By Hank Russell
A village is getting part of a $350 million housing bond and subsidy grant that will create or preserve 750 affordable, supportive, sustainable and modern apartments across the state.
The Village of Great Neck will receive $22 million for a senior housing project. This includes the acquisition and rehabilitation of a senior housing development with 75 affordable apartments for seniors 55 years or older. Seventy-four apartments are affordable to households earning at or below 50% of the Area Median Income, with the remaining unit occupied by a superintendent.
The project is being developed by Georgica Green Ventures, LLC and the Village of Great Neck Housing Authority.
Village Mayor Dr. Pedram Bral. called the funding “a transformative investment,” adding, “This funding will help the Great Neck Housing Authority enhance services and improve housing, ensuring our seniors live with greater dignity and comfort.”
The awards are part of Governor Kathy Hochul’s five-year, $25 billion Housing Plan, which is on track to create or preserve 100,000 affordable homes statewide. Financing is allocated through New York State Homes and Community Renewal’s recent bond issuances, which provided $234 million in housing bonds and $114 million in subsidies.
“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. “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.”