Part of $200 Million to Build and Preserve Nearly 2,800 Affordable Apartments Across the State

May 10, 2018

Governor Andrew M. Cuomo today announced that $18 million has been awarded to three affordable housing developments in the Capital Region that will create or preserve 167 affordable homes. The funding is part of more than $200 million the state is awarding to build or preserve more than 2,800 affordable apartments across New York’s 10 regions, revitalize communities, and generate $1.1 billion in economic activity.

“This investment is a significant milestone in New York’s $20 billion housing and homelessness plan, and a giant step forward in our efforts to increase access to homes for families, seniors and our most vulnerable men and women across the state,” Governor Cuomo said. “These resources will help the region build affordable, stronger, better neighborhoods for our residents for generations to come.”

The Governor’s commitment to providing all New Yorkers with access to safe, affordable housing is reflected in the state’s unprecedented $20 billion, five-year Housing Plan. The plan makes housing accessible and combats homelessness by building and preserving 112,000 units of affordable housing, and 6,000 units of supportive housing. The plan is a comprehensive approach to statewide housing issues and includes multifamily and single-family housing, community development, and rent stabilization. 

The funds were available through New York State Homes & Community Renewal’s 2017 Unified Funding Application, a streamlined process to apply for Low Income Housing Tax Credits and low-interest loans for affordable, multifamily developments. Projects are funded in every region of the state.

RuthAnne Visnauskas, Commissioner of New York State Homes and Community Renewal said, “Today’s announcement is another concrete example of Governor Cuomo’s commitment to investing in affordable housing that not only provides quality homes to people who need them, but also addresses the crisis of homelessness, makes downtowns come alive with opportunity, and improves quality of life throughout the state. By delivering affordable homes to the Capital Region, we continue to grow the region’s economy.”

The awards announced today for the Capital Region will:

Tackle Homelessness with Supportive Housing in Albany

$2.4 Million for Clinton Avenue Apartments, City of Albany. The development will offer 20 apartments with half for homeless individuals who will receive services and support through Governor Cuomo’s Empire State Supportive Housing Initiative. The 3-story building will be designed to complement the historic character of the Sheridan Hollow neighborhood.  

Modernize Public Housing for Families 

$6.4 Million for Martin Luther King Revitalization Phase 2, Troy. The second phase of this public housing redevelopment includes demolition and moderate rehabilitation of five existing buildings and the new construction of 11 two-story townhouses. The redevelopment will provide 58 homes and the majority will accommodate large families with 3 or more bedrooms. Together, both phases of the project will create a more attractive and sustainable affordable housing community in Troy. 

$9.3 Million for Yates Village Phase I, City of Schenectady. The first phase of the redevelopment of Yates Village will include the substantial rehabilitation of 25 apartments, demolition and new construction of eight buildings totaling 89 apartments, and the new construction of a 12,000-square-foot community service facility to accommodate three nonprofit service providers. The redevelopment of Yates Village builds upon Schenectady’s “Northside Neighborhood Plan” designed to break the physical and social barriers between the development and the surrounding community. 

A full list of funding awarded statewide is available here.

Senator Betty Little, Chair of the Senate Housing, Construction and Community Development Committee said, “These affordable housing awards, made in diverse geographic regions throughout our state, represent a public and private commitment beyond bricks and mortar. It is a commitment to fostering personal well-being and economic opportunity. By creating and preserving affordable housing, we also invest in the villages, towns and cities that make up our state. I commend the Governor, NYS Homes and Community Renewal and my colleagues in the Legislature for their commitment to funding affordable housing in our State budget.”

Assemblyman Steven Cymbrowitz, Chair of the Assembly Housing Committee said, “All New Yorkers, regardless of income, should have access to housing that is safe, affordable and comfortable. The awards announced today will bring high-quality homes with access to jobs, health care, green spaces, and transit to every region of the state.”