NY Awards Grant To Affordable Housing Development In Croton-on-Hudson

CROTON-ON-HUDSON, NY — A program to create or preserve 864 affordable homes in 16 separate developments across New York has awarded $3 million for 41-51 Maple in Croton-on-Hudson.

The project will feature 33 apartments across two buildings targeting a wide range of incomes. Regan Development Corporation was selected as the designated developer of the village-owned property. The development consists primarily of two- and three-bedroom units in the village, which state officials called "a well-resourced community with a high-performing school district."

The state awarded a total of $104 million as part of a $25 billion, five-year comprehensive statewide housing plan to make housing more affordable, equitable, and stable. The governor's plan will increase housing supply by creating or preserving 100,000 affordable homes across New York, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.

The awards are provided through New York State Homes and Community Renewal's Multifamily Finance RFP, a competitive process used to award Federal Low-Income Housing Tax Credits and subsidy financing for affordable and supportive multifamily housing developments. Coupled with the state's investment, the 16 awarded developments will unlock a total of $371 million into local economies by leveraging an additional $267 million in public and private sources.

"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," Gov. Kathy Hochul said in the announcement. "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."

All 16 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.