New York announces $1B in bond funds for affordable housing projects

July 2, 2025

New York State is planning to use more than $1 billion in housing bonds and subsidies to build approximately 3,000 affordable homes throughout the state.

The 15 projects receiving funding are part of a five-year, $25 billion comprehensive housing plan that will build or preserve 100,000 affordable homes across the state.

New York State Homes and Community Renewal’s recent bond issuances will provide funding through $560 million in tax-exempt housing bonds and $466 million in subsidies.

All awarded projects will achieve high levels of sustainability and carbon reduction, according to state officials.

The highest-funded projects include:

  • $326 million for construction of two 14-story, mixed-use buildings with 634 units and over 12,000 square feet of commercial space in Brooklyn, as part of the redevelopment of the Brooklyn Development Center. The development also includes 47 units with supportive services for individuals struggling with homelessness. The project is being developed by Apex Real Estate Development.
  • $142 million for Edgemere Commons in Queens, an 18-story, mixed-use building with 244 units and nearly 4,000 square feet of commercial space at the former Peninsula Hospital site in Far Rockaway. The facility features 73 units with supportive services for individuals and families experiencing homelessness, as well as 9,000 square feet of community facility space set aside for a daycare facility. The project is being developed by Tishman Speyer.
  • $107 million for 345 Q-West Towers in Mount Vernon, which involves new construction of a 15-story building containing 115 units and a 12-story building containing 114 units and additional commercial space. The project is being developed by Simone Development Companies.
  • $72 million for Northgate Landing in Albany, which involves construction of two, four-story buildings in the Bishop’s Gate neighborhood with 185 apartments for families. The development will include community space and fitness center, and is close to health care, retail and services. The project is being developed by Conifer.
  • $63 million for rehabilitation of Westbeth Artist Housing in the West Village of Manhattan with 385 residential units and 73 commercial units across eight buildings. The affordable live-work housing for artists includes studios, a gallery, a theater, commercial spaces and landscaped park and courtyard. The project is being developed by Westbeth Corp. Housing Development Fund Company.
  • $46 million for Saratoga Heights in Binghamton, which involves acquisition and rehabilitation of 100 units in 11 existing townhouse-style residential buildings and one community building owned by the Binghamton Housing Authority. The development is receiving funding from the Clean Energy Initiative. 3D Development Group is the developer.
  • $44 million for Pine Camp Apartments in Watertown, which involves new construction of a four-story building containing 120 affordable apartments, including 80 with supportive services for veterans, seniors, and individuals experiencing homelessness. The project is being developed by DePaul.
  • $40 million for Emerson Davis Apartments in Brooklyn, which involves demolition of an obsolete building and the new construction of a 12-story building with 103 affordable and supportive apartments in the Clinton Hill neighborhood of Brooklyn. The project is being developed by Institute for Community Living.

Photo by Miguel Á. Padriñán from Pexels

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