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September 20, 2019Cart

Business

by Westchester County Business Journal
by WCBJ

Regional affordable housing initiatives receive $37 million in state funding

Gov. Andrew Cuomo

About $37 million in state funding will help build affordable housing in the mid-Hudson Valley region, Gov. Andrew M. Cuomo announced May 10.

The governor’s office said $37.2 million will go to the region as part of a $200 million state effort to will build more than 2,8000 affordable apartments across New York. The funds were made available through New York State Homes & Community Renewal’s 2017 Unified Funding Application, which developers can use to apply for the federal Low Income Housing Tax Credits the state distributes, as well as low-interest loans for affordable multifamily developments.

The state has committed $20 billion to a five-year housing plan, Cuomo noted. The plan aims to make housing more accessible and combat homelessness.

In Westchester County, Elmsford-based developer Wilder Balter Partners Inc. will receive $5.2 million in state funding toward a 42-apartment development in Lewisboro. Called Lewisboro Commons, the project would provide affordable housing for families and individuals in a residential neighborhood near the North Goldens Bridge Metro-North train stop. The project will receive about $1 million in low income housing tax credits and $4.2 million from the state’s Housing Trust Fund program.

The town’s Planning Board is reviewing the proposal.

Other Hudson Valley projects include:

– $6.3 Million for RUPCO Energy Square in Kingston. The 57-unit mixed-income, mixed-use building from nonprofit developer RUPCO, includes nine units for persons who are homeless, seven of which will receive services and operating subsidies through Governor Cuomo’s Empire State Supportive Housing Initiative. The Energy Square project was also awarded $1 million in New York State Energy Research & Ddevelopment Agency funding to  incorporate technologies and energy savings features that will enable it reach Net Zero energy performance, meaning the project produces as much energy as it uses.

-$4.5 Million for West End Lofts in Beacon. The project, from Kearney Realty & Development Group Inc., involves construction of 73 affordable apartments for middle income families and individuals, including 11 units for persons with physical disabilities/traumatic brain injury. The development is in close proximity to the City of Beacon’s Metro-North train station.