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Homes and Community Renewal

HCR Announces More than $22 Million Awarded Under New Program Aimed at
Increasing Housing Opportunities and Strengthening Neighborhoods and Communities



Small Rental Development Initiative


First Round of Small Rental Development Initiative Funds Will Create
193 Quality Affordable Homes Throughout the State

June 21, 2018 - New York State Homes and Community Renewal today announced $22.2 Million to create 193 affordable rental apartments across New York state. This is the first time that funds have been awarded under the Small Rental Development Initiative, which supports the creation and preservation of single family housing with one to four units, and small rental developments of fewer than 25 apartments that are often a significant source of rental housing in New York’s neighborhoods and communities.

NYS Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “The new Small Rental Development Initiative targets small residential buildings to help keep rental options available and create new opportunities by providing our non-profit partners with the resources and flexibility they need to eliminate blight, and create and manage quality rental apartments that people can afford. This is an example of the Governor’s holistic approach to New York’s housing needs that tackles the need for affordable rental housing and helps stabilize and strengthen New York families, neighborhoods and communities.”

SRDI funds were made available through New York State Homes and Community Renewal’s NYS HOME Local Program and were awarded to non-profits, community housing development organizations and housing authorities that will own, develop and long-term manage single family and/or small rental development housing throughout New York State. SRDI was designed to meet the needs of both rural and urban communities by addressing the specific needs of small rental homes and developments. The program is flexible to account for the large variety of rental housing types and sizes present in New York’s communities.

The awards announced today complement Governor Cuomo’s unprecedented $20 billion, five-year Housing Plan, which is making housing accessible and combatting homelessness by building and preserving 112,000 affordable homes and 6,000 supportive homes. The plan is a comprehensive approach to statewide housing issues and includes multifamily and single-family housing, community development, and rent stabilization.

Of the 193 units to be developed in this funding round, 72 units will be new construction and 121 units will be rehabilitated. The largest size project funded is 24 units and the smallest is 2 units; with an average project size of 9 units. More than 40% of the apartments will accommodate people with special needs to include seniors, individuals with disabilities and those with mobility or visual impairments. Fifteen of the units will be fully accessible or visitable.

The housing could be scattered on different sites as a single project, as long as all of the sites were under the Awardee’s ownership, financing and long-term management. The funds require the units to be affordable and the properties to be maintained for 15 to 20 years. Apartments will be affordable to households at or below 80 percent of the municipality’s Area Median Income (AMI) and may also target lower income households earning less than 60% of AMI.

Reducing owner and tenant utility costs was important in the project design. All apartments will be energy efficient and sustainable. All rehabilitation projects are required to have an energy audit and incorporate weatherization and energy efficiency measures in the scope of work. For new construction, the project must meet energy code requirements and energy efficiency standards of NYSERDA’s Multifamily New Construction Program or New York Energy Star Certified Homes Program.

Senator Betty Little, Chair of the Senate Housing, Construction and Community Development Committee, said, “These awards will go a long way toward providing affordable housing that is right-sized to meet the needs of many communities. The scattered site model afforded through the SRDI program is especially valuable in our upstate communities.  I’m pleased to be able to partner with Governor Cuomo and New York State Community Homes and Community Renewal on this important initiative that will make a big difference in the lives of many families.”

Assemblyman Steven Cymbrowitz, Chair of the Assembly Housing Committee, said, “Creating and preserving affordable rental units has consistently been a high priority and I’m pleased that the Small Rental Development Initiative is helping to address this serious need. For seniors, people with disabilities and other New Yorkers who will benefit from this program, it will mean a safe and decent place to live —and one that won’t force them to forgo necessities in order to pay rent.”

Awards announced today include:

$5.5 million for 37 Apartments in the Capital Region

$2.6 million for 22 Apartments in Syracuse and Central New York

$375,500 for 7 Apartments in the Finger Lakes

$1.8 million for 13 Apartments on Long Island

$2.9 million for 33 Apartments in Mid-Hudson

$5.6 million for 42 Apartments in the Mohawk Valley

$968,664 for 10 Apartments in the North Country

$784,786 for 11 Apartments in the Southern Tier

$1.6 million for 18 Apartments in Western NY

For a list of awards go to http://www.nyshcr.org/Funding/Awards/.

 

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