Photos of the Event are Available Here
New York State Homes and Community Renewal and Suffolk County Executive Steve Bellone today provided an update on two affordable housing developments, Speonk Commons and Riverview Lofts, to showcase the progress on transit-oriented development and downtown revitalization on the East End.
Representatives from Homes and Community Renewal and County Executive Bellone joined Suffolk County Legislator Bridget Fleming, along with Riverhead Town Supervisor Laura Jens-Smith to tour the construction sites of Speonk Commons, a 38-unit multi-family apartment development that adjoins the Speonk Long Island Rail Road station and Riverview Lofts, a 116 unit mixed-use development overlooking the Peconic River that will include over 100 affordable units and commercial space.
“Our downtowns are the heart of Suffolk County and we continue working to connect them with our mass transit systems, along with our major research and educational institutions,” said County Executive Bellone. “By investing in affordable housing projects such as Speonk Commons and Riverview Lofts, we are ensuring more of our hardworking residents will have access to a home in one of these vibrant, robust downtowns.”
“Affordable homes that combine commercial space and offer easy access to public transportation, retail, and all the conveniences of downtowns is essential to supporting diverse, vibrant Long Island communities,” said HCR Commissioner RuthAnne Visnauskas. “Speonk Commons and Riverview Lofts are shining examples of New York’s commitment to affordable housing that plays an integral role in helping families and neighborhoods thrive.”
Suffolk County Legislator Bridget Fleming said: “The high cost of housing and property taxes have put Long Island in danger of losing its young working-age population, key to a vibrant economy and growing our communities. At the same time, we are a coastal community with a special obligation to reduce carbon emissions by getting out of our cars and into walkable downtowns near jobs, shopping and medical centers, and public transportation. I am proud that the County’s Affordable Housing Opportunities Program and other infrastructure projects, like the Riverside traffic roundabout, can assist local governments and private developers in meeting these challenges. We have a long way to go but our goals are clear. And these important projects show government listening and responding to the needs of the community. I’m proud to be part of it.”
Riverhead Town Supervisor Laura Jens-Smith said: “Riverhead knows the importance housing plays in revitalizing downtowns. When new development can be close to major hubs of transportation, like our train station and bus routes, this only enhances the quality of life for our residents living downtown. Suffolk County has shown its commitment to those efforts by awarding Riverhead over $800,000 in funds towards our downtown revitalization.”
Georgica Green Ventures, LLC President and Founder David Gallo said: “Georgica Green Ventures, LLC is dedicated to providing quality affordable housing on the East End. Speonk Commons and Riverview Lofts are the result of collaborative partnerships with Suffolk County, the Town of Southampton, and the Town of Riverhead and the local communities. We sincerely thank Suffolk County and Executive Steve Bellone, Legislators Bridget Fleming and Al Krupski, NYS Homes and Community Renewal, the Town of Southampton and Supervisor Jay Schneiderman, the Town of Riverhead and Supervisor Jens-Smith, the Office of the Attorney General, and our other funding partners. We’re excited to show how affordable housing can complement all communities.”
HCR has invested state and federal Low Income Housing Tax Credits in Speonk Commons that will generate more than $16.4 million in equity, as well as $3,146,676 from the Housing Trust Fund. HCR financing for Riverview Lofts includes $11 million in tax-exempt bonds, state and federal Low Income Housing Tax Credits that will generate more than $17.3 million in equity, and $15.75 million in subsidy. The Governor’s Office of Storm Recovery provided $6.5 million in federal Community Development Block Grant Disaster Recovery fund.
Suffolk County has contributed over $4 million to create these two unique affordable housing developments. In addition, the County has awarded over $800,000 towards beautification and revitalization efforts in the Town of Riverhead.
The developments are part of New York State’s efforts to provide all New Yorkers with access to safe, affordable housing through the State’s unprecedented $20 billion, five-year Housing Plan. The plan makes housing accessible and combats homelessness by building or preserving more than 100,000 affordable homes and 6,000 with supportive services. The plan is a comprehensive approach to statewide housing issues and includes multifamily and single-family housing and community development.
Speonk Commons will consist of six two-story buildings with 38 affordable apartments, 4,357 square feet of commercial space and 3,022 square feet of community space. The development will include 5 units reserved for residents earning up to 50% of area median income (AMI), 28 units will be available to residents earning up to 60% AMI and 4 units will be available to residents earning up to 90% AMI. Georgica Green Ventures, LLC and the Town of Southampton Housing Authority are the Co-Developers.
Riverview Lofts will be a five story mixed-use development that will consist of 116 affordable units and 12,000 square feet of commercial space. Eighty-seven units will be available to residents earning up to 60% area median income (AMI), 13 units available to residents earning up to 90% AMI, and 15 units available to residents earning up to 130% AMI. Georgica Green Ventures, LLC is the developer.
Both projects complement County Executive Bellone’s Connect Long Island Initiative, a regional transportation and development plan that promotes long-term economic growth in Suffolk County through a model of increased access and mobility by alternative modes of transportation. The plan supports investments in regional mass transit systems, such as the Long Island Rail Road, the implementation of new transit modes, the creation of transit-oriented developments and the connection of these transit-oriented developments and downtown areas to major research and educational institutions.