ALBANY – Governor Kathy Hochul has awarded nearly $2 billion in housing bonds and subsidies to 24 housing developments located in communities across New York State that will create or preserve more than 6,600 affordable, supportive, sustainable, and modern homes. The awards are part of the Governor’s $25 billion five-year Housing Plan, which is on track to create or preserve 100,000 affordable homes statewide, according to the Governor’s Office.
While most of the money is going to eight projects in New York City and six in Western New York, $110 million is earmarked for a project in the City of Poughkeepsie. The Wallace Campus, approved by the city planning board in 2022, is a mixed-use development on a 2.5-acre consolidated lot in the eastern half of the city block surrounded by Main Street, Catharine Street, and Mill Street, within the center of the Poughkeepsie Innovation District (PID) redevelopment area. The redevelopment plan includes three main buildings, the former Wallace Department store, and two new buildings.
The proposed Wallace Campus is a 187-unit affordable and supportive housing development that includes the transformation of a former department store as well as new construction. All units will be affordable to households earning up to 80 percent of the Area Median Income. Developed by Mega Development and Ametrine Group. The non-building elements of the project include a large landscaped open space within the center of the campus, called “Wallace Green”, open to the public on the same schedule as public parks in the City. The project also provides a new pedestrian connection between Main Street and Mill Street at Conklin Street. The project, when proposed, received strong support from then-Mayor Rob Rolison, who now represents Poughkeepsie in the state senate.
“These investments reflect my commitment to creating quality, modern homes that enrich communities and are making New York more affordable for a wide array of households, including families and seniors,” Governor Hochul said.“By coupling State financing tools with private resources, we are generating more than $3 billion in overall investment that will improve neighborhoods, reduce energy costs and provide thousands of affordable housing options across every region of the State.”
Financing is allocated through New York State Homes and Community Renewal’s recent bond issuances, which provided $865 million in housing bonds and $990 million in subsidies. All awarded projects will achieve high levels of sustainability and carbon reduction, complementing New York’s mission to address climate change by decreasing emissions by 85 percent by 2050 across all sectors. When coupled with additional private funding and resources, the projects receiving funding are expected to generate $3.5 billion in overall investment.
Another proposed housing project, a block away at the former Up To Date building, has also received millions of dollars in state grants, but the project has stalled, and no signs of work are visible at the building. .
Eight projects in New York City are receiving $683 million and four projects in the Capital Region are splitting $344 million. Six projects in Western New York are sharing $350 million, while two in the Central Region are sharing $271 million. Two Finger Lakes Region projects are splitting $98 million, while the remaining $110 million is going to the only Mid-Hudson Region project; the Wallace Campus in Poughkeepsie.
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