New Rochelle 179-Unit Affordable Housing Complex Ready For Tenants

NEW ROCHELLE, NY — The completion of a new development in New Rochelle is cause for celebration for some expected and some unexpected reasons.

Gov. Kathy Hochul announced on Thursday the completion of The Renaissance at Lincoln Park, a $96 million affordable housing development located at 117 Guion Place in downtown New Rochelle. The complex will provide 179 mixed-income apartments, an expanded Boys & Girls Club facility, and 356 parking spaces for tenants and the community.

"This new development brings critically needed affordable housing to Westchester County and continues the important revitalization efforts that are happening in downtown New Rochelle," Governor Hochul said. "Across the state, our investments are proving that projects like this one can have a transformative impact on entire communities. By bringing these new apartments and a state-of-the-art Boys and Girls Club facility to the city, The Renaissance in Lincoln Park is truly an investment in a brighter and stronger future for New Rochelle."

New Rochelle Mayor Yadira Ramos-Herbert said the opening represents a success that will pay dividends for years to come.

"Today marks a major milestone for the City of New Rochelle with the completion of The Renaissance at Lincoln Park," Ramos-Herbert said. "With 179 new affordable apartments and a new and improved Boys & Girls Club, this innovative development satisfies two crucial community needs – affordable housing and youth programming. I can think of no better addition to our City than The Renaissance at Lincoln Park, and I know that the hundreds of New Rochelle residents who will benefit from it share my gratitude and excitement."

SEE ALSO: Lottery Open For New Affordable Workforce Apartments In Westchester

The newly constructed 11-story building is a 150,000-square-foot Enterprise Green Communities/EPA ENERGY STAR Multifamily High-Rise certified workforce housing development with high-quality finishes, and sustainable materials/energy systems. It includes amenities such as air conditioning, a community room, a roof deck, a lounge and patio, a fitness center, a parking garage, an onsite laundry facility, cable service, a bike room, swimming, resident activities, and direct access to the new, state-of-the-art 23,400-square-foot Boys & Girls Club.

"In the face of the housing and affordability crises that are impacting people across NY-16, we have to make bold investments in high-quality, climate resilient, permanently affordable developments," Rep.Jamaal Bowman said. "The completion of The Renaissance at Lincoln Park will not only create affordable housing options for hundreds of New Rochelle families, it will also revitalize the Boys & Girls Club so that everyone has a safe, green place to live and learn. No one should ever have to choose between putting food on the table or paying their rent. The completion of this development gets us one step closer to dignified housing for all."

The 179 studio, one- and two-bedroom apartments, are available to households earning below 40 percent to 80 percent of the average area monthly household income (AMI).

According to the lottery for affordable apartments at The Renaissance at Lincoln Park held last year, monthly rental prices for the affordable units available, based on AMI are:

• Studio: $843, $1053, $1264, $1686
• One-bedroom: $903, $1128, $1354, $1806
• Two-bedroom: $1083, $1353, $1624

Five percent of applications were set aside for mobility-disabled applicants, while two percent were set aside for hearing/vision disabled applicants.

The new stand-alone facility for The Boys & Girls Club of New Rochelle was partially funded with $2 million from HCR’s Community Investment Fund program. The club provides mentoring and quality education programs for over 3,500 children and teens, and includes a gym, basketball court, recording studio, demo kitchen, administrative offices, and multiple spaces for work and play.

The development also includes a five-level garage with 356 parking spaces for residents and the community.

Over the last five years, New York State Homes and Community Renewal has created or preserved more than 4,500 affordable homes in Westchester County. According to the governor' office, The Renaissance at Lincoln Park continues this effort and complements Hochul's $25 billion comprehensive Housing Plan that will create or preserve 100,000 affordable homes across the state, including 10,000 with support services for vulnerable populations, and the electrification of an additional 50,000 homes.

The development is a partnership between The NRP Group, the nonprofit Guion Renaissance Housing Development Finance Corporation, and Kensworth Consulting.

"Remington is the first youth development facility built in New Rochelle in over 40 years. but in the Lincoln Park community, this clubhouse is more than a building – it represents hope and opportunity for youth and families too often left behind," CEO of Boys & Girls Club of New Rochelle Becky Mazzanobile said. "Seventy-one percent of our Remington members qualify for free or reduced lunch, 96 percent are diverse, and most hail from households that earn between $30,000 and $35,000 annually. This facility will allow us to offer impactful programs to more than double the number of kids and teens compared to our old clubhouse, allowing us to grow in scale and accelerate our positive impact in the community."

NYS financing for the $96 million development included $16.2 million in permanent tax-exempt bonds, $31.5 million in federal and state Low-Income Housing Tax Credits, and $27.7 million in subsidy from HCR. Support was also provided by the Interfaith Development Corporation and the Westchester County Housing Infrastructure Fund.

Red Stone Equity Partners provided tax credit equity syndication with Bank of New York Mellon as the investor and letter of credit provider.

"We are thrilled to celebrate the grand opening of The Renaissance at Lincoln Park, a brand new, state-of-the art facility that will benefit the City of New Rochelle in a variety of ways," Westchester County Executive George Latimer said. "First and foremost, we are filling a critical need for our residents when we provide more affordable housing opportunities. Westchester County has proven its commitment to developing new affordable housing as well as preserving existing affordable housing, allocating a total of $240 million in funding since 2018. The Renaissance happens to be located in New Rochelle’s revitalization target area, which will greatly contribute to the continued growth of the City’s downtown. And, the development includes an expanded facility for The Boys and Girls Club of New Rochelle, which will serve as a centralized location to deliver relevant, impactful programs to young people in the community."