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Hochul awards $260 million in funding to build & preserve more than 1,800 homes across NYS


Mon, Mar 18th 2024 12:50 pm

Will support nearly 30 projects statewide to protect & expand affordable housing supply, provide supportive services, assist local development initiatives

Press Release

Gov. Kathy Hochul announced over $260 million has been awarded through tax credits and subsidies to create or preserve 1,852 affordable, supportive and sustainable homes in 29 developments across New York. Her team said, “The projects will expand or protect the housing supply in every region, upgrade and modernize public housing, further local economic development initiatives, and include sustainable features that advance the state's climate goals. This funding also builds on Gov. Hochul’s comprehensive agenda to address New York’s housing crisis and reduce housing costs for New Yorkers by increasing the housing supply.”

Hochul said, “The only way to address New York’s housing crisis and bring down costs for families is to keep building and preserving homes in every region of our state. With this funding, we are pushing forward with our agenda to unlock New York’s housing potential, and we will keep working closely with the Legislature to ensure that all New Yorkers have access to safe, stable and affordable homes.”

The funding is part of Hochul's $25 billion housing plan to create or preserve 100,000 affordable homes across New York, including 10,000 with supportive services for vulnerable populations, plus the electrification of an additional 50,000 homes.

A press release stated, “Financing is allocated by New York State Homes and Community Renewal, which provided $56 million in Federal and State Low Income Housing Tax Credits and $204 million in subsidy. When coupled with additional private funding and resources, the projects receiving funding are expected to create over $840 million in overall investment.

“All projects meet HCR’s sustainability standards, which promote healthier living environments and support the goals set by the New York State Climate Leadership and Community Protection Act. The majority of awarded projects will use a total of $11 million from the Clean Energy Initiative, a partnership with HCR and the New York State Energy Research and Development Authority, to achieve even higher levels of sustainability and carbon reduction.

“In addition, the developments offer free broadband services to residents, building on the governor’s ConnectALL initiative, which has made historic investments to deliver highspeed internet in underserved communities and close the digital divide for lower-income New Yorkers.”

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “The $260 million announced today is part of our $25 billion housing plan and will result in affordable, supportive, energy-efficient homes that improve the lives of more than 1,800 individuals, families, and vulnerable New Yorkers, while strengthening communities in every region of the state. New York’s historic housing shortage has made finding quality homes like these in vibrant communities more difficult than ever. Thank you to Gov. Hochul for her continued commitment to increasing housing supply, expanding access to essential services like health care and child care, and supporting local economic development efforts across New York. We look forward to seeing these 29 developments come to life.”

NYSERDA President and CEO Doreen M. Harris said, “Equitable access to high-quality, clean and resilient spaces where residents live, work and play is fundamental to healthy and sustainable communities – and today’s announcement represents the future of New York state. Under Gov. Hochul’s leadership, the state is being revitalized through comprehensive building strategies that incorporate clean energy while reducing harmful carbon emissions to safeguard our environment and natural resources for generations to come.”

In Western New York, awards include:

•$7.6 million for Playter Gardens at The Market in the City of Buffalo. This infill development will feature 73 apartments across 11 buildings at scattered locations. Over half of the apartments will be set aside for homeless young adults aged 18 to 25, including 10 apartments set aside for youth aging out of foster care. The developer is Stuart Alexander & Associates Inc. The project will receive $401,500 in CEI funds to pursue stretch certification goals.

•$13.9 million for Juniper Apartments in Hamburg. Juniper Apartments will consist of 65 affordable apartments, including 16 set aside for older New Yorkers, seven of which will be reserved for frail elderly populations. The developer is People Community Housing Development Corp. The project will receive $487,500 in CEI funds to pursue stretch certification goals.

•$2.5 million for Thankful Gardens in the City of Buffalo. The project will construct two new buildings and rehabilitate an existing home to create 20 apartments, all of which will have supportive services for households experiencing homelessness and substance use disorders. The developer is Thankful Community Development Corp..

•$6.9 million for Silver Creek Senior Housing in Silver Creek (Chautauqua County). The project includes the demolition of a dilapidated school and the new construction of a 54-unit senior housing development. Fifteen of the development’s apartments will be set aside for seniors experiencing homelessness. The developers are Park Grove Development LLC, and Southern Tier Environments for Living Inc. The project will receive $297,000 in CEI funds to pursue stretch certification goals.

•$7.2 million for The Nest in Niagara Falls. The project includes the demolition of a vacant commercial space and the new construction of 73 apartments, including 18 with supportive services for families in need, and ground floor commercial space. The Nest is being developed by Community Services for Every1 Inc. and Edgemere Development. The project will receive $547,500 in CEI funds to pursue Passive House certification.

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