Part of $175 Million Investment to Provide 2,185 Affordable Homes Across the State
Governor Andrew M. Cuomo today announced that $15.2 million has been awarded to four affordable housing developments in the Capital Region that will create or preserve 218 affordable homes. The funding is part of $175.4 million the state is awarding to build or preserve more than 2,185 affordable apartments and revitalize communities across New York's 10 regions.
"These critical investments will strengthen communities in every corner of the state by creating and preserving affordable homes for families, veterans, seniors and some of our most vulnerable neighbors," Governor Cuomo said. "By strategically revitalizing neighborhoods throughout New York, we can breathe new life into these communities, making them more vibrant places to live for generations to come."
"This significant funding is part of our efforts to add and retain affordable housing across the state," said Lieutenant Governor Kathy Hochul. "We want to make sure that all New Yorkers have access to affordable, quality apartments while contributing to the revitalization of communities. The investment is part of our $20 billion housing plan to add affordable and supportive housing in neighborhoods to combat homelessness and enhance quality of life."
The Governor's commitment to providing all New Yorkers with access to safe, affordable housing is reflected in the State's unprecedented $20 billion, five-year Housing Plan. The plan makes housing accessible and combats homelessness by building and preserving 100,000 units of affordable housing, and 6,000 units of supportive housing.
The funds were made available through New York State Homes & Community Renewal's 2018 Unified Funding Application, a streamlined process to apply for Low-Income Housing Tax Credits and low-interest loans for affordable, multifamily developments. Projects are funded in every region of the state.
Awards in the Capital Region achieve the State's housing goal of mixed-income/mixed-use revitalization in the city of Schenectady, preserve affordable senior housing in the Village of Ravena, and expand mixed-income housing opportunities in the cities of Saratoga Springs and Glens Falls. Awards announced today include:
- $4.5 million for Broad Street Commons in the City of Glens Falls, creating 72 units of affordable housing for a variety of income levels, housing with support services, and commercial space.
- $3.9 million for Promenade Apartments in the City of Saratoga Springs, creating 63 units of mixed-income housing.
- $2.4 million for Civill Senior Housing Revitalization in the Village of Ravena (Town of Coeymans), preserving 28 affordable homes for low-income elderly residents close to the village's commercial corridor.
- $4.3 million for Renaissance Square in the City of Schenectady to create 55 affordable homes. The project includes preserving the former St. Mary's School to create 25 affordable apartments, along with the demolition of three existing blighted structures to make room for 30 units and two commercial spaces.
A full list of funding awarded statewide is available here.
RuthAnne Visnauskas, Commissioner of New York State Homes and Community Renewal said, "The investments announced today are part of $175 million awarded across the State that builds on the momentum and unprecedented resources that Governor Cuomo has committed to improving New York's communities since 2011. Under Governor Cuomo's leadership, we are doing more than ever to increase access to affordable and supportive housing, reduce homelessness, revitalize neighborhoods and strengthen local economies."
Senator Brian Kavanagh, Chair of the Senate Housing Committee said, "We need to make sure New Yorkers across the state have access to good, safe and affordable housing, and today's Unified Funding awards announcement marks an important step toward revitalizing our communities. This funding will help create and preserve affordable housing, and keep people in the neighborhoods they call home."
Senator George Amedore said, "Updating and preserving affordable housing is so important, particularly for lower income seniors who can't afford to make these improvements on their own. These grants will help make necessary upgrades that are critical to help keep seniors in their homes - I'm glad to see this investment being made in the Village of Ravena."
Senator Daphne Jordan said, "The state's $3.9 million investment for the Promenade Apartments in the City of Saratoga Springs will help create 63 units of mixed-income housing, providing additional affordable housing for the community. I appreciate the administration's ongoing commitment to making affordable housing a priority for even more New Yorkers."
Senator Betty Little said, "For many individuals and families, access to affordable housing is an essential cornerstone in their ability to build better lives. For several years, as the chair of the Senate's housing committee, I was pleased to work on this issue not only for the North Country but communities across New York State. Today, I am very pleased to join Governor Andrew Cuomo in making this wonderful announcement of funding for the Broad Street Commons workforce housing and retail project in Glens Falls knowing just how impactful this state investment will be."
Senator Jim Tedisco said, "This new grant will add to the revitalization of Schenectady and provide an opportunity for more people to find a place to call home. Thanks to the Governor for approving this grant."
Assembly Member Steven Cymbrowitz, Chair of the Assembly Housing Committee said, "This initiative moves forward our continued commitment to create and preserve affordable and supportive housing stock for all New Yorkers, especially our most vulnerable. I'm pleased that this project will provide seniors, young adults and other New Yorkers with the ability to remain vital and engaged members of our communities."
Assembly Member Dan Stec said, "From my time in both local and state government, I can attest to how important affordable housing is and how real the need is in our communities. I am very pleased to see this project coming to fruition in Glens Falls."
Assembly Member Chris Tague said, "I am always pleased to see funding go toward improving the quality of life in my district. Ensuring folks have access to affordable housing where they can grow and raise a family is a laudable goal. Ravena is a beautiful area and providing support to our friends in their golden years there is a wonderful idea."