ALBANY—New York State will be providing approximately $2 billion in housing bonds and subsidies to 24 housing developments located in communities across New York State that will create or preserve more than 6,600 affordable, supportive, sustainable, and modern homes.

The awards are part of the governor’s $25 billion five-year Housing Plan which is on track to create or preserve 100,000 affordable homes statewide.

Gov. Kathy Hochul said that coupling state financing tools with private resources will generate more than $3 billion in overall investment “that will improve neighborhoods, reduce energy costs and provide thousands of affordable housing options across every region of the State.”

Financing is allocated through New York State Homes and Community Renewal’s recent bond issuances which provided $865 million in housing bonds and $990 million in subsidy. All awarded projects will achieve high levels of sustainability and carbon reduction, complementing New York’s mission to address climate change by decreasing emissions 85 percent by 2050 across all sectors. When coupled with additional private funding and resources, the projects receiving funding are expected to generate $3.5 billion in overall investment.

The awarded projects in New York City and the Hudson Valley region include:

New York City

$87 million for the Stewart Hotel in Manhattan – The transformation of the former Stewart Hotel in Midtown Manhattan into a 579-unit affordable and supportive housing development for households earning up to 60 percent of the Area Median Income. The project also includes ground floor retail space. Developed by Breaking Ground and Slate Property Group.

$95 million for Concern Inwood in the Bronx – Construction of a 210-unit affordable and supportive housing development in the Highbridge neighborhood of the Bronx for households earning up to 60 percent of the Area Median Income. The project includes a terrace with community gardening opportunities and additional green space. Developed by Concern for Independent Living.

$166 million for River II Apartments in the Bronx – Construction of a 292-unit mixed-use project in the Bronx’s West Concourse neighborhood for households earning up to 80 percent of the Area Median Income. The project also includes commercial space, an urban farm, and community facilities. There will be supportive units reserved for eligible tenants who experience chronic homelessness or veterans with disabilities. Developed by Community Access and Blue Sky Bronx.

$49 million for Bay Ridge Towers in Brooklyn – Preservation of an 811-unit affordable development in Brooklyn’s Bay Ridge neighborhood. The development is a Mitchell-Lama co-op located above a Long Island Rail Road rail line that includes playgrounds and other outdoor amenities for families. The complex is occupied by low- and moderate-income households whose monthly common charges equate to an average of approximately 40 percent of the Area Median Income. Developed by Bay Ridge Air Rights and MM Development Advisors.

$39 million for Jimerson Apartments in Brooklyn – Preservation of a 421-unit affordable development in Brooklyn’s Brownsville neighborhood. The development is a Mitchell-Lama co-op occupied by households earning an average of 40 percent of the Area Median Income. Developed by Earl W. Jimerson Housing Company and MM Development Advisors.

$186 million for Sparrow Square Phase 1 in Brooklyn – The construction of a 261- unit affordable supportive project on the site of the former Kingsboro Psychiatric Center in the East Flatbush neighborhood of Brooklyn for households earning up to 80 percent of the Area Median Income. The project is part of Vital Brooklyn, the State’s comprehensive community development initiative that addresses chronic social, economic, and health disparities in central Brooklyn. Breaking Ground and Douglaston Development.

$50 million for Park Hill on Staten Island – Preservation of a 1,103-unit affordable and supportive housing project located across six sites for households earning up to 80 percent of the Area Median Income. Developed by Arker Companies, LIHC Investment Fund, and L+M Development Partners.

$11 million for St. Elizabeth’s Manor on Staten Island – The preservation of an 80- unit affordable and supportive housing development for senior households earning up to 30 percent of the Area Median Income. Developed by Sisters of Charity Housing Development Corporation.

Mid-Hudson

$110 million for Wallace Campus in Poughkeepsie–An affordable and supportive housing development of 187 units that includes the transformation of a former department store as well as new construction. All units will be affordable to households earning up to 80 percent of the Area Median Income. Developed by Mega Development and Ametrine Group.