New York governor announces $97.8 million financing for Harlem redevelopment

New York state says financing has closed for the former Lincoln Correctional Facility site in Harlem, clearing a key hurdle for a long-planned affordable housing redevelopment.

Governor Kathy Hochul announced Monday, May 18, that $97.8 million in financing has been secured for the project at 31-33 West 110th Street. The plan calls for 105 permanently affordable cooperative homeownership units, along with community or cultural space.

State officials described the announcement as a major milestone in the transformation of the former correctional facility. The project had already received earlier state backing this year, including a February funding approval reported by Commercial Observer.

Patch also reported the financing milestone on Monday, confirming the redevelopment had advanced to the next phase.

The state release describes the project as a roughly $98 million development, while the financing amount announced was $97.8 million.

Construction timing and completion dates were not confirmed in the latest coverage reviewed.