State, county support lead to $51 million Peekskill affordable housing complex

peekskill rendering
Project rendering from New York State Homes and Community Renewal

Construction has started on a new $51 million affordable housing complex in Northern Westchester with 82 energy-efficient apartments.

Gov. Andrew Cuomo’s office said a statement  that work started on the development in downtown Peekskill at 645 Main St. on Sept. 9.

The project is a part of his five-year, $20 million dollar affordable housing plan, which began in 2016 and is carried out by New York State Homes and Community Renewal, the statement said.

“Every New Yorker deserves a safe, decent and affordable place to call home,” Cuomo said. “This new, energy-efficient development builds upon our continued strategic investments in downtowns throughout the state and will provide more than 80 brand-new, affordable apartments for families and the community.”

The apartments will be available for families earning between 40 and 80 percent of the area median income, which is $89,968. The new affordable housing will help the city meet its Downtown Revitaliztion Initiative ‘s goal of providing more monetarily-varied housing choices.

The building will have 18 single-bedroom apartments, 50 two-bedroom apartments and 14 three-bedroom apartments.

Building tenants will reap the benefits of permanent tax-exempt climate bonds, which are included in the building’s $21.9 million construction costs, the Peekskill Daily Voice reported.

Another $12.1 million in low-income housing tax credits and $12.3 million in subsidies was provided by the state’s Homes and Community Renewal.

Since 2011, HCR has invested over $1 billion in 130 housing developments throughout the Mid-Hudson region; of this amount, $800 million has been funnelled into Westchester County.

The statement says 3,000 affordable homes have been preserved or created, with 7,500 within the county.

The Peekskill project on repurposed urban land will receive nearly $6 million in Brownfield Cleanup Program Syndication Proceeds from the New York State Department of Environmental Conservation and more than $270,000 through the state’s Energy Research and Development Authority’s Low-Rise Residential New Construction program.

The statement said county contributions included $5.7 million from the Westchester County Housing Implementation Fund and $2.3 million from the Westchester County New Homes Land Acquisition Fund.


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