Governor Hochul Announces Affordable Homeownership Project Now Underway in Kingston

 $2 Million Project will Rehabilitate Four Vacant Single-Family Properties into Affordable Homeownership Opportunities

Part of $25 Million Legacy City ACCESS Program Designed to Eliminate Neighborhood Blight and Expand Access to Homeownership for First-Time Buyers and Households of Color

Photos of Vacant Properties Available Here

 Governor Kathy Hochul today announced that the first project funded through the $25 million Legacy City ACCESS program is now underway. Four vacant single-family properties in Kingston will be fully rehabilitated and sold to income-eligible first-time homebuyers. The Legacy City ACCESS Program is designed to transform blighted structures into newly renovated, move-in ready homes that will help expand affordable homeownership opportunities for low- and moderate-income residents, specifically first-time buyers and households of color.  

"My administration is committed to providing safe, affordable, and comfortable housing for all New Yorkers in the neighborhoods that they call home," Governor Hochul said. "Our $25 billion housing plan will create a fairer and more equitable New York not only by building and preserving affordable housing, but also by addressing barriers to homeownership like redlining and other discriminatory practices. Through this Legacy City ACCESS program and its first project in Kingston, we are doubling down on that commitment, expanding access to affordable homeownership - particularly for buyers of color who have been locked out of the housing market for far too long - and helping to narrow the racial wealth gap once and for all."  

The Kingston City Land Bank was awarded funding through the Legacy City ACCESS Program for the purchase and rehabilitation of four properties located at 29 Rogers Street, 63 German Street, 237 East Union Street, and 169 Hurley Avenue. Upon completion, the properties will be sold to homebuyers who meet eligibility criteria.  

The scope of work includes upgrades to structural, plumbing, and electrical systems, as well as new kitchens, baths, roofs, flooring, windows and doors and asbestos abatement. The homes will receive efficiency upgrades including insulation, Energy Star windows and appliances, and high efficiency electric mini-split systems for heating and cooling.  

The Kingston City Land Bank will rehabilitate the properties in partnership with Maeda Construction, a Certified MWBE General Contracting firm based in Staatsburg. Goldstein Hall provided legal counsel to the partnership. Homeownership Counseling services will be provided by PathStone Community Improvement of Newburgh.  

Legacy City ACCESS is a partnership between New York State Homes and Community Renewal and The Community Preservation Corporation, a not-for-profit community development financial institution that focuses on the preservation and creation of affordable and workforce housing across New York. CPC is providing construction financing and technical assistance to the developers for all the Legacy City ACCESS projects through its ACCESS program, an initiative that provides financial resources and capacity-building support to real estate entrepreneurs of color who have historically faced barriers to entry in the development industry.  

Financing for the project included $867,000 in construction funding from CPC and $600,000 from HCR.    

The Legacy City ACCESS program is available in communities north of New York City that are addressing blight through redevelopment of municipally owned property. The properties must be located in disadvantaged communities, as defined by the Climate Leadership and Community Protection Act, and where there exists a legacy of historical disparities in homeownership access for households of color.    

Applications generally must consist of three primary partners: land banks or municipalities, local minority developers, and homeownership counseling agencies who work together to identify eligible properties, scopes of work, financing, and future homebuyers.  

The program makes up to $150,000 per unit available in cost subsidy for assemblages of up to ten 1-3 family buildings as first-time homeownership opportunities. Homebuyers will have access to the State of New York Mortgage Agency's "Give Us Credit" program - a statewide initiative that uses alternative credit analysis to increase homeownership for applicants who have been underserved in the homeownership market, particularly applicants of color. HCR will offer these potential homebuyers down payment assistance to cover acquisition and closing costs.