Hochul Provides $152M in Financing to Two NYC Affordable Housing Projects
By Mark Hallum April 10, 2026 1:14 pm
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Gov. Kathy Hochul’s administration is providing $350 million in housing bonds and subsidies to affordable housing developments in New York state, including two major financings in New York City.
The larger of the two financings will provide $79 million to Housing Plus Solutions and Spatial Equity’s project at 729 Van Sinderen Avenue in Brooklyn’s New Lots neighborhood. The 11-story building is set to include 193 units, 116 of which will be set aside for supportive housing, the governor’s office announced Friday.
Meanwhile, about $73 million will go toward the construction of an 11-story residential building at 431-441 Concord Avenue in the Bronx’s Mott Haven neighborhood. Dubbed Taryn Tower, the 142-unit building is being developed by Carthage Advisors and Rester Management and will feature apartments affordable to households earning at or below 70 percent of the area median income.
“These investments are another major step forward in our mission to expand housing opportunities in every corner of the state and make New York more affordable,” Hochul said in a statement. “By leveraging public and private resources, we are creating and preserving hundreds of high-quality, energy-efficient homes while strengthening communities and supporting economic growth.”
The broader $350 million investment in New York state — including in Long Island, the Capital Region and Mohawk Valley — is part of a larger $25 billion package of bills greenlighted by state lawmakers starting in fiscal year 2023 as a five-year comprehensive effort to expand options in New York and replace aging housing stock.
“The $79 million in funding for the 729 Van Sinderen Avenue location will create 193 safe, modern and affordable supportive housing units for our Brooklyn families and strengthen our communities,” State Sen. Roxanne Persaud of Brooklyn said in a statement.
As part of the fiscal year 2027 budget, Hochul plans to build or renovate 100,000 affordable homes statewide. She also released a plan to cut red tape for construction through the State Environmental Quality Review Act, which was announced in her 2026 State of the State speech in January.
Mark Hallum can be reached at mhallum@commercialobserver.com.
