Kingston To Receive Nearly $40M To Rehab Stuyvesant Apartments

KINGSTON, NY — New York is giving out more than $390 million to create or preserve more than 1,600 affordable, sustainable and supportive homes across the state, including in Kingston.

The 10 projects are expected to create more than $600 million in overall investment, when coupled with additional private funding and resources, that will assist local economic development efforts and advance New York’s commitment to expanding the supply of safe, secure and healthy housing opportunities for individuals and families across the state.

Gov. Kathy Hochul said the 1,600 new homes make an important step toward addressing New York’s housing shortage.

“Building, preserving and stabilizing our housing supply is a top priority for my administration,” she said, “and I remain committed to bringing forth solutions — like the New York Housing Compact — to ensure that we have ample, safe and affordable housing for anyone who wants to call New York home.”

The award for Kingston is $39.6 million for Stuyvesant Apartments in the city.

The project involves the rehabilitation of a 120-apartment housing development affiliated with the Kingston Housing Authority.

It was built in 1972 under the Department of Housing and Urban Development’s Section 236 program and will undergo extensive repairs and replacement of systems to extend the useful life of the building, improve safety and quality of life for residents and increase energy efficiency.

By funding the much-needed repairs, financing for the project will help preserve long-term affordability for residents of the building.

The financing is made possible through New York State Homes and Community Renewal's October and December 2022 bond issuances which provided $231.2 million in tax-exempt housing bonds and $159 million in subsidy, including $2.7 million in funding though the New York State Energy Research and Development Authority's Clean Energy Initiative.