The development will feature one-bedroom apartments for those earning up to 60% of the AMI. Credit: Francesca Tosolini via Unsplash.

Construction has commenced on a 67-unit affordable housing development at 35 Broadway in the village of Menands, New York, US. 

The development is part of state governor Kathy Hochul’s $25bn Housing Plan, which aims to create or preserve 100,000 affordable homes across the region.

Hochul said: “This development will bring 67 vibrant, affordable new homes to Menands, boosting the housing supply in New York’s Capital Region and providing critical support for New York veterans.” 

Beacon Communities Services is the developer of the latest project. 

The development will have one-bedroom apartments affordable to households earning up to 60% of the area median income (AMI). 

It will include 35 apartments designated for veterans who are homeless or at risk of homelessness alongside on-site support services provided by Soldier On. 

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.

Company Profile – free sample

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 GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

These will also be supported by services and operating funds under the Empire State Supportive Housing Initiative through the state Office of Temporary and Disability Assistance. 

The four-storey building will feature a range of amenities, including a community room, office space for Soldier On, lounges, and more alongside internet access included in the rent. 

The exterior of 35 Broadway will have landscaped seating areas, a community garden, covered bike storage, and a contemplation garden.  

Located on a main bus line, the building will comprise 68 parking spaces, including electric vehicle charging stations. 

The project aligns with New York State Homes and Community Renewal’s sustainability design guidelines and is expected to achieve certification under several green building standards. 

Beacon Communities CEO Dara Kovel said: “It’s exciting to see this project progressing – especially in the context of Memorial Day celebrations and Military Appreciation Month.  

“Partnering with organisations like Soldier On enables us to provide impactful affordable housing and supportive services for veterans who are at an increased risk of homelessness.” 

State financing for the 35 Broadway project includes $15m in federal and state Low-Income Housing Tax Credits and a $5.2m subsidy from HCR.  

The New York State Energy Research and Development Authority and HCR have also provided Clean Energy Initiative funding of $368,500.  

The Community Preservation Corporation is contributing a $3.7m SONYMA-insured permanent loan, with additional funds from the New York Clean Heat programme of $55,000 and the NYS Electric Vehicle programme of $36,000.