Bronx, Brooklyn Developers Tap State for Affordable Housing

A pair of affordable housing projects is getting financing assistance from the state to move forward.

Gov. Kathy Hochul issued $350 million in housing bonds and subsidies for affordable housing projects across the Empire State, the Commercial Observer reported. Nearly half of that financing is going towards two developments in New York City’s outer boroughs.

In New Lots, Brooklyn, Housing Plus Solutions and Spatial Equity scored $79 million from the state for a project at 729 Van Sinderen Avenue. The 11-story, 193-unit development will include 116 units set aside for supportive housing.

The one-story warehouse at the site traded hands last year for slightly more than $7 million after being marketed as a development site with more than 103,000 square feet of buildable space. Previously, the seller had acquired the property in 2015 for $2.2 million.

In the Bronx’s Mott Haven neighborhood, Carthage Advisors and Rester Management landed $73 million in financing for an 11-story development at 431-441 Concord Avenue. The 142-unit Taryn Tower will be marketed towards households earning 70 percent or below of the area median income.

“These investments are another major step forward in our mission to expand housing opportunities in every corner of the state and make New York more affordable,” the governor said in a statement.

The investment across the state stems from a $25 billion package approved by state lawmakers for the 2023 fiscal year to replace the aging housing stock over a five-year period. For the 2027 fiscal year, Hochul’s budget included plans to build or revitalize 100,000 affordable housing units across the state.

Last month, Hochul proposed reforming the State Environmental Quality Review Act (SEQRA) as part of her executive budget to exempt certain housing projects from the lengthy environmental review process.

The goal is to eliminate legal challenges from opponents who weaponize SEQRA to delay or block housing developments, which proponents argue increases project costs and timelines.— Holden Walter-Warner