An investment of more than $400 million, including more than $100 million reserved for two Bronx affordable housing developments, will benefit more than 1,000 New Yorkers statewide. Gov. Kathy Hochul announced the six-part investment plan for future affordable housing on Monday, April 8.
The total funding, approximately $412 million in bonds and subsidies, will build and preserve 1,100 affordable homes in the Bronx and Brooklyn — as well as Ontario and Ulster counties — builds on Hochul’s agenda to address the housing crisis and also increase the state’s housing supply.
The two upcoming Bronx developments, La Olazul in the Mount Hope section of the borough, as well as Jericho 158 in the Melrose neighborhood, will create nearly 200 new affordable homes in total.
Upon completion, the 13-story La Olazul property developed by Westhab, Inc. and Vaya Development LLC will include 69 supportive units for homeless adults and families along Jerome Avenue, with more than 11,000 square feet of retail and community space. The project will cost a total of $54.1 million to complete.
Jericho 158 will consist of two buildings with a total of 129 affordable apartments, including 78 supportive units for homeless adults and young adults, at a total cost of $51.8 million. The upcoming project, which will be developed by The Jericho Project and Procida Development Group.
“This funding will generate housing opportunities that are affordable, modern, sustainable and offer the types of services that can improve the lives of more New Yorkers,” Hochul said. “My administration is committed to tackling our state’s housing shortage head on as well as expanding opportunities in communities, big and small.”
Hochul in her announcement said the initiative is part of a five-year, $25 billion housing plan that would create or preserve 100,000 affordable homes across the state, including 10,00 affordable homes with supportive service for vulnerable populations and the electrification of 50,000 additional homes.
“Thanks to Gov. Hochul’s $25 billion Housing Plan, we will continue to use every resource we have to expand and protect (New York) state’s housing supply, so that more New Yorkers can afford to stay here and thrive,” said Homes and Community Renewal Commissioner RuthAnne Visnauskas, who added that each of the six developments will deliver secure and healthy homes which provide supportive services for individuals and families experiencing housing insecurity.
The six-part investment plan also includes a $170 million project along with an $83 million development, both in Brooklyn, along with a $37 million investment for three Ulster County affordable residences and a $15 million investment for affordable housing in Geneva, Ontario County.
Reach Steven Goodstein at sgoodstein@schnepsmedia.com or (718) 260–8326. For more coverage, follow us on Twitter, Facebook and Instagram @bronxtimes
