SCHENECTADY — Gov. Kathy Hochul on Thursday announced $25 million in funding for the ongoing redevelopment of the Yates Village public housing complex, which recently entered its second and final phase of construction.
The $87 million project, which began late last year, will see six buildings originally constructed in 1948 torn down and replaced with 37 smaller buildings that will house 211 apartments.
“The need for affordable and supportive housing has been exacerbated by the pandemic throughout New York and it’s essential we take the steps necessary to ensure every New Yorker has a roof over their head,” Hochul said in a statement.
Funding for Yates Village, operated by the Schenectady Municipal Housing Authority, is part of a broader $991 million in state funds announced Thursday to create or preserve more than 3,200 units of affordable and supportive housing units across New York.
Phase I of the Yates Village redevelopment project was completed last year. The project, which included 64 new and 25 renovated apartment units, cost $27 million.
The ongoing rehabilitation project is being paid for through a series of public grants and a partnership with Pennrose and Duvernay + Brooks, two real estate development firms that will temporarily assume ownership of the housing complex in the decades ahead.
Construction on Phase II began last year and is expected to be completed sometime next year.