New Affordable Housing Project in Peekskill Praised

New York State, Westchester County and local officials last week lauded a new $51 million affordable housing development at 645 Main Street in Peekskill during a ground- breaking ceremony.

When complete, the project, being constructed by Wilder Balter Partners Inc. and architect L&M Design Inc., will house 18 one-bedroom apartments, 50 two-bedroom apartments and 14 three-bedroom apartments. Amenities for residents include a landscaped courtyard, community room with kitchen, fitness center, laundry room, and a 140-space parking garage.

Rents are set to be affordable to individuals and households with incomes ranging from 40 to 80 percent or less of the Area Median Income. For example, a one-bedroom apartment will be rented for $900 a month.
“This is the kind of project we welcome,” Peekskill Mayor Andre Rainey said. “This is the lead by example project. It really shows what the City of Peekskill is about.”

The five-story development is being built on a two-acre remediated Brownfield site within Peekskill’s Downtown Revitalization Initiative area. It is part of Governor Andrew Cuomo’s $20 billion, five-year affordable Housing Plan administered by New York State Homes and Community Renewal (HRC).

“Creating great homes that are affordable to working New Yorkers is HCR’s central mission,” said HCR Commissioner RuthAnne Visnauskas. “Getting that done while helping to reinvigorate a growing downtown area, like Peekskill, checks all those boxes and more.”

William Balter, president of Wilder Balter Partners Inc., praised city officials for helping him get all the necessary building approvals within a year.

“It’s a tough build, but it’s a challenge we’re up to,” Balter said. “We could not be more pleased to be able to provide this needed affordable and workforce housing in such a walkable location in the downtown of the City of Peekskill.”
Westchester County Executive George Latimer said county officials have been committed to supporting affordable housing projects throughout the county.

“It’s not ruining the community, it’s saving the community,” Latimer said. “This is sized in a way where people can be part of a community. It’s not supposed to be a concentration of people. The COVID-19 pandemic has caused a tremendous financial strain, especially for those with low and moderate incomes, and I am thrilled that New York State Homes and Community Renewal is breaking ground on this $50.8 million dollar development that will provide more than 80 units of essential workforce housing for Peekskill.”

HCR’s investment in 645 Main Street includes $21.9 million in construction and permanent tax-exempt Climate bonds, $12.1 million in federal Low-Income Housing Tax Credit equity and nearly $12.3 million in subsidy. Other State funding includes Brownfield Cleanup Program Syndication Proceeds in the amount of nearly $6 million from the New York State Department of Environmental Conservation and more than $270,000 through the New York State Energy Research and Development Authority’s Low-rise Residential New Construction program. The Westchester County Housing Implementation Fund and the Westchester County New Homes Land Acquisition Fund provided $5.7 million and $2.3 million, respectively.

Peekskill was selected last year as the Round Four winner of the $10 million Downtown Revitalization Initiative (DRI) award in the Mid-Hudson region, inviting people to “Take a Peek …Discover Peekskill!” Its DRI target area includes the downtown and waterfront Transit-Oriented Development District which boasts cultural and educational institutions, an award-winning waterfront and parks system, and a core string of restaurants and boutique retailers.

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