New Amsterdam Ribbon Cutting
August 1, 2023

After Completed Renovation of Affordable Senior Apartments in Montgomery County, Governor Hochul Announces $406 Million in Financing to Build Additional Affordable Housing

After Completed Renovation of Affordable Senior Apartments in Montgomery County, Governor Hochul Announces $406 Million in Financing to Build Additional Affordable Housing
$406 Million in Bonds and Subsidies Will Support Construction of Nearly 800 New Units of Affordable Housing
Ribbon-Cutting at New Amsterdam Apartments Marks Completion of Two-Phase Project to Preserve Nearly 200 Units of Public Senior Housing in Amsterdam
Complements Governor’s Comprehensive Agenda to Strengthen New York’s Housing Supply – Including $25 Billion Housing Plan to Build and Preserve 100,000 Affordable Homes

Photos of Completed New Amsterdam Apartments Available Here

Governor Kathy Hochul today highlighted nearly 1,000 units of affordable housing being created through State funding, including the completion of 200 affordable senior housing units in Montgomery County and $406 million in financing awarded through bonds and subsidies to create nearly 800 affordable, sustainable homes in five transit-oriented developments. The Governor made the announcement at a ribbon-cutting ceremony celebrating completed renovations at New Amsterdam Apartments, a 116-unit public senior housing development in the city of Amsterdam.

"Addressing New York's housing crisis requires a comprehensive and holistic approach," Governor Hochul said. "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."

The awards announced today, in addition to the ribbon-cutting, build on Governor Hochul’s comprehensive agenda to strengthen New York’s housing supply and make the state more affordable and more livable. The Governor recently announced a package of executive actions to promote housing growth across New York State. As part the FY 2023 Budget, the Governor also secured funding for a five-year, $25 billion Housing Plan to create and preserve 100,000 affordable homes in urban and rural areas across New York.


June Bond Awards

Funding is provided by New York State Homes and Community Renewal. The five projects were awarded $120 million in subsidies and $286 million in tax-exempt housing bonds in the Agency's June 2023 bond issuance. When coupled with additional private funding and resources, the projects receiving funding are expected to create more than $553 million in overall investment

The awarded projects are:

$113.3 million for 2435 Pacific Street in the East New York section of Brooklyn, a $171 million, 10-story development with 236 affordable apartments, including 142 with supportive services, and a 7,000-square-foot commercial space to be used by the Love Fellowship Tabernacle Church. Developed by Alembic Development Company, 2435 Pacific is being constructed on a remediated brownfield and is within two blocks of the L train and the East New York Long Island Railroad station.

$70.2 million for St. Anselm Apartments in the Mott Haven section of the Bronx, an $89 million, 12-story building that will offer 126 apartments, including 63 supportive homes for individuals and families experiencing homelessness. The Institute for Human Development, the development arm of Catholic Homes New York, is constructing the building on an underutilized parking lot owned St. Anselm’s Church. The building is within one block of a subway station and multiple bus stops.

$78.6 million for Matinecock Court in the Town of Huntington in Suffolk County, a $99 million development that will bring 145 limited equity cooperatives and one superintendent’s unit. Seventeen two-story townhome buildings will sit on approximately 14.8 acres of currently vacant land and eight units will remain as rental units and will be set aside for individuals with intellectual or developmental disabilities. The developer is Housing Help, Inc. and D&F Development Group.

$102.5 million for Wyandanch Building L in the town of Babylon in Suffolk County, a $135 million development that will bring an additional 218 affordable homes to the Wyandanch Rising complex. This is the fifth building developed by Albanese Development Corporation adjacent to the Wyandanch Long Island Railroad station as part of the transit-oriented revitalization plan at the 40-acre site.

$41.3 million for The St. Clair in downtown Yonkers in Westchester County, a $60 million, 10-story building with 76 new affordable apartments and 2,000 square feet of commercial space. The highly energy-efficient building is being constructed on a remediated brownfield within a half-mile of the Yonkers Metro North train station. This project received a $418,000 award from the New York State Energy Research and Development Authority's Clean Energy Initiative to achieve even higher levels of sustainability and carbon reduction. The developer is MacQuesten Development, LLC.

All projects meet the sustainability standards established by HCR in 2022 which promote healthier living environments and highly efficient buildings, and support the goals set by the New York State Climate Leadership and Community Protection Act.

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

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"

Governor Kathy Hochul

New Amsterdam Apartments

The New Amsterdam Apartments consist of 116 units of senior housing in a 12-story building, located at 26 Wall Street in Amsterdam. All apartments are affordable for households with incomes at or below 80 percent of the Area Median Income and with at least one household member aged 55 or older.

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, and the replacement of cast iron sanitary lines. All apartment kitchens and bathrooms were upgraded with Energy Star rated appliances and fixtures. The renovations were completed through the federal Rental Assistance Demonstration program, which enables public housing authorities to protect the long-term affordability of public housing units in need of rehabilitation and financial support.

