HCR - New York State Homes and Community Renewal
05/02/2024 | Press release | Distributed by Public on 05/02/2024 13:59
Governor Hochul Announces Completion of 179-Unit Mixed-Use ...
Governor Kathy Hochul today announced completion of The Renaissance at Lincoln Park, a $96 million affordable housing development in New Rochelle that will provide 179 mixed-income apartments, an expanded Boys & Girls Club facility, and 356 parking spaces for tenants and the community.
"This new development brings critically needed affordable housing to Westchester County and continues the important revitalization efforts that are happening in downtown New Rochelle," Governor Hochul said. "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."
In the last five years, New York State Homes and Community Renewal has created or preserved more than 4,500 affordable homes in Westchester County. The Renaissance at Lincoln Park continues this effort and complements Governor Hochul's $25 billion comprehensive Housing Plan that will create or preserve 100,000 affordable homes across New York, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.
The Renaissance at Lincoln Park features 179 studio, one- and two-bedroom apartments, as well as a resident lounge, rooftop deck, and fitness center in an 11-story building. All apartments are affordable to households earning up to 80 percent of the Area Median Income.
The development includes a 23,400-square-foot stand-alone facility for The Boys & Girls Club of New Rochelle, funded in part with $2 million from HCR's Community Investment Fund program. The club provides mentoring and quality education programs for over 3,500 children and teens, and includes a gym, basketball court, recording studio, demonstration kitchen, administrative offices, and multiple spaces designed for work and play.
The complex also includes a five-level garage with 356 parking spaces for residents and the community.
The development, which utilizes highly efficient lighting and appliances, has obtained the EPA's ENERGY STAR® Multifamily High-Rise and Enterprise Green Communities certifications.
The development is a partnership between The NRP Group, the New Rochelle-based nonprofit Guion Renaissance Housing Development Finance Corporation, and Kensworth Consulting.
State financing for the $96 million development included $16.2 million in permanent tax-exempt bonds, $31.5 million in Federal and State Low-Income Housing Tax Credits, and $27.7 million in subsidy from HCR. Additional support was provided by the Interfaith Development Corporation and the Westchester County Housing Infrastructure Fund.
Red Stone Equity Partners provided tax credit equity syndication with Bank of New York Mellon as the investor and letter of credit provider.
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "The Renaissance at Lincoln Park represents what is possible when we take on ambitious projects that expand access to quality housing opportunities and services that benefit an entire community. Not only will this development provide 179 homes, but generations of children stand to benefit from the new Boys & Girls Club and downtown New Rochelle will be enriched for years to come by this visionary investment. We thank all our partners who contributed to the completion of this project and for helping to build a brighter and stronger future for so many."
Representative Jamaal Bowman said, "In the face of the housing and affordability crises that are impacting people across NY-16, we have to make bold investments in high-quality, climate resilient, permanently affordable developments. The completion of The Renaissance at Lincoln Park will not only create affordable housing options for hundreds of New Rochelle families, it will also revitalize the Boys & Girls Club so that everyone has a safe, green place to live and learn. No one should ever have to choose between putting food on the table or paying their rent. The completion of this development gets us one step closer to dignified housing for all."
State Senator Nathalia Fernandez said, "The completion of The Renaissance at Lincoln Park is a significant step forward for New Rochelle, offering affordable apartments and a new Boys & Girls Club. This project is a testament to strong community partnerships and sustainable building practices, creating a vibrant community hub where families can thrive and grow together."
Assemblymember Amy Paulin said, "I'm so excited about the completion of The Renaissance at Lincoln Park. It is wonderful to have this high-quality, affordable housing in the heart of the Lincoln Avenue corridor. I'm also thrilled that Boys & Girls Club of New Rochelle will have a new and improved clubhouse space at The Renaissance. Thank you to Governor Hochul, Westchester County, the City of New Rochelle and the many groups and agencies that made this public/private partnership a success."
Westchester County Executive George Latimer said, "We are thrilled to celebrate the grand opening of The Renaissance at Lincoln Park, a brand new, state-of-the art facility that will benefit the City of New Rochelle in a variety of ways. First and foremost, we are filling a critical need for our residents when we provide more affordable housing opportunities. Westchester County has proven its commitment to developing new affordable housing as well as preserving existing affordable housing, allocating a total of $240 million in funding since 2018. The Renaissance happens to be located in New Rochelle's revitalization target area, which will greatly contribute to the continued growth of the City's downtown. And, the development includes an expanded facility for The Boys and Girls Club of New Rochelle, which will serve as a centralized location to deliver relevant, impactful programs to young people in the community."
New Rochelle Mayor Yadira Ramos-Herbert said, "Today marks a major milestone for the City of New Rochelle with the completion of The Renaissance at Lincoln Park. With 179 new affordable apartments and a new and improved Boys & Girls Club, this innovative development satisfies two crucial community needs - affordable housing and youth programming. I can think of no better addition to our City than The Renaissance at Lincoln Park, and I know that the hundreds of New Rochelle residents who will benefit from it share my gratitude and excitement."
Senior Vice President of Development for the NRP Group Jonathan Gertman said, "Delivering The Renaissance at Lincoln Park and this stunning Boys & Girls Club facility to New Rochelle was a true privilege and a unique opportunity to positively impact generations of children and families," said Jonathan Gertman, Senior Vice President of Development at The NRP Group. "This project stands as a shining example of what happens when excellent public partners come together with the private sector and the community to say 'yes' to bold progress. We thank the City of New Rochelle, Westchester County, the Interfaith Development Corporation, and particularly New York State Homes and Community Renewal for their unwavering commitment to this endeavor."
CEO of Boys & Girls Club of New Rochelle Becky Mazzanobile said, "Remington is the first youth development facility built in New Rochelle in over 40 years. but in the Lincoln Park community, this clubhouse is more than a building - it represents hope and opportunity for youth and families too often left behind. Seventy-one percent of our Remington members qualify for free or reduced lunch, 96 percent are diverse, and most hail from households that earn between $30,000 and $35,000 annually. This facility will allow us to offer impactful programs to more than double the number of kids and teens compared to our old clubhouse, allowing us to grow in scale and accelerate our positive impact in the community."