$252 million approved for affordable housing in New York State

A total of $252.7 million in affordable housing financing, grants and mortgage insurance commitments was approved on 15 June by the boards of the New York State Housing Finance Agency, the State of New York Mortgage Agency, and the Affordable Housing Corporation. The funds will finance the construction and renovation of 1,583 housing units, including 1,239 units of affordable housing across the state.

Among the approvals were $19.16 million for the new construction and rehabilitation of 742 housing units by the Affordable Housing Corporation, which provides grants to nonprofit organizations to build and renovate housing.

The board of the NYS Housing Finance Agency, which finances creation and preservation of affordable multifamily housing, approved several projects, including $176.4 million for a 394-unit residential rental property at 455 West 37th Street – the first project in New York City’s special Hudson Yards District to receive HFA approval.

The financing includes $136 million in tax-exempt bonds and $32 million in taxable bonds. As a condition of receiving the financing, the developer, Rockrose Development Corporation, will set aside 68 units for households with maximum incomes up to $31,900 per year, and 12 units for households with maximum incomes up to $25,500 per year.


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