Funding Through the Small Rental Development Initiative Will Support 52 Affordable Rental Apartments in Rochester, Syracuse, Binghamton, and Essex County
Part of Governor Hochul's $25 Billion Comprehensive Housing Plan That Will Create or Preserve 100,000 Affordable Homes Across New York
Governor Kathy Hochul today announced $6.7 million in funding has been awarded to create and preserve 52 affordable rental apartments across five separate developments in Syracuse, Rochester, Binghamton, and the town of Wilmington in Essex County. The awards are provided through New York State Homes and Community Renewal’s Small Rental Development Initiative (SRDI), which supports the creation and preservation of multifamily rental developments with five to 20 apartments.
“As we work to boost the supply of affordable housing across our state, investing in small rental buildings is an important part of our efforts,” Governor Hochul said. “With the current housing crisis impacting our communities, my administration is committed to using every tool we have to provide the quality, affordable housing that New Yorkers deserve.”
The SRDI funds were awarded to not-for-profit organizations that own, develop, and manage small rental development housing. The awards will leverage an additional $6.1 million in private and public investment, allowing projects to move forward and address the continued need for housing in communities across New York. Apartments funded through SRDI will be affordable to households at or below 80 percent of the municipality’s Area Median Income.
The awards announced today are part of Governor Hochul's $25 billion comprehensive Housing Plan that will create or preserve 100,000 affordable homes across New York, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.
$3 million for 18 Apartments in Syracuse
- $2 million to preserve and rehabilitate 13 homes at Ashley Arms Apartments on South Salinas Street, including the installation of a new roof and additional energy efficiency measures. All apartments will be affordable to households earning 50 percent or less of the AMI.
- $1 million for the new construction of five homes in a mixed-use, multifamily building at 101 Oak Street in the city’s Northeast neighborhood. The development will feature one- and two-bedroom apartments, which will be affordable to households earning 80 percent or less of the AMI, as well as ground floor commercial space.
$1.6 million for 16 Apartments in Rochester
- $1.6 million for the preservation and rehabilitation of 16 workforce apartments in Brooks Village Apartments at 750 Genesee Street. Extensive efficiency measures are anticipated to yield a 20 percent reduction in energy use. All apartments will be affordable to households earning 50 percent or less of the AMI.
$784,000 for 12 Apartments in Binghamton
- $784,000 for the new construction of 12 homes in two six-unit buildings on Munsell Street. All apartments will be affordable to households earning 80 percent or less of the AMI.
$1.3 million for 6 Apartments in the town of Wilmington
- $1.3 million for the new construction of six homes in three duplexes on Route 86 in Essex County. The units will serve households at or below 80 percent of the AMI.
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “The ongoing housing crisis is having a profound impact in every community and flexible solutions must be found to provide more opportunities for individuals, families, and seniors. These awards through the Small Rental Development Initiative will create or preserve 52 affordable homes in small multifamily buildings for which funding opportunities otherwise would not have been feasible. The nearly $7 million announced today is the latest example of Governor Hochul’s commitment to expanding housing supply in all parts of the state.”
The New York State Small Rental Development Initiative provides funding for not-for-profit housing organizations to preserve and create high-quality multi-family projects of 5-20 units that are affordable to households at or below 80 percent of their community’s Area Median Income. Applicants may request between $500,000 and $2,000,000 in SRDI direct resources for new construction or rehabilitation of projects that would otherwise be unfeasible.