The Leaf, a $297 million mixed-income housing development in New Rochelle, has been completed, according to an announcement from New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas. The 26-story building features 477 apartments, including 119 units designated as affordable 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 Kathy Hochul highlighted the project’s significance for expanding housing opportunities: “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.”
Commissioner Visnauskas noted the collaborative effort behind the development: “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, The Leaf sits within walking distance of the New Rochelle Transportation Center for Metro-North and Amtrak. It was constructed on land formerly occupied by the New York Covenant Church; portions of the first two floors now house church facilities along with community and retail spaces.
The project aligns with New Rochelle’s Master Developer Agreement established ten years ago to promote economic growth through private investment and new housing construction. A notable feature is a 20-story mural celebrating local diversity on Main Street.
Financing for The Leaf included support from multiple sources: Federal Low Income Housing Tax Credits from NYS Homes and Community Renewal are expected to generate $20.7 million in equity; $29 million came from tax-exempt bonds; Westchester County contributed $5 million; local tax abatement was provided by the New Rochelle Industrial Development Agency; Interfaith Dwellings Corporation offered a $2.5 million loan; Goldman Sachs, Merchants Capital Corp., KeyBank, Wells Fargo, Fannie Mae’s M.TEB program, and BRP Companies also participated financially.
Senator Chuck Schumer emphasized federal involvement: “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 commented on 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.”
Other officials praised The Leaf as an example of successful collaboration among government agencies at various levels as well as private sector partners.
Governor Hochul’s broader agenda includes measures passed as part of recent enacted budgets aimed at addressing statewide affordability challenges through new tax incentives for developers as well as increased capital funding for construction projects supporting renters’ rights. Over 65,000 homes have been created or preserved under her five-year plan targeting 100,000 new or rehabilitated units statewide—including specialized support services for vulnerable populations—and electrification upgrades for an additional 50,000 homes.
The Pro-Housing Community Program provides certified municipalities with exclusive access to up to $750 million in discretionary state funding; currently over 350 communities hold certification status including New Rochelle.
