Governor Cuomo Announces $141.3 Million to Build and Preserve Affordable Housing Across the State

Albany, NY – May 12, 2015 – (RealEstateRama) — Governor Andrew M. Cuomo today announced more than $141 million in awards for affordable housing developments across the state. The low-interest loans, grants and tax credits will build or preserve 2,160 affordable apartments and are expected to leverage more than $469 million in grants, loans, and private resources.

“Providing greater access to safe and affordable housing is a top priority of our administration and with this investment, we are helping more New Yorkers find a place to call home,” Governor Cuomo said. “This is not only an investment in affordable housing projects, but a critical step towards developing safer communities, stronger local economies and brighter futures for all New Yorkers.”

Funds announced today were available through New York State Homes & Community Renewal (HCR)’s Unified Funding Application, a single-source process to access a variety of resources for affordable, multifamily development. The funds are part of the Governor’s unprecedented commitment to affordable housing and community revitalization, which includes the $1 billion House NY program, the state’s largest affordable housing investment in nearly two decades. House NY is making progress creating and preserving more than 14,300 affordable homes over five years. In total, HCR is making awards to 38 projects. There are projects in each of the state’s ten economic development regions.

Commissioner/CEO of New York State Homes & Community Renewal Darryl C. Towns said, “Under Governor Cuomo’s leadership, every region in New York State is seeing the positive impact of creating and preserving affordable housing. By removing blight, preserving history, breathing new life into communities, and providing quality affordable homes—our investments will improve the lives of people across New York.”

Congressman Charles B. Rangel said, “I applaud Governor Cuomo for providing vital funds to restore Harlem’s iconic Loews Victoria Theater which first opened in 1917. This revitalization project will provide much needed housing and new opportunities in our district. Investments like these will continue to help strengthen our communities throughout New York State. Affordable housing has always been my priority, and I am very pleased to see significant progress being made for our constituents.”

Congressman José E. Serrano said, “Access to affordable housing remains a problem for far too many people in New York and the rest of the country. Thanks to Governor Cuomo’s efforts, more New York City and Bronx families will have access to reasonably priced housing options and feel the security of having a roof over their heads and a stable place to live. This funding is an important investment in our families’ well-being and in our communities’ economic stability,” said Congressman José E. Serrano.

Congresswoman Carolyn B. Maloney said, “Governor Cuomo has made an unprecedented effort to improve the availability of affordable housing throughout New York,” said Congresswoman Carolyn B. Maloney (D-NY). “Today’s announcement of funding to build or preserve more than 2,000 additional units builds on that record. I am continuing to fight for more federal resources so that more awards like this can be made”.

Congresswoman Nydia M. Velázquez said, “A tight housing market remains an ongoing challenge for New York’s working families. Investing these resources will preserve and expand the availability of affordable housing and I’m happy to see this funding brought to bear to help address this problem.

Congressman Brian Higgins said, “Providing affordable housing opportunities is critical for rebuilding and strengthening neighborhoods and communities,” said Congressman Brian Higgins. “The over $16 million in funds for Western New York will leverage additional public and private resources for projects such as the Parkview Apartments on Buffalo’s East Side and go a long way towards ensuring Western New Yorkers will have the fair, affordable housing they deserve.”

Congressman Paul Tonko said, “This additional support will help to energize communities throughout the Capital Region. Reinvesting and revitalizing these areas will make housing more affordable to those most in need, while creating a vibrancy that will strengthen local economies. I commend Governor Cuomo’s commitment to bringing more affordable housing to every region of New York.”

Congressman Richard Hanna said, “I am pleased to see the federal and state governments working together to ensure our residents in the Mohawk Valley and Southern Tier have access to safe, reliable housing options and that our seniors are able to retire with dignity with affordable housing possibilities,” U.S. Rep. Richard Hanna said.

Congressman Hakeem Jeffries said, “Affordable housing is one of the eminent civil rights issues of our time. This package of $141 million in awards for affordable housing developments, including a $1.5 million grant for Housing Works in the Eighth Congressional District, is a strong first step in the right direction toward protecting affordable housing options for all New Yorkers. Governor Cuomo and my colleagues in the New York Congressional delegation should all be commended for their steadfast commitment to protecting affordable housing opportunities for all.”

Congressman Sean Patrick Maloney said, “By working together at the federal, state, and local level and teaming up with hometown businesses, we can make our communities stronger by investing in our friends and neighbors here in the Hudson Valley.

Congressman John Katko said, “This funding will provide affordable housing for individuals and families in our community while preserving a historic Central New York building. I commend Governor Cuomo for his efforts in fostering public-private partnerships to provide more accessible housing opportunities across New York State.”

