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Hochul: Nearly $1 billion in financing for affordable housing


Thu, Jan 13th 2022 04:45 pm

Gov. Kathy Hochul on Thursday announced $991 million in bonds and subsidies awarded to create or preserve 3,242 affordable, sustainable and supportive homes across the state. The developments will leverage an additional $379 million in private funding to create an overall investment of nearly $1.4 billion to further local economic development efforts, reduce homelessness, and advance New York's commitment to expanding safe, secure and healthy housing opportunities for individuals and families.

"The need for affordable and supportive housing has been exacerbated by the pandemic throughout New York, and it’s essential we take the steps necessary to ensure every New Yorker has a roof over their head," Hochul said. "These awards address this issue at its core by supporting the creation of high-quality housing that keeps people safe, brings new businesses and jobs to our communities, and improves access to the essential services that give people a chance to build a more fulfilling life."

Today's announcement is part of Hochul's plans to make housing more affordable, equitable and stable. This includes a proposal for a new, $25 billion, five-year housing plan that will create and preserve another 100,000 affordable homes in urban and rural areas across New York including 10,000 with support services, increase construction of new homes, and tackle inequities in the housing market.

The financing is made possible through New York State Homes and Community Renewal's Fall 2021 bond issuance, which provided $785 million in taxable and tax-exempt housing bonds and $206 million in subsidy financing through various programs that are designed to develop and preserve affordable housing.

Western New York awards include:

•$27 million for Pilgrim Village Senior in Buffalo. The existing Pilgrim Village Senior development will be demolished and replaced with a single, four-story building featuring 105 apartments for adults aged 55 and older. Forty-nine apartments are reserved for seniors in need of supportive services to live independently. The development will include 20,000 square-feet of green space with walking paths, sitting areas, and gardens. The developer is Stuart Alexander and Associates Inc.

•$38 million for Pilgrim Village Family in Buffalo. Adjacent to Pilgrim Village Senior, this section of the development will offer 132 affordable apartments in a single, five-story building. The ground floor will have a community facility space and commercial space. Pilgrim Village Family and Senior are both adjacent to the Buffalo Niagara Medical Campus. The developer is Stuart Alexander and Associates Inc.

•$38 million for McCarley Gardens Apartments in Buffalo. The project will rehabilitate 21 existing townhome buildings and construct four additional buildings for a total of 149 affordable homes. The existing apartments will be upgraded to be more energy efficient with improved insulation, new windows and replacement boilers and hot water heaters. Site work will beautify the 15-acre property located in a growing downtown neighborhood near the Buffalo Niagara Medical Campus. The developers are BFC Partners and St. John's Baptist Church.

•$96 million for the rehabilitation and preservation of four multifamily properties in the Town of Amherst. The projects include Princeton Court with 304 apartments, Brewster Mews with 216 apartments, Parkside Houses with 180 apartments, and Oxford Village Townhomes with 316 apartments. The developer for the four properties is The Related Companies and MJ Peterson Real Estate Corp.

Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "HCR is proud to be at the forefront of Gov. Hochul's mission to create and preserve affordable housing opportunities across New York. This $991 million investment will finance the construction of new homes in growing downtowns with access to transit and services and make life-enhancing improvements at existing developments, including public housing. From Staten Island to St. Lawrence County, these 14 projects will ultimately inject more than $1 billion into the economy to benefit thousands of individuals and families in urban, suburban and rural communities, and at the same time, demonstrate our commitment to building a greener, healthier and more equitable future for our state."

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