New York Earmarks $406M for Affordable Projects

These new developments will be located in New York City and two suburban counties.

Governor Kathy Hochul at the opening ceremony of The New Amsterdam Apartments. Image courtesy of the Office of the Governor of the State of New York

Governor Kathy Hochul at the opening ceremony of The New Amsterdam Apartments. Image courtesy of the Office of the Governor of the State of New York

During the ribbon-cutting ceremony celebrating the completed renovations at New Amsterdam Apartments, a 116-unit affordable senior housing community in Amsterdam, N.Y., Governor Kathy Hochul announced that financing totaling $406 million was awarded through bonds and subsidies to create approximately 800 affordable and sustainable homes in five transit-oriented developments. New York State Homes and Community Renewal will provide the funding.

In the Agency’s June 2023 bond issuance, the five projects received $286 million in tax-exempt housing bonds and $120 million in subsidies.

The funding for the projects was divided as follows:

  • $113.3 million for 2435 Pacific St. in Brooklyn, a $171 million development totaling 236 affordable apartments and 7,000 square feet commercial space.
  • $70.2 million for St. Anselm Apartments in the Bronx, an $89 million development totaling 126 apartments.
  • $78.6 million for Matinecock Court in Suffolk County, a $99 million development totaling 145 limited equity cooperatives and one superintendent’s unit.
  • $102.5 million for Wyandanch Building L in Suffolk County, a $135 million development totaling 218 units.
  • $41.3 million for The St. Clair in downtown Yonkers in Westchester County, a $60 million development with 76 affordable units and 2,000 square feet of commercial space.

Designed to meet the sustainability standards established by HCR in 2022, the five developments will also provide free broadband services to residents.

As part the FY 2023 Budget, Hochul also secured funding for a five-year, $25 billion Housing Plan for the creation and preservation of 100,000 affordable homes in urban and rural areas across New York.

The New Amsterdam Apartments

As part of a $47.4 million project created for the preservation of nearly 200 units of public senior housing, the completion of renovations at the New Amsterdam Apartments marks the conclusion of the second phase. The age-restricted and affordable housing community serves residents earning incomes at or below 80 percent of the area median income.

The common-area amenities include a community room, a computer room, recreational spaces, laundry facilities and parking spaces. The renovations of the 12-story building included asbestos abatement, new elevators, new fire alarms, the replacement of cast iron sanitary lines and the addition of energy-efficient hot water boilers and LED light fixtures. The units now feature Energy-Star rated appliances and fixtures. The renovations were completed through the federal Rental Assistance Demonstration program.

The community is located at 26 Wall St. near downtown Amsterdam, within walking distance of several dining options, retail centers and entertainment venues.

Completed in early 2022, the first phase of the project comprises 75 affordable units. Located at 95 Division St., Stratton Apartments is designated for residents earning less than 60 percent of the AMI.

The state financing for the two-phase projects included:

  • $9.3 million in permanent tax-exempt bonds
  • $15.9 million generated by Federal Low-Income Housing Tax Credits in equity and $15.6 million in subsidy from New York State Homes and Community Renewal
  • $55,300 for Stratton Apartments and $81,200 for New Amsterdam Apartments in committed funding support from the New York State Energy Research and Development Authority.

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