The state awarded $5.7 million in financing to Vineyard View, a project aiming to bring 50 affordable apartments to Greenport.
It’s part of more than $200 million awarded to fund affordable housing projects around the state that Governor Andrew Cuomo announced Thursday.
The Vineyard View project would feature seven buildings containing 14 one-bedroom, 22 two-bedroom and 14 three-bedroom apartments on a 17.2-acre site on County Road 48 in Greenport.
Representatives from Conifer Realty, LLC first unveiled the proposal to the public in December. Conifer Realty and the Community Development Corporation of Long Island, which are in partnership on the project, applied for the low income housing tax credits, according to Southold Town government liaison officer Denis Noncarrow.
“That’s fabulous news,” he said of the financing. Without any subsidies, the affordable housing project would run at a loss every month, he said.
At a public hearing before the Southold Town Planning Board last Monday, Conifer Realty vice president Allen Handelman said the units would remain affordable for 50 years under a regulatory agreement, with rents mandated by the state and indexed to the area median income.
Residents who spoke at the hearing showed support for the project, citing the long-discussed need for local affordable housing.
Some speakers also asked that an environmental impact study be conducted, citing concerns for nearby wetlands. Other also asked for a new traffic impact study for the area.
The project’s site plan is still under Planning Board review.
The state’s stake in the offering funding for affordable housing projects is to revitalize communities and generate economic activity, according Thursday’s announcement.
“This investment is a significant milestone in New York’s $20 billion housing and homelessness plan, and a giant step forward in our efforts to increase access to homes for families, seniors and our most vulnerable men and women across the state,” Mr. Cuomo said in a statement. “These resources will help the region build affordable, stronger, better neighborhoods for our residents for generations to come.”