New York State Homes and Community Renewal Announces Nearly $1 ...

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas today announced nearly $1 billion in housing bonds and subsidies have been awarded for twelve housing developments that will create or preserve 2,754 affordable, supportive, sustainable and modern apartments. The awards are part of the Governor’s $25 billion five-year Housing Plan which is on track to create or preserve 100,000 affordable homes statewide. 

“These investments represent another major step forward in our mission to expand housing opportunities in every corner of the state and make New York more affordable.” Governor Hochul said. “By leveraging nearly $1 billion in public financing alongside private resources, we are creating and preserving more than 2,700 high-quality, supportive, sustainable, and energy-efficient homes while strengthening communities across New York City, the Mid-Hudson, North Country, and Western New York. This funding advances our $25 billion Housing Plan and brings us closer to ensuring that every New Yorker has access to a safe, stable, and affordable place to call home.”

Financing is allocated through New York State Homes and Community Renewal’s recent bond issuances which provided $526 million in housing bonds and $471 million in subsidies. All projects achieve high levels of sustainability that help improve building efficiency, create healthier living environments, and reduce costs for residents. When coupled with additional private funding and resources, the projects receiving funding are expected to generate nearly $1.6 billion in overall investment. 

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “These twelve developments and the more than 2,700 affordable apartments they will create or preserve reflect our commitment to building and preserving affordable, supportive, sustainable, and modern housing that meets the needs of New Yorkers. Our investments in these projects are putting nearly $1 billion to work advancing Governor Hochul’s vision for a more affordable New York and driving meaningful progress under our five-year Housing Plan.”

The awarded projects are: 

New York City

$42.2 million for Columba Kavanagh in Manhattan - Preservation of six buildings featuring 258 affordable and supportive apartments for residents earning at or below 60 percent of the Area Median Income. Developed by Sisters of Charity Housing Development Corporation. 

$21.6 million for The Narragansett in Manhattan – Rehabilitation of a 12-story building with 104 apartments affordable to households earning at or below 60 percent of the Area Median Income. The development includes 78 apartments with supportive services for vulnerable New Yorkers. Developed by Housing and Services, Inc. 

$63.9 million for Chelsea Beacon in Manhattan – Adaptive reuse of a former correctional facility and seamen’s house into a mixed-use development containing 131 affordable apartments for residents earning at or below 80 percent of the Area Median Income. The development includes 79 apartments with supportive services for vulnerable New Yorkers. Developed by Bayview Reentry Owner LLC, a joint venture between Camber Property Group LLC and The Osborne Association, Inc. 

$59.7 million for Silver Beach in Queens – New construction of a 9-story building featuring 138 affordable apartments for residents earning at or below 60 percent of the Area Median Income. The development includes 82 apartments with supportive services for older New Yorkers experiencing homelessness. Developed by Foxy Development and Five Points, LLC.

$147.2 million for St. Joseph Apartments in the Bronx – New construction of an 8-story building featuring 251 affordable apartments for residents earning at or below 70 percent of the Area Median Income. The development includes 125 apartments with supportive services for vulnerable New Yorkers. Developed by Catholic Homes New York and its affiliate New York Institute for Human Development, Inc.

$124 million for Vital Brooklyn Alafia Phase 3 in Brooklyn – New construction of two 6-story buildings featuring 273 affordable apartments for residents earning at or below 70 percent of the Area Median Income. The development is part of Vital Brooklyn, New York State’s comprehensive community development initiative that addresses chronic social, economic, and health disparities in Central Brooklyn. Developed by Apex Real Estate Development, LLC.

$193.6 million for Vital Brooklyn Kingsbrook Estates in Brooklyn – Demolition of four former hospital buildings and new construction of a 14-story building featuring 402 affordable apartments for residents earning at or below 70 percent of the Area Median Income, including 142 apartments with supportive services for older New Yorkers and veterans. The development is part of Vital Brooklyn, New York State’s comprehensive community development initiative that addresses chronic social, economic, and health disparities in Central Brooklyn. Developed by Monadnock Development and CB Emmanuel Realty.

