The Renaissance at Lincoln Park in New Rochelle, an 11-story affordable housing building, had its formal opening May 2 with a ribbon-cutting ceremony attended by a host of officials. In addition to 179 apartments and parking, the development on Guion Place includes an expanded New Rochelle Boys & Girls Club facility. The five-level parking garage offers 356 spaces for tenants and the community.
The development is a partnership between The NRP Group, the New Rochelle-based nonprofit Guion Renaissance Housing Development Finance Corporation, and Kensworth Consulting.
The 23,400-square-foot stand-alone facility at 116 Guion Place for The Boys & Girls Club of New Rochelle was funded in part with $2 million from New York State Homes and Community Renewal’s (HCR) Community Investment Fund program. The club provides mentoring and quality education programs for more than 3,500 children and teens. The new facility includes a gym, basketball court, recording studio, demonstration kitchen, administrative offices, and additional spaces designed for work and play.
Westchester County Executive George Latimer said, “We are filling a critical need for our residents when we provide more affordable housing opportunities. Westchester County has proven its commitment to developing new affordable housing as well as preserving existing affordable housing, allocating a total of $240 million in funding since 2018. The Renaissance happens to be located in New Rochelle’s revitalization target area, which will greatly contribute to the continued growth of the city’s downtown.”
HCR points out that in the last five years it has created or preserved more than 4,500 affordable homes in Westchester County. It says The Renaissance at Lincoln Park continues this effort and complements Gov. Hochul’s $25 billion comprehensive Housing Plan that will create or preserve 100,000 affordable homes across New York, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.
In a statement, Hochul said, “By bringing these new apartments and a state-of-the-art Boys and Girls Club facility to the city, The Renaissance in Lincoln Park is truly an investment in a brighter and stronger future for New Rochelle.”
Rep. Jamaal Bowman who represents the 16th Congressional District had praise for the housing development, saying, “No one should ever have to choose between putting food on the table or paying their rent. The completion of this development gets us one step closer to dignified housing for all.”
In addition to its mix of studio and one-bedroom and two-bedroom apartments, The Renaissance has a resident lounge, rooftop deck, and fitness center. All apartments are affordable to households earning up to 80% of the Area Median Income.
State financing for the $96 million development included $16.2 million in permanent tax-exempt bonds, $31.5 million in Federal and State Low-Income Housing Tax Credits, and $27.7 million in subsidy from HCR. Additional support was provided by the Interfaith Development Corporation and the Westchester County Housing Infrastructure Fund. Red Stone Equity Partners provided tax credit equity syndication with Bank of New York Mellon as the investor and letter of credit provider.
Jonathan Gertman, senior vice president of development for the NRP Group said, “This project stands as a shining example of what happens when excellent public partners come together with the private sector and the community to say ‘yes’ to bold progress.”
New Rochelle’s Mayor Yadira Ramos-Herbert characterized the opening as a major milestone for New Rochelle that satisfies two crucial community needs: affordable housing and youth programming.
