Governor Kathy Hochul. Image Credit: Office of Governor Kathy Hochul.
On April 8, 2024, Governor Kathy Hochul announced $412 million in bonds and subsidies to create and preserve nearly 1,100 affordable homes statewide, including four projects in the Bronx and Brooklyn. The awards are part of the Governor’s five-year $25 billion housing plan to preserve or create 100,000 affordable homes statewide with 10,000 supportive homes.
Of the award, $170.3 million will go to the construction of Innovative Urban Village Phase 1a which will create 385 affordable homes in East New York, Brooklyn. The first phase is part of a comprehensive redevelopment of the Christian Cultural Center’s ten-acre campus. The project is a joint partnership between the Gotham Organization, Urban Living Alternatives, and Monadnock Development LLC. This project will include 94 supportive units for formerly homeless families.
In Brownsville, Brooklyn, $82.8 million will be used for the construction of Marcus Garvey Extension Phase 2. The project will create 178 affordable homes on the site of a currently vacant parking lot on the campus of the Marcus Garvey Apartments. The Osborne Association will provide on-site supportive services for 88 homes. The project developer is L+M Development Partners.
In the Mount Hope section of the Bronx, $54.1 million will be used for the construction of La Olazul, a thirteen-story building with 115 affordable units, including 69 supportive units. The building will have over 11,000 square feet of retail and community space. The project developers are Westhab, Inc. and Vaya Development LLC.
In the Melrose section of the Bronx, $51.8 million will be used for Jericho 158, a two-building development with 129 affordable homes, including 78 supportive homes. The project site will also have 42,000 square feet of community space. The project developers are the Jericho Project and Procida Development Group.
In addition to these projects, $15.2 million will be used to create 78 affordable homes in Geneva, Ontario County and $37.9 million will be used to preserve 212 affordable homes in Kingston, Ulster County. The Ulster County properties will undergo extensive capital improvements and interior renovations.
The financing for the projects is allocated through New York State Homes and Community Renewal’s March 2024 bond issuance of $283 million in tax-exempt housing bonds and $129 million in subsidy.
Governor Hochul stated, “My administration is committed to tackling our state’s housing shortage head on and expanding opportunities in communities big or small. This funding will generate housing opportunities that are affordable, modern, sustainable, and offer the types of services that can improve the lives of more New Yorkers.”
Homes and Community Renewal Commissioner RuthAnne Visnauskas stated, “Today’s $412 million announcement is another significant investment to bring more affordable housing to New York City, the Finger Lakes, and the Hudson Valley. These six developments will deliver nearly 1,100 affordable, secure, and healthy homes, provide supportive services for individuals and families experiencing housing insecurity, and help strengthen the overall community for years to come. Thanks to Governor Hochul’s $25 billion Housing Plan, we will continue to use every resource we have to expand and protect the State’s housing supply so that more New Yorkers can afford to stay here and thrive here.”
By: Veronica Rose (Veronica is the Editor of CityLand and a New York Law School graduate, Class of 2018.)