Governor Andrew M. Cuomo announced more than $16.5 million has been awarded for the construction of 240 new units of affordable housing across New York State.
In addition to increasing the State’s supply of affordable housing, these four shovel-ready projects are helping rebuild communities affected by natural disasters, create supportive housing for people with special needs, and develop workforce housing close to transportation options. This round of awards will also leverage $47.1 million in investment from other funding sources.
“All New Yorkers should have a safe and decent place to call home, and today we’re taking another step toward making that goal a reality,” Governor Cuomo said. “This funding is jumpstarting affordable housing projects that are shovel-ready and designed to meet the needs of their communities. I am proud that we are helping to build these affordable housing options, because they are making New York an even better place to live and work.”
These four projects utilized New York State Homes and Community Renewal’s (HCR) Unified Funding Application to apply for several funding streams for affordable, multifamily developments.
As part of this process, applicants with shovel-ready projects that supported state housing goals of revitalization and economic development, mixed-income and mixed-use development, workforce housing, and affordable housing preservation received an accelerated application review.
These latest awards come from a pool of $190 million announced by Governor Cuomo earlier this year. In addition to the awards, two projects in Broome and Madison Counties received funding for critical disaster relief developments in October.
The four additional awarded projects announced are:
Marcy Sheridan Apartments | Bronx County: The $23.2 million project will consist of nine stories containing 74 units for low-income households, including 37 individuals living with HIV/AIDS. The project will include a large community room with a kitchen, a laundry room, office space for supportive services, a library/computer room, and a landscaped rear yard. On-site support services for the project residents who are living with HIV/AIDS will be provided by Services for the Underserved. It is located less than one-quarter of a mile from an MTA subway station.
This project will be the first awarded funding under HCR’s new Low-Income Housing Credit Mixed-Income Pilot, one of several HCR initiatives that seek to encourage a mixture of income levels in affordable housing in an effort to de-concentrate poverty. Under this innovative pilot, developers are allowed to tap unutilized federal tax credit authority in exchange for making additional affordable units available to households between 60 and 120 percent of area median income.
HCR funding for this project will be provided through the State- and Federal Low-Income Housing Credit (SLIHC) of $700,000 and (LIHC) of $1,430,000, which will leverage a Chase loan of $3.4 million and a deferred developer fee of $128,000. The project is co-developed by Dunn Development Corp. and NYC Partnership HDFC, Inc.
Wedgepoint Apartments | Monroe County, City of Rochester: Pathstone Development Corporation will build a $15.4 million project involving new construction of 60 rental units with seven units set aside for persons with physical disabilities, in two four-story buildings. The buildings will also include three commercial units on the ground floor.
A total of 48 units will be affordable to families earning 60 percent less than area median income (AMI), and 12 units will serve households earning between 61 and 90 percent of AMI.
HCR funding for this project will be provided through the Low Income Housing Trust Fund (HTF), $3.6 million; HOME, $235,469; Community Investment Fund (CIF), $431,495 and the State and Federal Low-Income Housing Credit Programs. These HCR resources will leverage a Community Preservation Corporation loan of $625,000; City of Rochester HOME funds of $400,000, a sponsor loan of $245,586, and a deferred developer fee of $200,000.
The State- and Federal Low-Income Housing Credit is $250,000 and the Low Income Housing credit is $865,104.
Big Tree Glen | Genesee County, Town of Batavia: This $12.2 million project is being co-developed by Conifer LLC and United Memorial Medical Center to consist of 56 affordable rental units in seven two-story buildings. The project meets the Early Award Housing Opportunity Project goal in that the project will be served by Pembroke School District, one of the highest-performing districts in Western New York. The Town of Batavia supports the project, as evidenced by the approval of a Special Use Permit, approval of the preliminary site plans, and the issuance of a negative SEQRA declaration.
HCR funding for this project will be provided through a Housing Trust Fund award of $1,382,135 and through a $775,583 award of Federal Low-Income Housing Credit, which will leverage Bank of America and CPC loans of $2.2 million and $1,050,000 respectively, $120,000 of NYSERDA funds, and a deferred developer fee of $208,612.
Cardinal Cove Apartments | Broome County, Town of Union: Sepp, Inc. and Lakewood Development, II, LLC are developing this nearly $13 million project comprising 50 affordable units in 25 duplex buildings, as well as a separate community building, in the Town of Union.
HCR funding for this project will be provided through the Community Development Block Grant-Disaster Relief, $6,400,000; and Low-Income Housing Credit Programs. NYSERDA will provide $125,000 of the project’s financing and the Low Income Housing Credit is $697,501.