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According to Governor Andrew Cuomo's office, work on the $51 million dollar development in downtown Peekskill at 645 Main Street began on Wednesday, Sept. 9.
The project is a part of his five-year, $20 million dollar affordable housing plan, which began in 2016 and is carried out by New York State Homes and Community Renewal.
"Every New Yorker deserves a safe, decent and affordable place to call home," Cuomo said. "This new, energy-efficient development builds upon our continued strategic investments in downtowns throughout the state and will provide more than 80 brand-new, affordable apartments for families and the community."
The apartments will be available for families earning between 40 and 80 percent of the area median income, which is $89,968. The new affordable housing will help the city meet its Downtorn Revitalization Initiative goal of providing more monetarily-varied housing choices.
Upon completion, the building will consist of 18 single-bedroom apartments, 50 two-bedroom apartments and 14 three-bedroom apartments.
Amenities will include an on-site management office, a community room with a kitchen, a gym, a laundry room and a landscaped courtyard.
Each apartment will have energy-efficient Energy Star appliances and individual heating and cooling systems.
Building tenants will reap the benefits of permanent tax-exempt climate bonds, which are included in the building's $21.9 million construction costs.
Another $12.1 million in low-income housing tax credits and $12.3 million in subsidies was provided by the state's Homes and Community Renewal.
Since 2011, HCR has invested over $1 billion in 130 housing developments throughout the Mid-Hudson region; of this amount, $800 million has been funnelled into Westchester County.
In total, 13,000 affordable homes have been preserved or created, with 7,500 within the county.
Built on repurposed urban land, the development will receive nearly $6 million in Brownfield Cleanup Program Syndication Proceeds from the New York State Department of Environmental Conservation and over $270,000 via the state's Energy Research and Development Authority's Low-Rise Residential New Construction program.
From the county, the project received $5.7 million from the Westchester County Housing Implementation Fund and $2.3 million from the Westchester County New Homes Land Acquisition Fund.
"There are few things more impactful and important to the future health of a city than truly affordable housing," said Peekskill Mayor Andre Raine. "Still, 645 Main Street is more than a valuable new asset for Peekskill, it contributes to furthering our collaborative, visionary Downtown Revitalization Initiative Plan and secures our legacy as a community that cares and provides for the needs of all of our hardworking residents.
"Thank you to Gov. Cuomo and our many partners on this exciting new development."
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