Mid-Hudson

$12.6 million for Palisade Towers in Yonkers, Westchester County – Renovation to fully electrify eight buildings owned and operated by the Municipal Housing Authority of the City of Yonkers that features 415 apartments affordable to households earning at or below 60 percent of the Area Median Income. Developed by L+M Development Partners, Duvernay + Brooks LLC, and the Mulford Corporation, a subsidiary of the Municipal Housing Authority of the City of Yonkers. 

$82.6 million for Kingston Housing Authority Redevelopment Phase 2 in Kingston, Ulster County – Preservation of 158 affordable apartments and new construction of 80 affordable apartments owned and operated by the Kingston Housing Authority at three existing developments, all apartments are affordable to residents earning at or below 100 percent of the Area Median Income. The development includes 30 apartments with supportive services for frail elderly residents. Developed by Kingston Housing Authority and Mountco Construction and Development Corp.

North Country

$59.5 million for Evergreen Apartments in Potsdam, St. Lawrence County – Rehabilitation of twelve 12-story buildings featuring 100 affordable apartments and new construction of four 2-story buildings featuring 88 affordable apartments, all owned and operated by the Village of Potsdam Housing Authority. All apartments will be affordable to residents earning at or below 80 percent of the Area Median Income. Developed by the Village of Potsdam Housing Authority and Rockabill Development LLC. 

Finger Lakes

$38 million for First Genesis Senior Living in Rochester, Monroe County – New construction of a three-building development for older New Yorkers that creates 105 apartments affordable to households earning at or below 60 percent of the Area Median Income. Includes 37 apartments with supportive services for disabled veterans and vulnerable New Yorkers. Developed by Rochester Management, Inc. and the First Genesis Baptist Church.

Western New York

$152.9 million for North Aud Block in Buffalo, Erie County – New construction of a three-building development featuring 187 apartments affordable to households earning at or below 80 percent of the Area Median Income and 64 market-rate apartments. Developed by Pennrose NY LLC. 

Assemblymember Linda B. Rosenthal said, "The nearly $1 billion in housing bonds and subsidies being awarded to housing developments across the state is exactly the type of investment we need to stabilize and maintain our affordable housing stock around the state. If we do not put adequate resources toward preserving and expanding our affordable housing stock, these homes will continue to deteriorate and it will become more difficult to find a safe and affordable place to live in our state. I thank Governor Hochul and Commissioner Visnauskas for their work to expand housing in every corner of the state, and I look forward to our continued partnership to ensure that affordable housing is accessible to every New Yorker."

State Senator James Sanders Jr. said, “I commend Governor Hochul for this major investment in affordable and supportive housing across New York State. These projects will change lives, strengthen communities, and help ensure that every New Yorker has access to a safe, stable, and modern home. I am especially proud that $59.7 million is being directed to the Silver Beach development right here in District 10, bringing 138 new affordable apartments and critical supportive services for older New Yorkers experiencing homelessness. This is exactly the kind of thoughtful, community‑centered development our district needs — housing that is sustainable, dignified, and built for the future. I look forward to continuing to work with the Governor and Homes and Community Renewal to make sure District 10 receives the investments our families deserve.”

State Senator Roxanne J. Persaud said, "Access to safe, affordable housing is fundamental to building stronger, healthier communities. I applaud Governor Kathy Hochul and New York State Homes and Community Renewal for investing in additional housing units, including Vital Brooklyn Alafia Phase 3 in Senate District 19, and Vital Brooklyn Kingsbrook Estates.  These units will expand affordable housing opportunities while providing critical supportive services for older adults, veterans, and working families.  I am looking forward to the completion of these projects that will strengthen our communities and improve the quality of life for New Yorkers."

State Senator Michelle Hinchey said, “Every senior and family across the Hudson Valley deserves a safe and affordable place to call home. I’m proud to have championed state funding to create new affordable housing and modernize existing apartments in the City of Kingston, so more of our neighbors can stay in the community they love. I thank Governor Hochul for recognizing the need for this housing investment, and the Kingston Housing Authority and Mountco Construction and Development for bringing these projects forward.”

