Governor Hochul announced an investment plan of more than $400 million to create or preserve six affordable housing projects statewide, including more than $100 million for two upcoming Bronx developments in Mount Hope and Melrose, on Monday, April 8, 2024.
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An investment of more than $400 million, including more than $100 million reserved for two Bronx affordable housing developments, will benefit more than 1,000 New Yorkers statewide. Gov. Kathy Hochul announced the six-part investment plan for future affordable housing on Monday, April 8.
The total funding, approximately $412 million in bonds and subsidies, will build and preserve 1,100 affordable homes in the Bronx and Brooklyn — as well as Ontario and Ulster counties — builds on Hochul’s agenda to address the housing crisis and also increase the state’s housing supply.
The two upcoming Bronx developments, La Olazul in the Mount Hope section of the borough, as well as Jericho 158 in the Melrose neighborhood, will create nearly 200 new affordable homes in total.
Upon completion, the 13-story La Olazul property developed by Westhab, Inc. and Vaya Development LLC will include 69 supportive units for homeless adults and families along Jerome Avenue, with more than 11,000 square feet of retail and community space. The project will cost a total of $54.1 million to complete.
Jericho 158 will consist of two buildings with a total of 129 affordable apartments, including 78 supportive units for homeless adults and young adults, at a total cost of $51.8 million. The upcoming project, which will be developed by The Jericho Project and Procida Development Group.
“This funding will generate housing opportunities that are affordable, modern, sustainable and offer the types of services that can improve the lives of more New Yorkers,” Hochul said. “My administration is committed to tackling our state’s housing shortage head on as well as expanding opportunities in…
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