Governor Hochul Announces More Than $400 Million in Financing to Build and Preserve 1,100 Affordable Homes

Funding Will Support Affordable and Supportive Homes in New York City and Ontario and Ulster Counties

Builds on Governor Hochul’s Agenda to Address the Housing Crisis and Increase New York’s Housing Supply – Including a Five-Year $25 Billion Housing Plan

Governor Kathy Hochul today announced $412 million in bonds and subsidies to expand and protect the housing supply, creating and preserving nearly 1,100 affordable homes in New York City, the Finger Lakes, and the Hudson Valley. The six projects receiving funding advance New York's commitment to expanding the supply of safe, secure, and healthy housing opportunities for individuals and families.

“My administration is committed to tackling our state’s housing shortage head on and expanding opportunities in communities big or small,” Governor Hochul said. “This funding will generate housing opportunities that are affordable, modern, sustainable, and offer the types of services that can improve the lives of more New Yorkers.”

The awards announced today are part of Governor Hochul's $25 billion comprehensive Housing Plan that will create or preserve 100,000 affordable homes across New York State, including 10,000 with supportive services for vulnerable populations, plus the electrification of an additional 50,000 homes.

The financing is allocated through New York State Homes and Community Renewal's March 2024 bond issuance which provided $283 million in tax-exempt housing bonds and $129 million in subsidy. All awarded projects will achieve high levels of sustainability and carbon reduction. When coupled with additional private funding and resources, the projects receiving funding are expected to create $625 million in overall investment.

The awarded projects are:

Brooklyn

• $170.3 million for the new construction of Innovative Urban Village Phase 1a to create 385 affordable homes in East New York, Brooklyn. The project is the first phase of a comprehensive redevelopment of the Christian Cultural Center’s 10-acre campus and will include 94 supportive units for homeless families. The development team is a joint partnership between The Gotham Organization, Urban Living Alternatives, and Monadnock Development, LLC.
• $82.8 million for the new construction of Marcus Garvey Extension Phase 2 to create 178 affordable homes in Brownsville, Brooklyn. The development will be constructed on a vacant parking lot on the campus of Marcus Garvey Apartments, an existing Mitchell-Lama housing complex. Eighty-eight apartments will be reserved for individuals in need of supportive services, which will be provided on-site by the Osborne Association. The developer is L+M Development Partners.

Bronx

• $54.1 million for the new construction of La Olazul to create 115 affordable homes in the Mount Hope section of the Bronx. The 13-story building along Jerome Avenue will include 69 supportive units for homeless adults and families, and over 11,000 square feet of retail and community space. The developers are Westhab, Inc. and Vaya Development LLC.
• $51.8 million for the new construction of Jericho 158 to create 129 affordable homes in the Melrose section of the Bronx. Jericho 158 will consist of two buildings with a total of 129 affordable apartments, including 78 supportive units for homeless adults and young adults, and 42,000 square feet of community space. The developers are The Jericho Project and Procida Development Group.

Ontario County

• $15.2 million for the new construction of Sunlight Lane Apartments to create 78 affordable homes in Geneva, Ontario County. Sunlight Lane Apartments will offer 78 affordable homes for low- and moderate-income households. The net-zero development will be fully electric and features rooftop solar panels. The developer is Home Leasing, LLC.

Ulster County

• $37.9 million for the rehabilitation of three properties known as the Ulster Portfolio to preserve 212 affordable homes in Ulster County. The Ulster Portfolio consists of the 80-unit Birchwood Village in the city of Kingston, The Birches at Saugerties in the town of Saugerties with 60 apartments, and 72-unit Chambers Senior Housing in the town of Ulster. The three properties will undergo extensive capital improvements and interior renovations, including sustainability improvements. The developer is Beacon Communities LLC.

Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Today’s $412 million announcement is another significant investment to bring more affordable housing to New York City, the Finger Lakes, and the Hudson Valley. These six developments will deliver nearly 1,100 affordable, secure, and healthy homes, provide supportive services for individuals and families experiencing housing insecurity, and help strengthen the overall community for years to come. Thanks to Governor Hochul’s $25 billion Housing Plan, we will continue to use every resource we have to expand and protect the State’s housing supply so that more New Yorkers can afford to stay here and thrive here.”