Over $236 Million in Bonds and Subsidy Help Expand and Protect New York’s Affordable Housing Supply
Projects Include Developments in Hudson Valley, Finger Lakes, and Capital Regions
Governor Kathy Hochul today announced $236 million has been allocated through bonds and subsidies to create or preserve 732 affordable, supportive, and sustainable homes across New York State. This financing will expand and protect the housing supply across four developments located in the Capital Region, Finger Lakes, and Hudson Valley. The projects will upgrade and modernize public housing, fight homelessness with onsite services that keep vulnerable populations safely housed and include sustainable features that advance the State’s climate goals.
«I remain committed to expanding housing opportunities in every corner of our state as part of my administration’s mission to increase the housing supply and address New York’s housing crisis,» Governor Hochul said. “This investment will support the creation and preservation of more than 700 affordable homes for seniors, veterans, and families and breathe new life into valuable public housing that is essential to making New York more affordable and livable for all.»
The funding announced today is part of Governor Hochul’s $25 billion comprehensive Housing Plan that will 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 which provided $149 million in tax-exempt housing bonds and $86 million in subsidy. Three of the awarded projects will use over $2 million from the New York State Energy Research and Development Authority’s Clean Energy Initiative to achieve even higher levels of sustainability and carbon reduction. When coupled with additional private funding and resources, the projects receiving funding are expected to create more than $310 million in overall investment.
All 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.
HCR’s housing financing opportunities are designed to further local economic development initiatives, expand housing opportunities in every region, fight homelessness with supportive services for vulnerable populations, help close the digital divide for lower-income households, and achieve the state’s carbon reduction targets.
The financing includes:
$136 million for the acquisition and rehabilitation of Griswold Heights to preserve 392 homes in Troy. The 60-year-old public housing development is listed on the National Register of Historic Places and consists of 392 affordable apartments in 13 two-story buildings. Griswold Heights is being developed in partnership between the Troy Housing Authority and MDG Real Estate Partners LLC. THA will continue in its property management role.
$72.7 million for the construction of Center City Courtyard to create 164 apartments in Rochester. The newly constructed all-electric building will offer 164 affordable apartments just blocks from 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. Center City Courtyard is being co-developed by HELP USA and CSD Housing.
$54.2 million for the acquisition and development of Parliament Fairfield to create and preserve 103 apartments in Rochester. The project will substantially rehabilitate 88 units at two public housing developments and construct an additional 15 apartments for a total of 103 affordable homes. Both Fairfield Village’s and Parliament Arms will undergo extensive energy efficiency upgrades and conversion to all-electric heating and cooling. Parliament Fairfield 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. The 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. Mary the Queen Senior Apartments is being developed by Finian Sullivan Corporation.
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, «The $236 million being invested in communities across the State is yet another demonstration of Governor Hochul’s dedication to tackling the housing crisis and making New York a more affordable place to live. These developments will create or preserve 732 homes, including nearly 150 with supportive services for vulnerable groups like veterans and seniors, and will help meet the diverse housing needs of our state. Congratulations to our partners, and I look forward to seeing these projects improve thousands of lives in the months and years ahead.”