New York (NY) governor Kathy Hochul has announced the completion of an affordable housing development in downtown New Rochelle, NY, US.
This initiative is part of Hochul’s overarching $25bn Housing Plan to create or preserve 100,000 affordable homes across NY.
Go deeper with GlobalData
Known as The Renaissance at Lincoln Park, the development is a collaborative effort between The NRP Group, Guion Renaissance Housing Development Finance Corporation, and Kensworth Consulting.
The $96m project provides 179 mixed-income apartments, ranging from studio to one- and two-bedroom homes.
All apartments at the site are considered affordable for households with incomes up to 80% of the area median income.
The community also includes a lounge, rooftop deck, and fitness centre within an 11-storey building.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe project encompasses a 23,400ft² facility for the Boys and Girls Club of New Rochelle, partly funded via a $2m grant from HCR’s Community Investment Fund programme.
The club offers a gym, basketball court, recording studio, demonstration kitchen, and various spaces for educational and recreational activities, serving more than 3,500 children and teens.
In addition, the complex has a five-level garage, providing 356 parking spaces for both residents and the wider community.
Hochul said: “This new development brings critically needed affordable housing to Westchester County and continues the important revitalisation efforts that are happening in downtown New Rochelle.
“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.”
The development uses efficient lighting and appliances, achieving the US Environmental Protection Agency’s ENERGY STAR Multifamily High-Rise and Enterprise Green Communities certifications.
Red Stone Equity Partners facilitated tax credit equity syndication, with Bank of New York Mellon serving as the investor and letter of credit provider.
