With thousands of new residents expected to settle in New Rochelle’s burgeoning downtown, it’s important to preserve our socio-economic diversity and ensure that housing opportunities are available at multiple price points.
That’s why the City’s development framework requires at least 10% of new apartments to be offered at below-market rents, with incentives for broader and deeper affordability. When our plans are fully executed, the ratio of market to affordable apartments downtown will shift toward market — after all, more disposable income is necessary to strengthen our business climate — but in absolute numbers, there will be hundreds more affordable units than there are now. In fact, almost 700 have already been approved.
So what’s new today? To help make the process of researching and applying for affordable housing as simple and user-friendly as possible, the City has partnered with the Housing Action Council, which will serve as a one-stop shop with comprehensive information about housing opportunities and application procedures across multiple developments.
It’s one more illustration of New Rochelle’s commitment to inclusive growth from which all of us can benefit.