Governor Kathy Hochul unveils Liberty Touchdown, a transformative mission to transform the state-owned 100,000 square-foot former Bayview Correctional Facility in Manhattan into reasonably priced housing for low-income residents and supportive housing for previously incarcerated people reentering the group. The proposed mission, a three way partnership between Camber Property Group and Osborne Affiliation, would make investments over $108 million in West Chelsea and supply 124 completely reasonably priced housing items and on-site supportive companies.
Picture by Susan Watts/Workplace of Governor Kathy Hochul
Gov. Kathy Hochul, Mayor Eric Adams and New York Metropolis Comptroller, Brad Lander on Monday introduced a $500 million greenback funding from the Battery Park Metropolis Authority’s (BPCA) Joint Objective Fund to construct and preserve reasonably priced housing throughout New York Metropolis.
By means of an settlement between the BPCA, the mayor, and the comptroller, the Hochul stated BPCA will disburse $500 million in extra working funds to New York Metropolis’s Reasonably priced Housing Accelerator Fund for the aim of constructing reasonably priced housing.
She stated the settlement builds on commitments by her, Adams and Lander to deal with the housing disaster, construct safer, extra secure and extra reasonably priced properties, and scale back housing prices for New Yorkers.
“In terms of constructing the reasonably priced properties that New Yorkers deserve, my administration is leaving no stone unturned,” Gov. Hochul stated. “This settlement will flip extra funds from the Battery Park Metropolis Authority into an enormous $500 million funding to assist New York Metropolis notice its housing potential.
“From our landmark funds settlement to sort out the housing disaster to transformative investments that get housing constructed, I’m persevering with to work with companions just like the BPCA, Mayor Adams and Comptroller Lander and preventing for a extra reasonably priced and extra livable New York,” she added.
The BPCA is a New York State public profit company charged with working, sustaining, and bettering Battery Park Metropolis, a 92-acre group of residential, industrial, retail, and open area in decrease Manhattan.
As Battery Park Metropolis was being developed, Hochul stated the BPCA entered into long run floor leases with builders, producing lease income from industrial and residential buildings that serves as the first supply of funding for this reasonably priced housing dedication.
The governor stated Monday’s Joint Objective Fund settlement succeeds the earlier settlement for the disbursement of BPCA’s extra working revenues, which since 2010 has contributed $461 million in devoted funding for reasonably priced housing throughout the 5 boroughs and helped construct or protect over 10,000 items of reasonably priced housing.
“To resolve a generational housing and affordability disaster, each sector has a job in offering reduction to working-class New Yorkers,” Adams stated. “At the moment’s announcement takes us one step nearer to delivering that reduction. Our administration and our companions are united by a typical trigger: constructing extra reasonably priced housing.
“The one strategy to remedy these twin crises is to easily construct extra, and with this $500 million dedication, we’re coming collectively to make use of our greenbacks to make a distinction and higher assist working-class New Yorkers,” he added.
Lander stated, “Financing the manufacturing of reasonably priced housing stays the Metropolis’s strongest software in combating the town’s housing affordability disaster. This landmark $500 million funding will assist be sure that New York Metropolis and State have the assets we have to successfully ship secure and reasonably priced housing to New Yorkers.”
BPCA Board Chair Don Capoccia stated, “I’m proud that on account of the robust monetary stewardship of Battery Park Metropolis we’re ready to recommit to deal with New York’s reasonably priced housing challenges.
“I need to thank the governor, mayor, and comptroller for his or her partnership on this effort and for making certain this cash will all go to constructing and preserving reasonably priced housing,” he added.
BPCA President and CEO Raju Mann stated, “Battery Park Metropolis Authority has a legacy of funding reasonably priced housing throughout New York, and we’re thrilled to construct on that legacy in the present day. We’re dealing with a housing disaster and this $500 million will assist create secure reasonably priced housing for 1000’s of New Yorkers.”
Hochul stated she “stays dedicated to rising the availability of secure, secure, and reasonably priced housing throughout New York and lowering housing prices for all New Yorkers.”
As a part of the FY25 Enacted Finances, Hochul stated she fought to safe a landmark housing settlement to extend New York’s housing provide by incentivizing new housing building, together with reasonably priced rental housing and homeownership alternatives, in New York Metropolis; extending the development deadline for tasks within the now-expired 421-a incentive program; encouraging affordability in industrial to residential conversions in New York Metropolis; authorizing New York Metropolis to raise outdated restrictions on residential density in New York Metropolis; and making a pathway to legalize current basement and cellar flats in sure areas of New York Metropolis.
As well as, as a part of the FY23 Enacted Finances, the governor introduced a five-year, $25 billion Housing Plan, to create and protect 100,000 reasonably priced properties statewide.
“Greater than 40,000 properties have been created or preserved so far,” she stated.
