Governor Kathy Hochul Announces Completion of $61 Million Affordable Housing Development in Brooklyn

Strategic Insights -

New York State Governor Kathy Hochul has announced the completion of Shepherd-Glenmore, a new $61 million affordable and supportive housing development in Cypress Hills, Brooklyn. The development features 123 affordable apartments, including 74 with supportive services, and is located adjacent to the Shepherd Avenue C train station. This project is part of Governor Hochul's $25 billion five-year housing plan to create or preserve 100,000 affordable homes statewide.

Key Takeaways:

  • The Shepherd-Glenmore development provides 123 affordable apartments, including 74 with supportive services, and is located in Cypress Hills, Brooklyn.
  • The development is part of Governor Hochul's $25 billion five-year housing plan to create or preserve 100,000 affordable homes statewide.
  • The project was developed by Housing Plus and Spatial Equity, with financing provided by New York State Homes and Community Renewal and the New York City Department of Housing Preservation and Development.
  • The development features a range of amenities, including 5,000 square feet of outdoor recreation space, a community garden, and a fitness room.
  • The development was made possible with the help of New York City's rezoning of East New York, which ensured that 31 units would remain permanently affordable.
  • The development meets Energy Star Multifamily New Construction and LEED Gold criteria, and features a roof-top solar array to generate on-site electricity.

Statistics:

  • 123 affordable apartments were created in the Shepherd-Glenmore development.
  • 74 apartments with supportive services were provided for formerly homeless and at-risk individuals.
  • The development received over $21 million in equity and $24 million in subsidy from New York State Homes and Community Renewal's state and federal Low-Income Housing Tax Credit Programs.
  • The New York City Department of Housing Preservation and Development provided over $13 million in subsidy.
  • Governor Hochul's $25 billion five-year housing plan aims to create or preserve 100,000 affordable homes statewide.
  • Over 60,000 homes have been created or preserved to date under the Governor's plan.

Sources:

  • "Shepherd-Glenmore marks a significant step forward in our mission to provide safe, affordable and supportive housing for all New Yorkers." - Governor Kathy Hochul.
  • "Shepherd-Glenmore is a shining example of how partnerships between State and local government can create high-quality, affordable housing that uplifts communities." - New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas.
  • "Safe and affordable housing should be accessible to all New Yorkers regardless of their background. Investing in high-quality and affordable housing is critical to ensuring the safety and well-being of all New Yorkers." - Senator Kirsten Gillibrand.
  • "New York City desperately needs more affordable housing, and so I applaud the completion of Shepherd-Glenmore here in Brooklyn." - State Senator Julia Salazar.
  • "Permanent supportive housing ensures that families with significant barriers are able to obtain and maintain safety and stability. We are thankful to our state leadership, including Governor Hochul and HCR for helping to bring these supportive units to East New York." - HousingPlus CEO Karen Ford.