The Leaf, a new 26-story mixed-income housing development in New Rochelle, has been completed. The $297 million project provides 477 apartments, with 119 units reserved for residents earning up to 60 percent of the Area Median Income. Located near public transportation and downtown amenities, The Leaf is one of the tallest buildings in New Rochelle.
Governor Hochul emphasized the importance of increasing housing supply in growing communities. “My administration is working aggressively to create more housing opportunities in thriving communities like New Rochelle,” Governor Hochul said. “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.”
RuthAnne Visnauskas, Commissioner of New York State Homes and Community Renewal (HCR), highlighted partnerships that made the project possible. “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.”
Developed by BRP Companies on land previously occupied by the New York Covenant Church—now housed on two floors within the building—the project includes community space and retail on its first floor. A mural spanning 20 stories decorates The Leaf’s north-facing side.
Funding sources included Federal Low Income Housing Tax Credits from HCR generating $20.7 million in equity, $29 million in tax-exempt bonds from HCR, $5 million from Westchester County, local tax abatement from the New Rochelle Industrial Development Agency (IDA), a $2.5 million loan from Interfaith Dwellings Corporation, as well as financing involving Goldman Sachs, Merchants Capital Corp., KeyBank, Wells Fargo and BRP Companies.
Senator Chuck Schumer commented on federal support: “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 stated: “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 noted ongoing regional needs: “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.”
Senator Nathalia Fernandez added: “The Leaf is an exciting step forward for New Rochelle. This project expands access to affordable housing, strengthens our community, and creates opportunities for families to thrive. I am grateful to Governor Hochul and all our partners who helped make this vision a reality for residents in my district.”
Assemblymember Steve Otis recognized local leadership: “The completion of The Leaf marks another milestone in New Rochelle’s development success story… Congratulations to Mayor Yadira Ramos-Herbert, the City Council, the city staff… positioning New Rochelle as one of the leaders in supporting New York’s goal of increasing…housing…”
Mayor Yadira Ramos-Herbert described how developments like The Leaf reflect community needs: “As New York’s fastest growing city…we know how important it is…to ensure our new developments are reflective of…the needs…of our community…This new mixed-used…development is providing…new…and affordable homes…state-of-the-art amenities…and ground floor retail space—a portion…used…for exciting City programming…I’m so grateful…to BRP Companies…”
County Executive Ken Jenkins spoke about countywide impact: “The completion of The Leaf…is another powerful step forward…in addressing…more diverse housing options…This mixed-income project not only provides hundreds of families with access…but also strengthens…downtown…supports transit-oriented development…”
Meredith Marshall from BRP Companies expressed long-term commitment: “The Leaf represents BRP’s second major development in New Rochelle…creating vibrant inclusive communities that not only provide quality housing but also strengthen…the social…and economic fabric…”
Elder Mark McLean from Interfaith Dwelling Corp remarked on inclusivity: “Interfaith Dwelling Corp.…celebrate[s] …a beautiful new affordable housing development…offering high-quality homes for individuals…and families earning as low as 50% …and 60% …of [AMI]…”
Asahi Pompey at Goldman Sachs Alternatives discussed investment history: “Over…the last 25 years,…invested more than $21 billion in affordable housing,…housing is foundational…”
Michael Milazzo at Merchants Capital addressed financing partnerships: “…an honor…with BRP Companies…and serve as financing partner for…the development…”
Statewide efforts continue under Governor Hochul’s multi-year plan aiming both at increasing overall supply through incentives—such as tax credits—and strengthening programs supporting renters’ affordability or homeownership protections.
Recent budgets have allocated over $1.5 billion annually toward these initiatives while enhancing programs like Pro-Housing Community Program; this allows certified municipalities—including New Rochelle—access up-to-$750-million discretionary funding reserved exclusively for pro-housing jurisdictions.
More than 65 thousand homes have already been created or preserved under these statewide efforts.
