$789M in State Housing Grants
To Build in NYC, Mid-Hudson
ALBANY—New York State officials announced on June 26 that nearly 3,000 affordable, modern, energy-efficient homes will be created or preserved in communities throughout New York State through a $1 billion fund for housing bonds and subsidies.
Of that funding, some $789 million in funding is being directed to three projects in the Mid-Hudson region ($186 million) and six projects in New York City ($603 million).
Financing is allocated through New York State Homes and Community Renewal’s recent bond issuances which provided $560 million in tax-exempt housing bonds and $466 million in subsidy. All awarded projects will achieve high levels of sustainability and carbon reduction. When coupled with additional private funding and resources, the projects receiving funding are expected to generate $1.5 billion in overall investment.
Mid-Hudson ($186 million project awards)
• $36 million for Rip Van Winkle Apartments in Poughkeepsie – Acquisition and rehabilitation of an 18-story building containing 179 affordable apartments. The development is receiving funding from the Clean Energy Initiative and will be fully electrified. Developed by Related Affordable.
• $43 million for 345 McLean Ave. in Yonkers – New construction of a 12-story building containing 105 units for seniors aged 62 or older, including 31 units with supportive services for households experiencing homelessness or at risk of homelessness. Developed by Verus Development.
• $107 million for 345 Q-West Towers in Mount Vernon – New construction of a 15-story building containing 115 units and a 12-story building containing 114 units. Both buildings will also include commercial space. Developed by Simone Development Companies.
New York City ($603 million project awards)
• $23 million for Kittay House in the Bronx – Rehabilitation of a Mitchell-Lama development built in 1969 in the Fordham neighborhood.
• $326 million for Vital Brooklyn Alafia Phase 2 in Brooklyn – Construction of two 14-story, mixed-use buildings with 634 units and over 12,000 square feet of commercial space as part of the redevelopment of the Brooklyn Development Center.
• $40 million for Emerson Davis Apartments in Brooklyn – Demolition of an obsolete building and the new construction of a 12-story building with 103 affordable and supportive apartments in the Clinton Hill neighborhood of Brooklyn.
$142 million for Edgemere Commons in Queens – Construction of an 18-story, mixed-use building with 244 units and nearly 4,000 square feet of commercial space at the former Peninsula Hospital site in Far Rockaway
$63 million for Westbeth Artist Housing in Manhattan – Rehabilitation of the historic Westbeth Artist Housing in the West Village with 385 residential units and 73 commercial units across eight buildings
$9 million for Jericho House in Manhattan – Rehabilitation and expansion of a 48-unit affordable housing and supportive development, with eight units added for a total of 56.
Published: July 2, 2025