State Senator Samra Brouk said, “At a time when access to adequate housing is a challenge for many New Yorkers, I am glad to partner with a Governor who is taking action to address this crisis with a $38 million investment for First Genesis Senior Living in Rochester. With supportive services for disabled veterans and vulnerable residents, First Genesis Senior Living offers affordable apartments that help uplift our community members in need.”

Senator April N.M. Baskin said, “The North Aud Block development is an important step toward expanding affordable housing in downtown Buffalo, and this year’s State Budget builds on that momentum with $70 million I fought to secure for programs that will help communities build new homes on vacant lots and bring vacant apartments back into service as affordable housing. I thank Governor Hochul for her continued commitment to expanding affordable housing and helping more New Yorkers find a safe, stable place to call home.”

Assemblymember Monique Chandler-Waterman said, “For far too long, Central Brooklyn families have faced rising housing costs, displacement pressures, and limited access to truly affordable housing. Today’s announcement marks another significant step forward in fulfilling the promise of the Vital Brooklyn initiative and building on the momentum of recent investments in our community. These new developments at Kingsbrook Estates reflect our shared commitment to ensuring that Central Brooklyn families, older adults, veterans, and residents living with disabilities have access to safe, affordable, and supportive housing. My office has remained steadfast in advocating for housing that not only provides a place to live, but also creates opportunity through community investment and local hiring. I thank Governor Hochul for her continued partnership and leadership in advancing equitable development across Brooklyn. Together, we are transforming underutilized spaces into thriving community assets and creating stronger, healthier, and more resilient neighborhoods for generations to come.”

Assemblymember Scott Gray said, “The Evergreen Apartments project will deliver 88 new affordable homes for St. Lawrence County families at a time when housing affordability has never been more critical. I thank Governor Hochul for her continued attention and priority to funding housing in the North Country. Investments like this strengthen our communities and help ensure our residents can afford to live and work right here at home.”

Assemblymember Tony Simone said, "We are in a housing crisis at every level and New York State is taking action. I'm proud to see Governor Hochul lead our state in recognizing the critical need to increase the supply of housing by utilizing state resources in some of the hardest to build neighborhoods. Chelsea Beacon will provide not just new homes and supportive services, but also needed units to tackle the mental health crisis, moving the west side forward. Statewide, Governor Hochul's "Let Them Build" agenda is exactly what we need. I was proud to support reforms to New York’s Environmental Quality Review Act in this year's budget and will continue to support common sense changes to cut red tape and bureaucracy that is blocking affordability for millions of New Yorkers." 

Assemblymember Micah Lasher said, “The Narragansett provides permanent, supportive housing for New Yorkers on the Upper West Side, and this $21.6 million investment ensures it can continue that mission by rehabilitating homes for the 104 families and individuals who live there. I am grateful to Governor Hochul and Housing and Services, Inc. for their continued commitment to preserving affordable, supportive housing in the 69th Assembly District and across the city.”

Governor Hochul’s Housing Agenda

Governor Hochul is dedicated to addressing New York’s housing crisis and making the State more affordable and livable for all New Yorkers. Since FY23, the Governor has worked to increase housing supply to make housing more affordable by launching a $25 billion five-year comprehensive Housing Plan, enacted the most significant housing deal in decades and implemented new protections for renters and homeowners. Under Governor Hochul’s leadership, HCR has created new programs that jumpstart development of affordable and mixed-income homes — for both renters and homebuyers. These include the Pro-Housing Community Program, which allows certified localities exclusive access to up to $750 million in discretionary State funding. More than 420 communities throughout the state have been certified Pro-Housing.

Governor Hochul’s “Let Them Build” agenda will speed up housing and infrastructure development while lowering costs through a series of landmark reforms. Common-sense changes to New York’s Environmental Quality Review Act (SEQRA) in the FY 2027 Enacted Budget as well as executive actions will expedite critical categories of projects that have been consistently found to not have significant environmental impacts, but for too long have been caught up in red tape and subject to lengthy delays.

The enacted FY27 Budget completes the Governor’s current five-year Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations plus the electrification of an additional 50,000 homes. More than 81,000 affordable homes have been created or preserved to date. The Budget also invests $250 million in capital funding to accelerate the construction of thousands of new affordable homes. The enacted FY27 budget also further reinforces critical protections for tenants and homeowners.