Residential amenities at New Amsterdam Apartments include a computer lab, outdoor parking, outdoor recreation space, a community room, and laundry rooms. The development is within one mile of all major services, including a hospital, grocery stores, parks, and commercial businesses. A regularly scheduled city bus makes several stops a day at the building.

The completed renovation of New Amsterdam Apartments marks the conclusion of a two-phase, $47.4 million project to preserve nearly 200 units of public senior housing in Amsterdam. Phase I, Stratton Apartments, was completed in January 2022 and consisted of a seven-story building located at 95 Division Street with 75 units of safe, energy-efficient housing. All units at Stratton Apartments are affordable for households with incomes at or below 80 percent of the Area Median Income and with at least one household member aged 62 or older.

The developers are the Amsterdam Housing Authority and 3D Development Group LLC. State financing for the two-phase development includes $9.3 million in permanent tax-exempt bonds, Federal Low-Income Housing Tax Credits that generated $15.9 million in equity and $15.6 million in subsidy from New York State Homes and Community Renewal. Committed funding support from the New York State Energy Research and Development Authority (NYSERDA) is $55,300 for Stratton Apartments and $81,200 for New Amsterdam Apartments totaling of $136,500.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "Once again, Governor Hochul’s housing agenda is prioritizing investment in affordable homes that allow New Yorkers to access jobs and services while also making a positive impact on our environment and economy. The $47 million upgrade at New Amsterdam and Stratton Apartments preserves an important senior housing resource for decades to come. And the five new projects announced today will provide almost 800 additional energy efficient and healthy homes in New York City, Long Island, and Westchester with excellent access to transit, highspeed broadband and thriving neighborhoods. By protecting and expanding the state's housing supply, we can provide a better future for all New Yorkers.”

NYSERDA President and CEO Doreen M. Harris said, “Scaling up affordable and energy efficient housing throughout the state is a priority for Governor Hochul and this project is another prime example of how the State’s investments are making more healthy, clean and modern living options available for all New Yorkers – including our senior citizens. NYSERDA congratulates New Amsterdam Apartments on this milestone and their vision for offering comprehensive amenities that will deliver significant benefits and convenience for their residents.”

Senate Majority Leader Charles Schumer said, “Every Montgomery County resident deserves access to safe and affordable housing, and I am proud that the Federal Low-Income Housing Tax Credit I fought to deliver has supplied the millions needed to complete 200 units of affordable housing and help build another 800 affordable, sustainable homes for Montgomery’s most senior residents. I applaud Governor Hochul's commitment to increasing access to affordable housing across the Empire State, and I will keep fighting to deliver the federal resources to lay the foundation for a brighter future for New Yorkers in every corner of our state.”

State Senator Neil Breslin said, "It is vitally important that senior citizens continue to have the opportunity to stay in the communities where they have lived. These affordable senior housing units will help to accomplish just that. I applaud the New York State Homes & Community Renewal for their ongoing commitment to making sure that our senior citizens can continue to be part of the fabric of our communities."

Assemblymember Angelo Santabarbara said, "Today we celebrate not only the completion of a transformational project, but also the embodiment of hope and progress. These new homes will enable our cherished seniors to age gracefully within a place they can truly call home. The New Amsterdam High Rise also stands as a testament to the positive impact of state investments in our community. When we invest in affordable and inclusive housing projects, we open doors to enhanced possibilities. Let’s continue to harness the power of revitalization and keep working tirelessly to create more opportunities like this in New York State.”

Montgomery County Executive Matt Ossenfort said, “I’m grateful for the hard work and dedication that has gone into making this project a reality. Providing affordable and safe housing for seniors has been a top priority for our community, and I am thrilled to see the fulfillment of this vision. The New Amsterdam Apartments will offer our senior residents in the city of Amsterdam a wonderful place to call home – a safe, comfortable haven where they can thrive and enjoy their golden years. Congratulations to everyone involved, and I look forward to the positive impact the New Amsterdam Apartments will have on the lives of our seniors.”

Mayor Michael Cinquanti said, “This major upgrade of our City’s two high-rise apartments assure that the most vulnerable residents of our City will have the affordable, comfortable, secure living spaces they need to be able to enjoy peace of mind and a good quality of life in their senior years.”

Damaris Carbone, Executive Director of the Amsterdam Housing Authority, said, "The combination of RAD and LIHTC has been a game-changer in our quest to address the needs of our aging housing stock. The synergy between these programs has allowed us to maximize our impact and build sustainable communities that will stand the test of time. The program has not only improved living conditions for our residents but has also paved the way for more sustainable housing.”

Bruce Levine, President of 3d Development Group LLC, said, “This is another example of the Governor’s emphasis of public – private partnerships. The State, through HCR, made the resources available to carry out this comprehensive upgrade. The result is a heathier living environment for tenants and a property that is more accessible and uses less energy.”