Two Brooklyn Developments to Get $17.5M from Gov. Cuomo for Construction of Affordable Apartments
On Wednesday, Governor Andrew Cuomo announced he was allocating $98 million to fund the creation of more than 1,054 affordable apartments across New York.
The money will be divided between 20 developments, and will help revitalize communities, fight homelessness and expand access to energy-efficient, affordable housing opportunities, Cuomo said in a press release.
Of the 20 developments, two are in Brooklyn.
Bed-Stuy development The Hart is set to receive $8.4 million. The development will be built on underutilized hospital property and will feature an ambulatory care center, a Mental Health Outpatient Program and a co-located Primary Care Center to be operated by One Brooklyn Health System.
The building will also offer 57 affordable apartments including 38 supportive homes for seniors and adults living with mental illness.
Also in Brooklyn, Flatbush’s Bethany Senior Terraces, to be built on East 40th Street, is set to get $9.1 million. The development will include 58 apartments for seniors age 62 and older, with 18 apartments reserved for senior households in need of support to live independently.
Cuomo said by continuing to make important investments in affordable and supportive housing across the state, “we can improve the lives of families while building stronger, more diverse, and more equitable communities.”
“As we rebuild from the pandemic, these awards are further proof of our unwavering commitment to ensuring all New Yorkers have a safe, stable and affordable place to live.”
The funds come from the Governor’s $20 billion Housing and Homelessness Plan, which aims to create 100,000 units of affordable housing and 6,000 supportive units.
Funding is provided through New York State Homes and Community Renewal’s Multifamily Finance RFP, a process used to award federal Low-Income Housing Tax Credits and subsidy financing for affordable and supportive multifamily housing developments.
The developments will also receive $311 million in private investment, and are projected to add $409 million in total development costs into local economies, the press release said.
The developments will provide free or low-cost broadband services to tenants and will be developed to high energy efficiency standards, reducing carbon emissions and reliance on fossil fuels, it added.