$236 million announced to build New York’s affordable housing supply

0
638

New York Construction Report staff writer

Affordable housing projects across New York are getting a $236 million boost from bonds and subsidies. Money will be used to build or preserve 732 affordable, supportive, and sustainable homes across the state with four developments in the Capital Region, Finger Lakes, and Hudson Valley.

Construction projects will upgrade and modernize public housing and include sustainable features that advance the State’s climate goals.

The cash is part of a $25 billion state housing plan to create or preserve 100,000 affordable homes across New York State, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.

The financing is made possible through New York State Homes and Community Renewal’s October 2023 bond issuance and projects meet the new 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.

Projects include:

$136 million for the acquisition and rehabilitation of Griswold Heights to preserve 392 homes in Troy

  • 60-year-old public housing development is listed on the National Register of Historic Places and includes 392 affordable apartments in 13 two-story buildings. Griswold Heights is being developed in partnership with the Troy Housing Authority and MDG Real Estate Partners LLC. THA will continue in its property management role.

$72.7 million for construction of Center City Courtyard to create 164 apartments in Rochester

  • newly constructed all-electric building will have 164 affordable apartments near Rochester’s Inner Loop. The development will include 95 apartments with supportive services for veterans formerly experiencing homelessness, individuals with substance abuse disorder, and people with justice involvement.

$54.2 million for the acquisition and development of Parliament Fairfield to create and preserve 103 apartments in Rochester

  • project will substantially rehabilitate 88 units at two public housing developments and construct an additional 15 apartments for a total of 103 affordable homes. Fairfield Village’s and Parliament Arms will undergo extensive energy efficiency upgrades and conversion to all-electric heating and cooling and is being developed by the Rochester Housing Authority.

$47.2 million for the acquisition and adaptive re-use of Mary the Queen Senior Apartments to create 73 apartments in Yonkers

  • former Convent of Mary the Queen nursing home will be converted into a senior supportive housing development with 73 affordable apartments in downtown Yonkers, addressing a critical need for Westchester’s fast growing senior population. The development will include 52 apartments with supportive services for frail or disabled elderly New Yorkers being developed by Finian Sullivan Corporation.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.