Governor Kathy Hochul today announced more than $390 million has been awarded through bonds and subsidies to create or preserve more than 1,600 affordable, sustainable, and supportive homes across the state. When coupled with additional private funding and resources, the ten projects receiving funding are expected to create more than $600 million in overall investment that will assist local economic development efforts and advance New York's commitment to expanding the supply of safe, secure, and healthy housing opportunities for individuals and families across the state.
"As our state stares down a severe housing crisis, this investment to create and preserve more than 1,600 new homes marks an important step toward addressing New York's housing shortage," Governor Hochul said. "Building, preserving, and stabilizing our housing supply is a top priority for my administration, and I remain committed to bringing forth solutions - like the New York Housing Compact - to ensure that we have ample, safe, and affordable housing for anyone who wants to call New York home."
The financing is made possible through New York State Homes and Community Renewal's October and December 2022 bond issuances which provided $231.2 million in tax-exempt housing bonds and $159 million in subsidy, including $2.7 million in funding though the New York State Energy Research and Development Authority's Clean Energy Initiative.
$61.6 million for Tait Lane Reserve in the city of Saratoga Springs. The project will create 202 affordable apartments across a combination of townhome and three-story walk-up buildings. There will be ten apartments reserved for individuals experiencing homelessness funded through an Empire State Supportive Housing Initiative award administered by the New York State Office of Temporary and Disability Assistance. This project was awarded $148,200 from NYSERDA's Low-rise Residential New Construction program. The development is the result of a rezoning to allow for more residential buildings in this high-opportunity area.
$51.5 million for Taylor I Apartments in the city of Troy. Two vacant and obsolete Troy Housing Authority properties will be demolished and replaced with a newly constructed seven-story building containing 141 apartments and over 2,000 square feet of ground floor commercial space. All apartments will be covered by Project-Based Section 8 vouchers issued by the Troy Housing Authority. Taylor I is a priority project for the city's Downtown Revitalization Initiative plan designed to renovate the riverfront area in South Central Troy.
$43 million for Marketplace Senior Apartments in the Monroe County town of Henrietta. The four-story building will feature 150 affordable apartments with 45 homes reserved for residents aged 55 and older who need supportive services to live independently. On-site services will be funded through an Empire State Supportive Housing Initiative award administered by the New York State Office of Mental Health. The highly energy-efficient design is supported by an $825,000 award from the New York State Energy Research and Development Authority's Clean Energy Initiative.
New York City
$44.7 million for Bedford Green House Phase II in the Fordham Heights section of the Bronx. The 17-story building will offer 116 affordable apartments with 70 reserved for individuals experiencing homelessness. These residents will have rental subsidies and services funded through an Empire State Supportive Housing Initiative award administered by the New York State Office of Mental Health. The remaining 46 apartments will be for families and seniors aged 62 or older. The development will feature a 2,300-square-foot medical clinic to serve residents and the surrounding community.
$44.2 million for Shepherd Glenmore in Brooklyn's East New York neighborhood. The seven-story building will offer 123 affordable homes with 74 apartments reserved for individuals experiencing homelessness due to criminal-justice involvement, substance-use disorders, or mental illness. Services and rental subsidies will be funded through an Empire State Supportive Housing Initiative award administered by the New York State Office of Temporary and Disability Assistance. Eight additional apartments will be reserved for seniors. The energy-efficient building will have a solar array mounted to the roof to generate on-site electricity.
$27.5 million for Crotona Belmont Senior Housing in the East Tremont neighborhood of the Bronx. The ten-story building will include 134 affordable apartments for seniors 62 and older. There are 41 apartments reserved for formerly homeless seniors who will have supportive services funded by a grant from the New York City Human Resources Administration. All households will receive rental assistance through Section 8 Project Based Vouchers administered by the New York City Housing Authority.
$20.4 million for River View Towers in the Hamilton Heights neighborhood of Manhattan. The project will fund capital improvements at this 25-story state-supervised Mitchell-Lama cooperative with 385 affordable homes. Originally constructed in 1964, the building needs improvements such as roof replacement and asbestos abatement, replacement of boilers and associated piping, new windows and balcony doors, and masonry repairs. The upgrades are expected to improve energy efficiency and reduce building fuel usage by 14 percent. The owner is River Towers, Inc.
