Governor Hochul Announces $682 Million in Financing for Affordable Housing

August 1, 2022

Governor Kathy Hochul today announced $682 million in bonds and subsidies have been awarded to create or preserve more than 1,600 affordable, sustainable, and supportive homes across the state. The developments will leverage an additional $218 million in private funding to create an overall investment of nearly $901 million 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.

“We are working tirelessly to expand much-needed affordable housing across New York State, and these new developments will help us build toward a more stable and equitable future for the next generation,” Governor Hochul said. “When we invest in modern and healthy housing, we strengthen our communities and provide new opportunities for New Yorkers to thrive and succeed, and today is a significant step in helping secure and preserve safe, livable, and quality affordable housing for all New Yorkers.”

The awards are part of Governor Hochul’s sweeping plans to make housing more affordable, equitable, and stable. The Governor has introduced and successfully secured, in the 2022-23 State Budget, a new $25 billion, five-year, comprehensive housing plan that will increase housing supply by creating or preserving 100,000 affordable homes across New York 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 June 2022 bond issuance which provided $463 million in taxable and tax-exempt housing bonds and $219 million in subsidy, including $5 million in financing though the Clean Energy Initiative pilot program

Awards include:

Capital Region

$21 million for Yates Village Phase II, Parcel 3 in the city of Schenectady’s Goose Hill neighborhood. The project will demolish and replace six existing public housing rental buildings along Van Vranken Avenue originally constructed in 1948. Once all phases of the project are complete, the 37 new two-story buildings will offer 211 affordable homes, including 43 apartments reserved for individuals with physical disabilities. These residents will have access to onsite services provided by the Schenectady Community Action Program. Phase I of the Yates Village redevelopment, also financed by HCR, was completed in 2021 and rebranded as Northside Village. The development team for Phase II consists of Pennrose Holdings, Duvernay + Brooks, LLC, and the Schenectady Municipal Housing Authority.

$50.7 million for The Lion Factory in the city of Troy. The historic industrial building will be adapted into 151 affordable apartments and nearly 9,000 square feet of ground floor commercial space. Occupying an entire city block, the six-story building is on the National Register of Historic Places. The building’s historically and architecturally significant design elements will remain intact, while also incorporating new energy efficiency measures including all-electric heating and cooling systems. Twenty-five homes will be reserved for homeless families in need of supportive services provided by the Unity House of Troy and funded through the Empire State Supportive Housing Initiative. The developer is Regan Development Corporation.

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