New York State Homes and Community Renewal last week approved $250 million of bonds for affordable housing developments across the state.
HCR is an umbrella agency that includes the New York State Housing Finance Agency and the State of New York Mortgage Agency bond issuers.
Three of the approved projects were in New York City.
HFA approved $87 million of bonds for an entity controlled by Starrett Corp. to renovate a 672-unit Mitchell Lama affordable rental housing project in Coney Island, Brooklyn, called Bay Park Towers.
Glenwood Management Corp. plans to use the proceeds of $65 million of bonds to finance a 25-story, 199-unit multifamily apartment tower on West 39th Street near the Port Authority Bus Terminal in Manhattan. The developer will reserve 20% of the units for low-income tenants.
The HFA also approved $11.5 million of bonds to build a 66-unit affordable housing project for seniors in Far Rockaway, Queens, by an entity controlled by the Allen A.M.E. Neighborhood Preservation and Development Corp.
Some of the other HFA deals that received approval include $17.8 million of bonds for the 12-story Warburton Riverview Apartments in Yonkers by L+M Development Partners; $17.1 million of bonds for the 92-unit Roundtop Commons Apartments complex in Cortlandt by Wilder Balter Partners and the Housing Action Council Inc.; and $21 million of bonds to finance the 131-unit Erie Harbor Apartments Rochester by Conifer Realty LLC, which will include 27 low-income units.