3 million to construct The St. Clair in downtown Yonkers. The building will rise 10 stories and offer 76 affordable apartments, as well as 2,000 square feet of commercial space. The project previously received a $418,000 award from the New York State Energy Research and Development Authority’s Clean Energy Initiative. The project is expected to cost a total of $60 million.

Income restrictions for these five developments were not disclosed.

“Addressing New York’s housing crisis requires a comprehensive and holistic approach,” says Hochul. “That’s why we’re working overtime to face the crisis head-on by spurring the development of a variety of housing options that meet the needs of New Yorkers from all walks of life, from seniors to families to young adults.”

Hochul’s statement came during the ribbon-cutting ceremony celebrating the completed renovations at The New Amsterdam Apartments, a 116-unit affordable seniors housing community at 26 Wall St. in Amsterdam. The property is restricted to tenants earning at or below 80 percent of the area median income (AMI) and with at least one household member age 55 or older.

Funded by the federal Rental Assistance Demonstration (RAD) program, the scope of renovations included asbestos abatement, the modernization of elevators, replacement of fire alarms, installation of new common doors, energy-efficient hot water boilers and LED light fixtures throughout, as well as the replacement of cast iron sanitary lines.

The renovation marks the conclusion of a two-phase, $47.4 million project to preserve 200 units of public seniors housing in Amsterdam. The first phase, Stratton Apartments, was completed in January 2022 by co-developers Amsterdam Housing Authority and 3D Development Group. The property is affordable for households with incomes at or below 80 percent AMI with at least one household member age 62 or older.

— Channing Hamilton

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