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Nearly 500 affordable apartments are set to be created or rehabilitated in the Capital Region and Hudson Valley, Gov. Kathy Hochul’s office announced Thursday, June 26.
The funding, allocated through New York State Homes and Community Renewal, will support construction or preservation efforts in Albany, Yonkers, Mount Vernon, and Poughkeepsie, advancing Hochul’s five-year, $25 billion Housing Plan to build or preserve 100,000 affordable homes.
Capital Region
In Albany, a $72 million investment will fund the construction of Northgate Landing, a two-building, 185-unit affordable housing development in the Bishop’s Gate neighborhood. The new community will include a fitness center, shared space for residents, and access to nearby health care, retail, and services. The project is being developed by Conifer.
Hudson Valley
In Yonkers, a $43 million development will bring 345 McLean Avenue to life— a 12-story building offering 105 affordable apartments for seniors, including 31 units with supportive services for older adults experiencing or at risk of homelessness. Verus Development is leading the project.
In Mount Vernon, a $107 million investment will support the construction of 345 Q-West Towers, which will include a 15-story building with 115 units and a 12-story building with 114 units, both incorporating ground-floor commercial space. The project is being developed by Simone Development Companies.
In Poughkeepsie, $36 million has been allocated to rehabilitate the Rip Van Winkle Apartments, an 18-story building with 179 affordable units. The renovation project, led by Related Affordable, is part of the state’s Clean Energy Initiative and will fully electrify the property.
The 15 awarded projects statewide will collectively deliver nearly 3,000 affordable, energy-efficient, and sustainable apartments, while generating over $1.5 billion in total investment when combined with private funding sources, Hochul’s office said.
“Solving New York’s housing crunch and cutting costs for families hinges on increasing home availability statewide,” Hochul said. “Through these investments, we’re helping produce more affordable, modern, supportive, sustainable housing. This is going to help push costs down, keep our state strong and provide housing opportunities to thousands of New Yorkers.”
To date, the state has created or preserved more than 60,000 affordable homes.
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