Housing Bonds, Subsidies Will Provide $1B in Financing Across NY State
Gov. Kathy Hochul announced that nearly 3,000 affordable, energy-efficient homes will be created or preserved in communities throughout New York State as a result of $1 billion in housing bonds and subsidies. The 15 projects receiving funding, including six in New York City, are part of the governor’s five-year, $25-billion plan to create or preserve 100,000 affordable homes across New York State.
“Solving New York’s housing crunch and cutting costs for families hinges on increasing home availability statewide,” said Hochul. “Through these investments, we’re helping produce more affordable, modern, supportive, sustainable housing.”
Financing is allocated through New York State Homes and Community Renewal’s recent bond issuances, which provided $560 million in tax-exempt housing bonds and $466 million in subsidy. When coupled with additional private funding and resources, the projects receiving funding are expected to generate $1.5 billion in overall investment.
The largest financing, $326 million, goes to Vital Brooklyn Alafia Phase 2 (pictured), a 634-unit project under construction by Apex Real Estate Development.
Other News
Multifamily Refinancing Squeeze: 41% Higher Costs, $6.8B Equity Gap
Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...
Learn more
Mortgage Rates Tilt Demand Toward Multifamily: Marcus & Millichap
An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...
Learn more
Revere, MA Weighs 1,700-Unit Housing Project
The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout