NEW ROCHELLE, NY — Governor Kathy Hochul marked the completion of Highgarden Tower, a new development in New Rochelle offering 219 affordable housing units. The $135 million project is strategically located next to the New Rochelle train station and within walking distance to essential amenities, emphasizing its convenience and commitment to transit-oriented development.
Governor Hochul praised Highgarden Tower for enhancing the local housing landscape with its affordable and modern units. “This project not only expands our major investments in New Rochelle but also provides essential on-site support services to enable residents to thrive,” Hochul stated.
This initiative is part of a broader effort by New York State Homes and Community Renewal (HCR) that has resulted in over 4,700 affordable homes in Westchester County in the last five years. Highgarden Tower aligns with Governor Hochul’s comprehensive $25 billion Housing Plan aimed at building or preserving 100,000 affordable homes across New York, including 10,000 units with supportive services for vulnerable populations.
The development offers a mix of units for households earning up to 80 percent of the Area Median Income, with 77 apartments designated for those requiring supportive services such as counseling and financial coaching. Located in a vibrant area, the building is steps away from public transport and local services including healthcare, a supermarket, and recreational spaces.
Highgarden Tower also features 8,000 square feet of community incubator space provided by the City of New Rochelle to foster small business growth and professional development. The building’s design incorporates energy-efficient elements such as water-conserving plumbing and Energy Star appliances.
The project funding includes approximately $45 million in equity from HCR’s Federal and State Low Income Housing Tax Credit program, alongside significant contributions through tax-exempt bonds, state subsidies, and a federal housing trust fund loan. The development also benefited from the Brownfield Cleanup Program, enhancing its environmental sustainability and financial feasibility.
Highgarden Tower is set to be a cornerstone in New Rochelle’s development, offering vital resources and opportunities to its residents.
