ALBANY, N.Y. (NEWS10) — A total of $13.3 million has been awarded to affordable housing developments in Schenectady and Corinth. The Riverview Apartments in Corinth was awarded $7.3 million and Elmer Gardens in Schenectady’s Eastern Avenue neighborhood was awarded $6 million.
Overall, Governor Kathy Hochul announced that $104 million has been awarded to create or preserve 864 affordable homes in 16 separate developments across New York. According to Hochul, the funding will help economic development initiatives, expand the housing supply, fight homelessness, and help close the digital divide for lower-income households.
“The $104 million in awards announced today will expand access to affordable housing and opportunity for families, seniors, and vulnerable residents across New York,” said Hochul. “Expanding the housing supply is the cornerstone of my $25 billion, five-year housing plan, and today’s awards will move us one step closer toward achieving our goal of making New York a more affordable place for all. With sustainable designs, on-site supportive services, and expanded access to free or low-cost broadband internet, we’re not just building homes with these awards; we’re creating vibrant, more enduring communities.”
With the money awarded to Riverview Apartments, the development will reportedly create 60 affordable apartments with 30 reserved for those who were formerly homeless with mental health illnesses. Tenants will also have access to rental subsidies and on-site supportive services.
The developer for Elmer Garden will convert the historic Elmer Avenue School into 51 apartments for adults 55 years and older, said Hochul. About 26 homes will be reserved for seniors in need of supportive services to live independently.
These awards are 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. Hochul said all of the projects are required to meet green building standards as part of Homes and Community Renewal’s efforts to achieve the goals set by the New York State Climate Leadership and Community Protection Act.