Gov. Kathy Hochul is making good on her promise to have more affordable housing built in the city, granting three development projects a total of $423 million in bond financing and subsidies to produce such units.
The awards include $262 million for the 26-acre Brooklyn Development Center, a public-private partnership between L+M Development Partners and Empire State Development that will create 450 affordable units; $101 million for BCF Partners’ 475 Bay St. on Staten Island, which will include 138 homes reserved for homeless or housing-insecure seniors; and $60 million for a portion of Arker Cos.’ Edgemere Commons development in Far Rockaway, which will offer 59 supportive homes.
The
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