New York State Homes and Community Renewal Announces Completion o...

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas today announced the completion of Homesteads on Grand, a $32 million, 72-unit mixed-use affordable and supportive development in the heart of Johnson City, Broome County. Homesteads on Grand is a key project under Governor Kathy Hochul's Downtown Revitalization Initiative (DRI) and has transformed a vacant site into modern, affordable apartments and commercial space that support the village's long-term economic growth. Under Governor Hochul's leadership, New York State Homes and Community Renewal (HCR) has created or preserved more than 1,200 affordable homes in Broome County. Homesteads on Grand continues this effort and is part of the Governor's $25 billion five-year Housing Plan, which is on track to create or preserve 100,000 affordable homes statewide.

"By turning a long-vacant site into quality, sustainable new homes, we are making it more affordable to live in Broome County while at the same time strengthening the Southern Tier economy," Governor Hochul said. "My administration is committed to making more projects like Homesteads on Grand possible and putting our housing and economic development strategies to work to create vibrant communities that will uplift villages like Johnson City and give residents the opportunities they deserve."

"To invest in affordable housing that brings vacant sites back to life is to invest in a community's future," Commissioner Visnauskas said. "These 72 new apartments in Johnson City will create affordable, supportive homes with access to employment, education, health care, and everything this community has to offer. Homesteads on Grand is a terrific example of our Pro-Housing Communities program at work growing our housing supply and making villages like Johnson City better, more affordable places to live. Thanks to Governor Hochul, Regan Development, SEPP, and our partners in government. And congratulations to all the residents who will call Homesteads on Grand home."

Developed by Regan Development Corporation and SEPP, Inc., Homesteads on Grand is close to Binghamton Pharmacy School, UHS Hospital, and SUNY Binghamton University, and is within walking distance to shops, restaurants, and services. The project also brings new life to a site with deep roots in Johnson City's history. It was previously home to a foundry, then home to the Philadelphia Sales store, a longtime community landmark known locally as "Phillies," and was later left vacant. The project transformed it into affordable housing and commercial space, honoring the site's place in the community while contributing to the continued revitalization of Johnson City.

The development offers 12 supportive apartments for residents who will receive on-site services through the YMCA of Binghamton and Broome County. The supportive apartments are funded by an Empire State Supportive Housing Initiative and administered by the New York State Office of Mental Health.

The all-electric building features on-site solar generation, high-efficiency appliances and Air-Source Heat Pump (ASHP) systems as well as centralized ASHP water heaters that work to reduce overall operation costs of the building. Residents will benefit from the Energy Recovery Ventilations system that improves the Indoor Air Quality and will be able to take advantage of common spaces, including a community room with kitchen and a playground.

Units will be affordable for households earning up to 70 percent of the Area Median Income. There are eight units to accommodate residents with mobility disabilities and three units to accommodate residents with sensory disabilities.

Johnson City was named the Southern Tier winner of the sixth round of the DRI in 2023. Other DRI awardees in the region include Elmira, Watkins Glen, Owego, Hornell, Endicott, Norwich, Binghamton, Ithaca, Roxbury and Grand Gorge. The award is helping Johnson City revitalize its downtown area and generate new opportunities for long-term growth following the local planning process. DRI investments are part of the Governor's ongoing efforts to revitalize the economy and create more opportunities in the Southern Tier.

Financing for Homesteads on Grand includes a mix of public and private sources, including Federal and State Low-Income Housing Tax Credits from HCR that are expected to generate more than $18 million in equity, along with more than $6.5 million in HCR subsidy and $1 million through the New York State Department of State's DRI. The New York State Office of Mental Health provided a $116,000 program grant. The project benefits from $396,000 from the Clean Energy Initiative funding, a partnership between HCR and the New York State Energy Research and Development Authority. The project also received $800,000 through Broome County's ARPA program. The site is participating in the New York State Department of Environmental Conservation's successful Brownfield Cleanup program and may be eligible for $3.7 million in tax credits.

