Gov. Kathy Hochul has announced $991 million in bonds and subsidies have been awarded to create or preserve over 3,200 affordable, sustainable and supportive homes across the state, including in Western New York.
The developments will leverage an additional $379 million in private funding to create an overall investment of nearly $1.4 billion.
The money is meant to further local economic development efforts, reduce homelessness and advance New York's commitment to expanding safe, secure and healthy housing opportunities for individuals and families.
"These 14 HCR bond-financed projects will provide safe, affordable and supportive housing to thousands of individuals and families across the state who face the threat of homelessness, as well as seniors and people with disabilities who will benefit from on-site support services and resources," said Assemblymember Steven Cymbrowitz, chair of the Assembly Housing Committee. "Our work to create and preserve affordable housing continues, but every unit we build means stability and hope for another vital member of our community."
Here in Western New York, $27 million is being allocated for renovations at the Pilgrim Village Senior Development. Another $38 million will go to the adjoining Pilgrim Village Family Development, adjacent to the Buffalo Niagara Medical Campus.
A third allocation of $38 million has been earmarked for McCarley Gardens Apartments, on Michigan Avenue in downtown Buffalo, while another $96 million is going to the rehabilitation and preservation of four multifamily properties to be developed by The Related Companies and MJ Peterson Real Estate Corporation in Amherst: Princeton Court with 304 apartments, Brewster Mews with 216 apartments, Parkside Houses with 180 apartments and Oxford Village Townhomes with 316 apartments.
WBFO's Marian Hetherly contributed to this story.
