State of New York to provide $406m in financing to build five affordable housing developments

N.Y. governor Kathy Hochul has announced that the State of New York will provide $406 million in financing to deliver approximately 800 new affordable housing units across the state.

The awarded projects are:

$113.3 million for 2435 Pacific Street in the East New York section of Brooklyn, a $171 million, 10-story development with 236 affordable apartments, including 142 with supportive services, and a 7,000-square-foot commercial space to be used by the Love Fellowship Tabernacle Church. Developed by Alembic Development Company, 2435 Pacific is being constructed on a remediated brownfield and is within two blocks of the L train and the East New York Long Island Railroad station. $70.2 million for St. Anselm Apartments in the Mott Haven section of the Bronx, an $89 million, 12-story buil