New Rochelle expands downtown housing with 4500 rental units and 157 affordable units

New Rochelle is witnessing a significant transformation in its housing landscape, with the City Council highlighting key developments during their recent meeting. The council reported that 23 projects have been completed, contributing to a total of 4,500 rental units currently leasing in the downtown area, which boasts a remarkable 90% occupancy rate. This surge in housing has attracted approximately 7,000 new residents, with 22% of them coming from within New Rochelle itself.

The council emphasized the intergenerational dynamics at play, as families are relocating to new rental projects, allowing the next generation to take over family homes. This trend indicates a growing community where families can thrive and develop in New Rochelle.

As the leader in new housing production in Westchester County, New Rochelle is addressing the demand for diverse housing options. The average household income in the area is around $150,000, which includes a commitment to affordable housing. Currently, there are 1,000 affordable units, representing about 23% of the total housing stock, with varying levels of affordability based on area median income.

The council noted that 34% of affordable units are occupied by New Rochelle residents, with a higher representation of 58% in buildings where a local preference is enforced. Three additional projects are currently under construction, promising 157 more affordable units, while six more projects with site plan approval will add another 164 affordable units and 2,100 market-rate units.

In addition to housing, the city is set to benefit from $36 million in tangible in-kind contributions, which will include the creation of eight new public spaces and six community spaces. These developments are expected to enhance the quality of life for residents and further solidify New Rochelle's position as a vibrant and growing community.