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Construction Announced of $32.3 Million Affordable Housing Development in Nassau County

Written by Chris Boyle  |  08. July 2021

Governor Andrew M. Cuomo has announced the start of construction on a $32.3 million affordable housing development that will further revitalization of an underused stretch of waterfront in the Nassau County city of Glen Cove. Financed through the New York State Homes and Community Renewal, the project at Garvies Point will provide 55 energy-efficient homes for working families, including nine units adapted for individuals with mobility, hearing or visual impairment.
 
"An important component of building back our state better than it was before is ensuring that all working families have a safe, affordable place to call home," Governor Cuomo said. "This project will provide critical affordable housing in Glen Cove, while also continuing the city's ongoing effort to transform this once-underutilized swath of waterfront into a vibrant community."
 
The project will construct two four-story buildings with 55 apartments that are affordable based on the area median income. Developed by Georgica Green Ventures, LLC, the project includes six units that will be fully adapted for individuals with a mobility impairment and three units adapted for tenants with a hearing or visual impairment. The United Spinal Association and Cleary School for the Deaf will provide tenant referrals for the accessible units. 
 
Amenities will include laundry rooms, bike storage, a children's playroom, gymnasium, community room, and on-site parking. The development's design is consistent with the historic character of the neighborhood's waterfront area while also meeting Enterprise Green Communities Criteria and US Green Building Council LEED Silver Certification.
 
State support for the project includes the allocation of federal low-income housing tax credits that will generate about $13.4 million in equity and $7.7 million in subsidy from the state Homes and Community Renewal. Additional financing includes an $8.4 million subsidy from Barings and $900,000 in Nassau County HOME funds.  
 
The development continues the city's larger revitalization effort already underway to create new housing, retail, and recreational space on the underutilized Glen Cove waterfront. Surrounding the development are additional condominium and rental units, an amphitheater, retail stores, restaurants, and recreational space.
 
The project is also part of Governor Cuomo's unprecedented $20 billion, five-year affordable housing plan. The Governor's plan will provide all New Yorkers with access to safe, affordable housing by building and preserving more than 100,000 units of affordable housing and 6,000 units of supportive housing. Since 2011, New York State Homes and Community Renewal has invested $366 million in Long Island to create or preserve nearly 3,000 affordable homes.    
 
Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "Our $32.3 million investment in this new development at Garvies Point will enable 55 households to live affordably along Glen Clove's revitalized waterfront area. Affordable and energy-efficient rental housing for working families is key to sustaining thriving local economies and promoting inclusive, healthy communities. Congratulations to Georgica Green Ventures for bringing this new development to fruition."  
 
Georgica Green Ventures LLC President David Gallo said, "Affordable, quality housing is desperately needed throughout Long Island and has a place in all communities. It's exciting and satisfying to bring this project to the vibrant City of Glen Cove, as part of an ambitious revitalization of the waterfront. Georgica Green Ventures, LLC believes that affordable housing options like this one, build a strong community. We hope that Georgica's Garvies Point development can serve as a model to other cities, towns and villages, demonstrating living well on Long Island is a reachable goal for everyone."
 
Assemblymember Charles D. Lavine said, "I am very proud of this project which will provide affordable housing and a boost to the North Shore economy. It is yet another stepping stone in the continuing evolution of a revitalized Garvies Point waterfront."
 
Nassau County Executive Laura Curran said, "This project is a great example of how government can partner with the private sector to provide affordable places for people to live while delivering much needed economic development for our communities. I look forward to continuing our revitalization efforts and attracting more investments into Glen Cove."
 
Glen Cove Mayor Tim Tenke said, "Georgica Green, under the leadership of Dave Gallo will be developing 55 units of rental housing for low-moderate income families here at beautiful Garvies Point. Residents will be able to enjoy acres of public amenities and waterfront access right in their backyard, within walking distance of the City's vibrant downtown. Units will remain affordable for decades to come, securing housing for all sectors at the Glen Cove Waterfront."

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