$39.6 million for Stuyvesant Apartments in the city of Kingston. The project involves the rehabilitation of a 120-apartment housing development affiliated with the Kingston Housing Authority. Originally constructed in 1972 under the Department of Housing and Urban Development's Section 236 program, the building will undergo extensive repairs and replacement of systems to extend the useful life of the building, improve safety and quality of life for residents, and increase energy efficiency. By funding these much-needed repairs, financing for the project will help preserve long-term affordability for residents of the building.
$17.7 million for the Magnolia Housing Scattered Site project in Erie and Niagara Counties. The project will support the preservation of affordability and moderate rehabilitation at four existing state-funded affordable housing developments with a total of 96 apartments. The buildings include Austin Manor and Gratwick Manor, both in Buffalo; Haskell Stovroff in the town of Cheektowaga; and Elizabeth Harvey in the city of North Tonawanda. Upgrades are expected to increase energy efficiency by at least 20 percent through the installation of new appliances, windows, LED lighting, HVAC systems, and water heaters.
$40.1 million for Pan American Square in the North Park neighborhood in Buffalo. The development will consist of three four-story buildings constructed on vacant land with a total of 150 homes. Eighty apartments will be reserved for individuals with mental illness and will be supported by the New York State Office of Mental Health's Community Residence Single Room Occupancy program. An additional 20 homes will be set aside for adults experiencing homelessness and funded through an Empire State Supportive Housing Initiative award administered by the New York State Department of Health. The buildings are designed to meet high standards of sustainability and received a $1.9 million award through the New York State Energy Research and Development Agency's Clean Energy Initiative.
Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "Today's announcement builds upon Governor Hochul's bold agenda to greatly expand housing production across New York. Our state's future depends upon investments like these that provide sustainable, healthy, and secure homes for our neighbors and expand access to resources and opportunities in all communities. By awarding funding to these ten developments, we can help more than 1,600 households achieve stability, live affordably, and remain in the communities they call home. Congratulations to all our development and funding partners for this tremendous achievement."
Office of Mental Health Commissioner Dr. Ann Sullivan said, "Stable, secure housing is a critical part of the recovery process. These supportive housing projects are helping people with mental illness to live and thrive in their own homes and communities. Governor Hochul has been a terrific advocate and continues her efforts to ensure that every New Yorker has access to mental health services."
Office of Temporary and Disability Assistance Commissioner Daniel W. Tietz said, "The developments being funded are a reflection of Governor Hochul's commitment to greatly expanding the availability of affordable and supportive housing across New York State. Supportive housing provides not only a place live, but the services needed to ensure formerly homeless individuals and families can remain stably housed. We are pleased to be working collaboratively with our state and local partners on these projects."
New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, "Leveraging public and private support to scale up green sustainable housing is central to Governor Hochul's affordable housing goals as we grow an equitable clean energy economy across New York State. Through our partnership with HCR, projects like these receive technical assistance and incentives that support incorporating energy efficient equipment and clean renewable energy in both new and existing buildings, helping to foster healthier communities for generations to come."
Acting State Department of Health Commissioner Dr. James McDonald said, "Stable housing is essential for all of us, all of the time. Housing instability exacerbates health problems and further drives health inequities. New Yorkers coping with housing uncertainty experience more childhood and chronic diseases. Governor Hochul truly understands that investing in housing opportunities will pay big dividends by ensuring that all New Yorkers have access to safe and affordable housing for all New Yorkers."
Assemblymember Linda B. Rosenthal said, "New York State is facing a truly unprecedented housing crisis, and the need for affordable, accessible and stable places for New Yorkers to call home has never been greater. In light of that, Governor Hochul's announcement of more than $390 million in financing for affordable housing—from NYCHA properties, to supportive housing, to complexes serving elderly communities—is a welcome development. With more New Yorkers facing homelessness than at any time since the Great Depression, we cannot afford to take half measures. These allocations represent an encouraging first step in addressing a crisis that demands our full effort."
Governor Hochul's Housing Agenda
In the FY 2023 State Budget, the Governor introduced and successfully secured a $25 billion, five-year, comprehensive housing plan that will increase housing supply by creating or preserving 100,000 affordable homes across New York including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.
The New York Housing Compact, a comprehensive, multi-pronged strategy, includes local participation requirements and incentives to achieve housing growth in every community so that every part of the State is a partner in solving this urgent crisis. The plan will also require municipalities with MTA rail stations to locally rezone for higher density residential development.