Funding for Affordable Homes across New York State

New York Governor Ms Kathy Hochul has announced USD 991 million in bonds and subsidies awarded to create or preserve 3,242 affordable, sustainable, and supportive homes across the state. The developments will leverage an additional USD 379 million in private funding to create an overall investment of nearly USD 1.4 billion to further local economic development efforts, reduce homelessness, and advance New York's commitment to expanding safe, secure and healthy housing opportunities for individuals and families.

New York City

USD 262 million for Phase 1a of the six-phase redevelopment at the 27-acre Brooklyn Developmental Center in East New York - Phase 1a will create 450 affordable apartments including 132 homes with supportive services.

USD 101 million for 475 Bay Street in Staten Island - The 12-story building will include 270 apartments, including 138 homes reserved for homeless or housing insecure seniors who will have access to supportive services provided by Self Help for Independent Living.

USD 60 million for Edgemere Commons A1 in Far Rockaway, Queens - The 17-story building will offer 194 apartments including 29 supportive homes for individuals with intellectual or developmental disabilities and 30 supportive homes for homeless adults. The development will also include 23,000 square feet of ground floor retail space for use by a grocery store and other businesses.

Western NY

USD 27 million for Pilgrim Village Senior in Buffalo - The existing Pilgrim Village Senior development will be demolished and replaced with a single four-story building featuring 105 apartments for adults aged 55 and older.

USD 38 million for Pilgrim Village Family in Buffalo - Adjacent to Pilgrim Village Senior, this section of the development will offer 132 affordable apartments in a single five-story building. The ground floor will have a community facility space and commercial space.

USD 38 million for McCarley Gardens Apartments in Buffalo - The project will rehabilitate 21 existing townhome buildings and construct four additional buildings for a total of 149 affordable homes. The existing apartments will be upgraded to be more energy efficient with improved insulation, new windows and replacement boilers and hot water heaters.

USD 96 million for the rehabilitation and preservation of four multifamily properties in the Erie County town of Amherst - The projects include Princeton Court with 304 apartments, Brewster Mews with 216 apartments, Parkside Houses with 180 apartments and Oxford Village Townhomes with 316 apartments.

Mid-Hudson

USD 43 million for Hudson Hill in Yonkers - The project includes the demolition and replacement of a dilapidated building with a new six-story building featuring 113 affordable apartments. Forty-five apartments will be reserved for homeless households in need of supportive services.

USD 14 million for Tall Oaks Apartments in Middletown, Orange County - The project will rehabilitate 150 apartments across 16 buildings. Originally constructed as a Mitchell-Lama in 1973, the scope of work includes renovations to all apartments, new roofing, installation of solar panels, and exterior improvements.

USD 200 million in taxable and tax-exempt bonds for 500 Main Street in New Rochelle, Westchester County - The mixed-income development will construct 477 new apartments, with 119 units affordable up to 60 percent of the area median income. The developer is BRP Development Corporation.

Capital District

USD 25 million for Yates Village Phase II in Schenectady - This is the second and final phase of redevelopment at the Yates Village public housing complex originally constructed in 1948. Phase II includes the replacement of six obsolete buildings with 37 new two-story buildings containing 68 apartments in a more walkable and attractive campus.

Mohawk Valley

USD 41 million for Stone Ridge in the Herkimer County village of Herkimer - The project will redevelop 153 public housing apartments at five separate locations in the village's downtown area. Three existing developments will undergo renovations, one property will be demolished, and one new building with 24 apartments will be constructed.

Finger Lakes

USD 30 million to renovate and preserve affordability at eight separate developments in Livingston, Monroe and Orleans Counties - Owned and developed by PathStone Corporation, the eight properties offer a total of 203 affordable homes. Rehabilitation work will vary depending on need.

North Country

USD 16 million for Woodcreek Apartments in Gouverneur, St Lawrence County and the Bateman Apartments in Lowville, Lewis County - Two existing developments in neighboring counties will undergo rehabilitation. The Bateman Apartments, originally constructed as a hotel in 1869, was converted to affordable housing in 1991 and offers 24 apartments and four storefront commercial spaces.

The announcement is part of Governor Hochul's sweeping plans to make housing more affordable, equitable, and stable. This includes a proposal for a new USD 25 billion, five-year housing plan that will create and preserve another 100,000 affordable homes in urban and rural areas across New York including 10,000 with support services, increase construction of new homes, and tackle inequities in the housing market. The financing is made possible through New York State Homes and Community Renewal's Fall 2021 bond issuance which provided USD 785 million in taxable and tax-exempt housing bonds and USD 206 million in subsidy financing through various programs that are designed to develop and preserve affordable housing.

Funding for Affordable Homes across New York State

Strategic Research Institute

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