Addressing a vital need for affordable senior housing in New York, Governor Kathy Hochul and Mayor Eric Adams unveiled the completion of a new 117-unit development in the Bronx. Aptly named YP Senior Residence, the project targets older New Yorkers with 37 supportive units catering to those who require additional on-site services. This development represents a part of Governor Hochul's ambitious $25 billion five-year housing plan aiming to create or preserve 100,000 affordable homes across the state, according to the Governor's office.
Mayor Eric Adams expressed his administration's commitment to housing, boasting about its legacy as "the most pro-housing mayoral administration in New York City history," as noted in the press release. The partnership with Governor Hochul is set to continue expanding housing availability at rates that residents can manage financially. YP Senior Residence is designed not only to provide shelter but to foster a community amongst its senior residents, combatting the adverse effects of isolation.
The Morris Heights neighborhood will benefit from the environmentally conscious design of the building, which features sustainable elements like rooftop solar panels, and energy-efficient systems. The YP Senior Residence's financing illustrates a collaborative funding effort, with contributions from various state and city programs, including a Federal Low-Income Housing Tax Credit that generated approximately $35 million in equity, according to the statement released by the Governor's office.
"New York is committed to supporting our more vulnerable communities," stated Governor Hochul in the press release, emphasizing the importance of affordable living for seniors who "help build and shape neighborhoods." These units are designed to allow seniors to remain in their familiar communities, maintaining independence and enjoying amenities that meet their needs. In addition to state and local funding, the project will also offer Project-Based Section 8 vouchers to ensure the affordability of these apartments.
Local officials, including New York City's Department of Housing Preservation and Development Acting Commissioner Ahmed Tigani, remarked on the crucial role older New Yorkers play as "anchors of our communities." Senator Kirsten Gillibrand highlighted the significance of the project for providing "a safe and supportive place to call home" for seniors, as reported by the Governor's office. With the successful completion of YP Senior Residence, stakeholders celebrate the fruition of concerted efforts and reiterate their pledge to housing justice and the wellbeing of older adults.