New York Secretary of State Walter T. Mosley said, "Homesteads on Grand is a great example of what happens when a community has a clear vision for its future and strong partners willing to invest in making that vision a reality. Governor Hochul has made expanding the availability of safe, affordable housing a top priority, and projects like Homesteads on Grand are helping turn that commitment into homes and opportunities for New Yorkers. Through the Downtown Revitalization Initiative, we are proud to support projects that strengthen our downtowns, expand housing opportunities and create communities where people can live, work and thrive."

New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, "Investing in modern building systems and technologies helps strengthen the long-term affordability and quality of New York's housing market. Homesteads of Grand in Broome County not only demonstrates how all-electric systems and high efficiency appliances can be adopted to meet the needs of the community, but also ensures comfortable living spaces that are more affordable to operate."

New York State Department of Environmental Conservation Commissioner Amanda Lefton said, "The Homesteads on Grand project in Johnson City is the latest successful use of New York State's Brownfield Cleanup Program to further advance Governor Hochul's tireless efforts to increase affordable housing statewide. DEC is proud of the results the Brownfield Cleanup Program helps achieve as a critical community revitalization tool in the Southern Tier and across the state, helping clean up environmental pollution to protect public health and the environment and support sustainable development."

New York State Office of Mental Health Commissioner Dr. Ann Sullivan said, "New units at Homesteads on Grand will provide stable and dignified housing with ready access to supportive services, promoting recovery for individuals living with mental illness and other challenges. The Empire State Supportive Housing Initiative reflects Governor Hochul's steadfast commitment to ensuring that all New Yorkers, including individuals living with mental illness and experiencing homelessness, can live and thrive in their community."

Senator Chuck Schumer said, "Every family in the Southern Tier deserves a safe and affordable place to call home. I'm proud that the federal Low-Income Housing Tax Credit I've fought tirelessly to preserve and expand has delivered millions to build 72 new all-electric apartments at Homesteads on Grand in Johnson City. High housing costs are a key driver of inflation, so we must build more housing for working people to bring down those high prices. I commend Governor Hochul for investing in creating and preserving affordable housing in Broome County, and I will continue working to secure the federal resources needed to support these efforts and the New Yorkers who depend on them."

Senator Kirsten Gillibrand said, "Every family deserves a safe and affordable place to call home. The completion of Homesteads on Grand will bring much-needed affordable housing units to Johnson City, helping to revitalize downtown and increase affordability. I look forward to seeing the positive impact this project will have and will continue to fight for federal funding to make affordable housing accessible for all New Yorkers."

Representative Josh Riley said, "Upstate New Yorkers are getting crushed by skyrocketing housing costs and too many families can't find a decent place to rent - let alone buy. We need to be doing everything we can to make housing more affordable, and Homesteads on the Grand is exactly the kind of development we should be investing in to make that happen. I'm going to keep fighting to cut red tape and deliver the federal resources we need to make sure every Upstate family has a safe, comfortable, and affordable place to call home."

State Senator Lea Webb said, "Housing access and availability impacts every aspect of someone's life, from job readiness to health and mental health. The ribbon cutting at Homesteads on Grand in Johnson City represents new opportunities for our community to access resources. The building includes high-speed broadband services at no additional cost, making it easier for residents to get connected to the internet. The building will also feature all electric, high efficiency equipment to ensure it adheres to our sustainability standards. I am excited for our community to have access to this new building and for the increase in housing availability in our area."

Assemblymember Donna Lupardo said, "Access to quality, affordable housing is critically important to the health and well-being of a community. Homesteads on Grand will provide much-needed housing for individuals and families, including for those who need additional supportive services. It will also put residents in close proximity to medical care, education, and other resources. I'm very happy to see this project completed and want to thank Regan Development, SEPP, the YWCA, and all of our state and local partners for making it possible."

Broome County Executive Jason Garnar said, "The Homesteads on Grand Avenue are a great addition to our community, providing quality, affordable housing while bringing new life to this property. Broome County is proud to have helped make this possible and we're grateful to SEPP, NYSERDA, NYS Homes and Community Renewal, and all our other state and local partners who helped bring this development to life."

Union Town Supervisor Robert Mack said, "It is encouraging to see much-needed housing opportunities becoming a reality in our community. Broome County continues to face a shortage of housing options across all levels, and developments like this represent meaningful progress toward addressing that need. We must remain committed to expanding housing opportunities and supporting thoughtful development that strengthens our communities and provides residents with more options for a safe, stable place to call home."

