NY Awards $80M In Financing To New Rochelle Affordable Development

NEW ROCHELLE, NY — An affordable housing development in downtown New Rochelle is one beneficiary of more than $682 million in bonds and subsidies New York has awarded to support various projects for affordable, sustainable, and supportive homes across the state, Gov. Kathy Hochul announced Monday.

$80 million is designated for West View Apartments in the city, a 24-story building at 26 Garden Street that will offer 186 affordable apartments and residential parking.

The project is part of New Rochelle's transit-oriented rezoning designed to make the historic downtown more economically vibrant and pedestrian friendly. The developer is MJ Garden Affordable Developer, a joint venture between Mark Stagg and Joseph Simone.

The $682 million from New York will leverage an additional $218 million in private funding, state officials said — and that will create an overall investment of nearly $901 million.

"We are working tirelessly to expand much-needed affordable housing across New York State, and these new developments will help us build toward a more stable and equitable future for the next generation," Hochul said in the announcement. "When we invest in modern and healthy housing, we strengthen our communities and provide new opportunities for New Yorkers to thrive and succeed, and today is a significant step in helping secure and preserve safe, livable, and quality affordable housing for all New Yorkers."

In the Hudson Valley, $32 million is also going to the La Mora Senior Apartments in the city of Yonkers' Hollow neighborhood located southwest of the Central Business District. When complete, the newly constructed building will feature 60 apartments for seniors aged 62 and older who will each receive Section 8 Project-Based Voucher Housing Assistance administered by the Municipal Housing Authority of the city of Yonkers. The development incorporates sustainable design elements and is expected to achieve Passive House certification. The developer is The Mulford Corporation.

In all, the projects will ultimately provide over 1,600 affordable and energy-efficient homes, preserve and protect historic buildings, upgrade public housing facilities, and create more than 300 supportive homes for New York's most vulnerable residents, Homes and Community Renewal Commissioner RuthAnne Visnauskas said.