State of New York to Provide $406M in Financing to Build Five Affordable Housing Developments

ALBANY, N.Y. — New York Gov. Kathy Hochul has announced that the State of New York will provide $406 million in financing to deliver approximately 800 new affordable housing units across the state. The financing will be awarded through bonds and subsidies.

The New York Division of Homes and Community Renewal (HCR) is providing the financing for the five developments, which comprises $286 million in tax-exempt housing bonds and $120 million in subsidies.

The awarded projects are as follows:

Income restrictions for these five developments were not disclosed.

“Addressing New York’s housing crisis requires a comprehensive and holistic approach,” says Hochul. “That’s why we’re working overtime to face the crisis head-on by spurring the development of a variety of housing options that meet the needs of New Yorkers from all walks of life, from seniors to families to young adults.”

Hochul’s statement came during the ribbon-cutting ceremony celebrating the completed renovations at The New Amsterdam Apartments, a 116-unit affordable seniors housing community at 26 Wall St. in Amsterdam. The property is restricted to tenants earning at or below 80 percent of the area median income (AMI) and with at least one household member age 55 or older.

Funded by the federal Rental Assistance Demonstration (RAD) program, the scope of renovations included asbestos abatement, the modernization of elevators, replacement of fire alarms, installation of new common doors, energy-efficient hot water boilers and LED light fixtures throughout, as well as the replacement of cast iron sanitary lines.

The renovation marks the conclusion of a two-phase, $47.4 million project to preserve 200 units of public seniors housing in Amsterdam. The first phase, Stratton Apartments, was completed in January 2022 by co-developers Amsterdam Housing Authority and 3D Development Group. The property is affordable for households with incomes at or below 80 percent AMI with at least one household member age 62 or older.

— Channing Hamilton