The Leaf, a new 26-story mixed-income housing development in New Rochelle, has been completed, adding 477 apartments to the city’s downtown. Of these units, 119 are designated as affordable for residents earning up to 60 percent of the Area Median Income. The $297 million project is one of the tallest buildings in New Rochelle and is located near public transit and local amenities.
Governor Kathy Hochul emphasized her administration’s focus on expanding housing options: “My administration is working aggressively to create more housing opportunities in thriving communities like New Rochelle. With the opening of a building like The Leaf, which revitalized a downtown property while providing affordable units close to public transportation, we are increasing the housing supply and ensuring more families have affordable places to live.”
New York State Homes and Community Renewal (HCR) Commissioner RuthAnne Visnauskas noted HCR’s role in financing over 8,000 affordable housing units in the Mid-Hudson Region under Governor Hochul’s $25 billion Housing Plan. “Thanks to HCR’s partnership with the city of New Rochelle, Westchester County, BRP Companies and others, this impressive new development is bringing equitable, affordable housing within walking distance of essential public transportation and a booming downtown. By contributing nearly $50 million in tax credits and bonds to The Leaf, HCR is advancing Governor Hochul’s visionary $25 billion Housing Plan that is creating and preserving essential affordable housing across New York,” Visnauskas said.
The Leaf was developed by BRP Companies on land previously occupied by the New York Covenant Church. The church now occupies space on the first two floors of the building alongside community and retail spaces. The project also features a 20-story mural celebrating New Rochelle’s diversity.
Funding for The Leaf came from multiple sources: HCR provided federal Low Income Housing Tax Credits generating $20.7 million in equity along with $29 million in tax-exempt bonds; Westchester County contributed $5 million; additional support came from local tax abatements and loans from non-profit organizations; private investment was secured through Goldman Sachs, Merchants Capital Corp., KeyBank, Wells Fargo, and BRP Companies.
Senator Chuck Schumer stated: “Every family in Westchester deserves a safe and affordable place to call home. I’m proud that the federal Low-Income Housing Tax Credit that I worked hard to protect and expand has delivered millions to help build nearly 500 units at The Leaf in New Rochelle. These newly constructed apartments will be easily accessible to public transit and feature the largest mural in Westchester County. High housing costs are a key driver of inflation so we must build more housing for working people to bring down those high prices. I applaud Governor Hochul’s work increasing access to housing for working families in Westchester and across New York, and I will continue working to deliver federal resources to deliver more affordable housing across New York.”
Senator Kirsten Gillibrand commented: “All New Yorkers deserve access to safe, secure, and affordable housing, which is key to supporting working families and driving economic growth. I’m grateful that The Leaf housing project will help ensure that New Rochelle residents have access to the housing they deserve, and I will keep fighting to deliver federal funding that increases the supply of state-of-the-art, affordable housing across our state.”
Representative George Latimer said: “We know that our region needs more housing, and this project is a great investment in New Rochelle and our district. Governor Hochul and New York State Homes and Community Renewal have a clear commitment to creating and preserving affordable housing options. With projects like The Leaf coming online, we are closer to our goal of ensuring every New Yorker has a place to call home.”
Local officials also highlighted how The Leaf fits into broader efforts for economic growth underpinned by city planning agreements aimed at encouraging private investment while expanding available homes.
Mayor Yadira Ramos-Herbert remarked: “As New York’s fastest growing city and one of the state’s first Pro-Housing Communities, we know how important it is to ensure our new developments are reflective of the needs and desires of our community. The Leaf is a prime example of this effort. This new mixed-used, mixed-income development is providing New Rochelle with new and affordable homes, state-of-the-art amenities and 3,000 square feet of ground floor retail space – a portion of which will be used to host exciting City programming. I’m so grateful to BRP Companies for bringing their second major development to New Rochelle and adding to the fabric of our vibrant downtown community.”
Governor Hochul’s broader agenda includes measures passed as part of recent budgets such as new tax incentives for developers as well as protections for renters; these initiatives aim both at expanding supply statewide—targeting creation or preservation of 100,000 affordable homes—and at improving affordability for tenants.
Currently there are over 65,000 homes created or preserved through these programs statewide so far; over 350 communities including New Rochelle have received Pro Housing certification granting them access to additional discretionary state funding.
County Executive Ken Jenkins added: “The completion of The Leaf housing development is another powerful step forward in addressing the need for more diverse housing options in Westchester County…I want to thank Governor Kathy Hochul, the City of New Rochelle, and all our partners for their commitment.”
Other partners involved included Interfaith Dwelling Corp., Goldman Sachs Alternatives’ Urban Investment Group Chair Asahi Pompey (“Over the last 25 years…we’ve invested more than $21 billion in affordable housing”), Merchants Capital Senior Vice President Michael Milazzo (“It is an honor…to serve as a financing partner”), among others.
