“As we work to expand affordable housing opportunities across the entire state, it is essential that we also continue to invest in the homes we already have,” says Gov. Andrew Cuomo. “By investing in quality apartments and extending affordability for another four decades, New York is ensuring residents on Staten Island have access to safe, decent homes for years to come.”

“The financial restructuring of Fox Hill Apartments is a true public-private partnership which preserves the affordability of 362 apartments for the next 40 years while enabling much needed renovations to be completed at the property,” says Fox Hill Housing manager Joel Gluck. He additionally thanked HCR, HPD, HUD, Wells Fargo and elected officials.

Park Hill Management completed the project within 19 months without relocating the tenants. The developer provided an additional $1.2 million from outside the development budget to fund the work, according to Rockabill Consulting-Development president Niall Murray.

Governor Cuomo has emphasized affordable housing as a top concern for New York, including stepping into the complicated, widely-publicized NYCHA property maintenance and service disputes.

New York State has committed $20 billion in a five-year plan to create or preserve 100,000 affordable homes and 6,000 supportive services. The plan includes multifamily and single-family housing, community development, and rent stabilization.