Cuomo announces $270 million financing for six affordable NY housing projects

rendering point and ravine yonkers
Rendering of the Poiint and Ravine project in Yonkers

Gov. Andrew M. Cuomo has announced $270 million in financing for six affordable housing developments to build or preserve 728 affordable, supportive, sustainable homes for New Yorkers.

The awards will leverage an additional $93 million to create an overall investment of more than $360 million to spur local economic development and advance New York’s commitment to healthy, energy-efficient housing opportunities that reduce the State’s impact on the environment, the governor’s office said in a July 29 statement

“Through our ongoing commitment to combating the housing crisis, we are providing safe, affordable and sustainable homes for the New Yorkers who need them most,” Gov. Cuomo said. “This significant funding will create hundreds of affordable homes across the state, while also spurring local economic development and furthering our goal of creating healthier, more prosperous communities for the future.”

Projects include:

  • $58.1 million for Point and Ravine in the City of Yonkers. The project will consist of two six-story buildings and two three-story townhouse-style buildings with a total of 146 affordable apartments. The development is being constructed on vacant parcels in a highly distressed section of the Warburton-Ravine neighborhood as part of the city’s Ravine Avenue Urban Renewal Plan. The developer is Conifer Realty, LLC.
  • $53.1 million for Garden Towers Apartments in the Morrisania neighborhood of the South Bronx. The development will construct 150 apartments for seniors across two buildings that will be connected by a glass-enclosed greenhouse. Forty-five apartments will be reserved for formerly homeless seniors who will receive onsite supportive services. The project’s developers are Foxy Management and the Hellenic American Neighborhood Action Committee.
  • $52 million for Asteri Ithaca in the City of Ithaca in Tompkins County. This development will create a 12-story mixed-use building with 181 affordable apartments, including 40 supportive homes. The commercial component will include a conference center and parking garage. Developed by the Vecino Group, the building will have a sky roof, outdoor space, fitness center and a plaza with outdoor seating.
  • $50.4 million for Saint James Terrace in the Bronx neighborhood of Fordham Heights. The project involves the acquisition and redevelopment of property owned by the adjacent St. James Episcopal Church to create 102 affordable apartments with 51 apartments reserved for homeless individuals. The building’s ground floor will be used by a nonprofit affiliate of the church to provide community services such as a food pantry, financial wellness seminars and afterschool programming. The developer is Concern for Independent Living, Inc.
  • $37.9 million for the Greenburgh Housing Authority Garden Apartments in the Town of Greenburgh in Westchester County. The project will upgrade and modernize 85 existing public housing apartments at scattered locations. The scope of work will address ground and landscaping issues, repair underground infrastructure, repair sidewalks, install energy-efficient site lighting and improve accessibility.
  • $18.1 million for Friendship Lodge in the City of Johnstown in Fulton County. Friendship Lodge will feature 64 affordable apartments in a single three-story building. Twenty-two apartments will be reserved for homeless individuals. Amenities include a fitness room, community room, patio, gardens and pavilion. Fulton Friendship House, LLC is the project developer and service provider.


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