Johnson City Mayor Christina Charuk said, "I'm pleased to celebrate the ribbon cutting of Homesteads on Grand, a $32 million investment bringing 72 new affordable homes and 6,200 square feet of community-focused commercial space to Johnson City. As a Pro-Housing Community, Johnson City believes that everyone deserves access to safe, dignified, and affordable housing. Projects like Homesteads on Grand show what can be accomplished when we make housing a priority and bring developers, community organizations, and government agencies together to turn good will into action. But this is just the beginning. We look forward to welcoming more developers, community groups, and agencies to Johnson City and, most importantly, creating more opportunities for the people who want to call our community home."

Regan Development Corporation President Larry Regan said, "Regan Development has been proud to partner with HCR, OMH, NYSDOS, NYSDEC, Broome County, the Village of Johnson City and SEPP to successfully build on the efforts of Governor Hochul provide more affordable housing rental units for Southern Tier residents. Regan Development has found a receptive home in Broome County and plans to continue to deliver more new state-of-the-art energy, efficient housing to Southern Tier communities."

YWCA of Binghamton and Broome County Executive Director Alanna Shaikh said, "The YWCA of Binghamton and Broome County is incredibly proud to be part of Homesteads on Grand and to help bring this beautiful new housing community to Johnson City. It has been a pleasure working alongside Regan Development and our community partners to make this project a reality. For the 12 families we will serve, Homesteads on Grand provides the stability, support, and opportunity that come with having a safe and permanent home. We are grateful to be part of a project that demonstrates what is possible when housing and supportive services come together to strengthen individuals, families, and our community."

J.P. Morgan Community Development Banker Jane Silverman said, "We are proud to provide the construction debt financing for Homesteads on Grand, which shows how thoughtful investment can expand affordable housing while advancing a more sustainable future. We believe strong communities create opportunity and stability, and this development advances both - 72 high-quality apartments in an energy-efficient building, along with amenities and a planned daycare that help working families thrive. Together with Regan Development, the SEPP group and our public and private partners, we're contributing to building a stronger Johnson City for years to come."

Regions Affordable Housing, LLC Executive Vice President and Co-Head of Originations Victor Sostar said, "Regions Affordable Housing is honored and privileged to have partnered again with Regan Development on Homesteads on Grand Avenue. Over the years we have invested in 24 of Regan's affordable housing projects and with each new development Regan continues to raise the bar of what defines quality affordable housing. The Regans are adept at identifying communities most in need and accessing resources to make it a reality. In addition to providing quality housing, Regan's projects are a catalyst for economic development. And Homesteads on Grand is a great example. Here in New York State, we are fortunate to have an administration committed to creating housing for all residents. In no other state will you find a myriad of subsidy programs specifically designed for affordable housing and related services."

Governor Hochul's Housing Agenda Governor Hochul is dedicated to addressing New York's housing crisis and making the State more affordable and livable for all New Yorkers. Since FY23, the Governor has worked to increase housing supply to make housing more affordable by launching a $25 billion five-year comprehensive Housing Plan, enacted the most significant housing deal in decades and implemented new protections for renters and homeowners. Under Governor Hochul's leadership, HCR has created new programs that jumpstart development of affordable and mixed-income homes - for both renters and homebuyers. These include the Pro-Housing Community Program, which allows certified localities exclusive access to up to $750 million in discretionary State funding. There are currently more than 450 certified Pro-Housing communities throughout the state, including the village of Johnson City.

As part of FY27 Budget, Governor Hochul secured a number of landmark reforms to New York's State Environmental Quality Review Act (SEQRA) to speed up housing and infrastructure development and lower costs as part of her "Let Them Build" agenda. "Let Them Build" also includes executive actions to expedite critical categories of projects that have been consistently found to not have significant environmental impacts, but for too long have been caught up in red tape and subject to lengthy delays.

The FY27 Executive Budget completes the Governor's current five-year Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations plus the electrification of an additional 50,000 homes. More than 87,000 affordable homes have been created or preserved to date. The Executive Budget also invests $250 million in capital funding to accelerate the construction of thousands of new affordable homes.