Strada Secures Three SRDI Awards in Latest HCR Round

Strada is proud to announce that all three of the applications we prepared for New York State Homes and Community Renewal’s (HCR) Small Rental Development Initiative (SRDI) were successfully awarded in the most recent round.

SRDI is HCR’s competitive grant program supporting the creation and preservation of multifamily rental developments with four to 20 apartments. Funding is awarded to non-profit organizations that own, develop, and manage small rental housing, and the homes created are affordable to households earning up to 80 percent of Area Median Income. Buildings of this size are notoriously difficult to finance, and SRDI grants are frequently what makes a project of this scale possible at all. Across the state, this round included $10.7 million for 62 homes.

Strada’s three awarded applications, all prepared for non-profit clients, will support:

• $2.5 million for a 16-unit building in Brooklyn

• $2.5 million for a 20-unit building in the Bronx

• $833,669 for a 4-unit building in Westchester County

Congratulations to Avery Dement, a Deputy Director at Strada, who led all three applications, and to our non-profit clients.