Congresswoman Elise Stefanik, said “Access to affordable housing is critical to helping hard working North Country families achieve a decent standard of living and helps strengthen our local economies as well,” said Congresswoman Stefanik. “These grants will go a long way to help St. Lawrence and Franklin County families and I commend Governor Cuomo for making this a priority.”

In this funding round, applicants competed for low-interest loans through the Low-Income Housing Trust Fund Program, Federal and State Low-Income Housing Tax Credits, the HOME Capital Program, the Urban and Rural Community Investment Fund, Community Development Block Grant Program Disaster Relief Program, Mitchell Lama Affordable Housing Program, and the Medicaid Redesign Team Program.

HCR awards made by region include:

Highlights include:

Capital Region
$5.525 million for Ida Yarbrough Homes Redevelopment, City of Albany

Pearl Overlook Corporation/Albany Housing Authority was awarded $5.525 million for phase one in the redevelopment of the outdated, obsolete Ida Yarbrough Homes community in downtown Albany. The award will create 61 new townhomes and garden apartments in eleven buildings for families, grandparents raising their grandchildren, and families with members who have mobility, vision, and/or hearing impairments.

Central New York
$2.764 million for Harbor Street Lofts, City of Syracuse

Bentham Foundation was awarded $2.764 million for the 40-unit mixed-income Harbor Street Lofts in the City of Syracuse. The project involves the adaptive reuse of the 1918 Edco Sales Building, which is listed on the National Register of Historic Places. The project will provide 35 affordable apartments and five market rate apartment, and is Priority Project of the Governor’s Central New York Regional Economic Development Council.

Finger Lakes
$10.185 million for The Sibley Building Phase I, City of Rochester

Sibley Redevelopment Phase I, LLC. was awarded $10.185 million for the first phase in the multi-phase redevelopment of the historic Sibley Building in downtown Rochester, the location of Rochester’s first department store and an iconic piece of the city’s past. Phase One includes 72 units of mixed-income senior housing, elevators, a gym, game room, lounge, access to services and transportation, and more.

Long Island
$5.489 million for Peconic Crossing, Town of Riverhead

Peconic Crossing, LLC. was awarded $5.489 million for the new construction of 48 mixed-income development in downtown Riverhead. Preference will be given to residents displaced by Superstorm Sandy, which heavily damaged much of downtown Riverhead. The building is designed to be resilient to future storms.

Mid Hudson
$4.676 million for the Mews at Hopewell Junction, Town of East Fishkill

The Kearney Realty & Development Group was awarded $4.676 million for the new construction of six two-story buildings in the heart of Hopewell Junction with a total of 89 affordable apartments, including 23 for people with intellectual or developmental disabilities. The project is a collaboration between HCR, the New York State Office for People with Developmental Disabilities, and Dutchess County. Support services will be provided by Abilities First, Inc.

Mohawk Valley
$6.854 million for Oneonta Heights, City of Oneonta

Housing Visions Consultants, Inc. was awarded $6.854 million for the new construction of six buildings and the rehabilitation of one building to create 60 affordable units throughout downtown Oneonta for families and seniors. The project is designed to create affordable housing opportunities within easy access to retail, medical services, and jobs, while eliminating blight and addressing vacant buildings.

New York City
$1.316 million for The Victoria Theater, Harlem

233 West 125^th Street Danforth, LLC was awarded $1.316 million to redevelop the historic Loews Victoria Theater in Harlem into a mixed-use cultural, residential, hotel, and retail development. The project will create a 27-story mixed-use, mixed-income development with 65 units affordable for low-income families and individuals.

North Country
$9.569 million for Indian Trails Apartments, Village of Malone

Indian Trails Apartments, LLC. was awarded $9.569 million for the renovation of the largest affordable housing development in the North Country, a Mitchell-Lama development that consists of 26 buildings and 128 apartments. The property is part of a portfolio of loans that HCR acquired from Empire State Development under the Governor’s House NY program. The award will allow critical repairs to be made, prevent 243 residents from being displaced, and preserve affordability for 50years.

Southern Tier
$4.739 million for Lamphear Court Apartments, City of Corning

Arbor Development was awarded $4.739 million for the new construction of a three-story building with 60 affordable apartments, including 22 units and access to support services for people with psychiatric disabilities. The project is part of the Governor’s Medicaid Redesign Team Supportive Housing initiative.

Western New York
$489,070 for Parkview Apartments, City of Buffalo

Parkview Apartment of Buffalo, LLC. was awarded $489,070 for the adaptive reuse of the historic Public School 59 into a 26-unit affordable housing development. The four-story building, which was built in 1901, will include a community room, laundry, and playground. It is across from the Martin Luther King, Jr. Park, and in close proximity to retail, services, and the Buffalo Science Museum. The state investment will leverage additional financing from the City of Buffalo and Federal and State Historic Tax Credits.

A list of the regional subtotals can be found here.

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