Developer of Maple Commons affordable apartments raises rents by 8%. [June 4: Updated with Commentary]

Regan Development Corporation vice-president says the increases are necessary to cover rising expenses and they are permitted by New York State.

The developer of Maple Commons, the Regan Development Corporation, has confirmed reports the Chronicle received earlier this week that rents will be going up 8% on the 32 apartments occupied by tenants who won their places in the affordable complex via a housing lottery.

Tenants have begun receiving notices of the increase over the past several weeks.

Today we spoke to two tenants, who asked not to be identified, about the effects the increase would have on them financially. Both told us that they were not expecting such a big rise after just having moved in last summer, and that it would pose a definite hardship for them. These tenants moved into the complex from some distance away after giving up their previous accommodations.

The tenants also told us that ConEd had not been sending their electric bills, or they were at times receiving statements that did not have actual monetary amounts on them. Residents are worried that they will have to come up with large sums of money all at once. The tenants have been discussing the situation among themselves and trying to figure out what they might be able to do, if anything.

We asked Ken Regan, vice-president of Regan Development Corporation, for an explanation of the increases, which he provided this afternoon:

“The rents are regulated by New York State overseeing the tax credit program.  In the past several years, severe inflationary pressures have hit affordable housing across New York, and Maple Commons is no exception.  Because the development was underwritten several years ago with rents and expenses from early in the development process, recent years expense increases have hit hard, especially in the area of insurance costs.  The State has recognized this and has allowed an 8.4% rent increase this year for all of its Housing Trust Fund affordable housing portfolio across New York State.  While we recognize the stress this puts on our residents, the property needs to assure it remains on solid financial footing so that it can provide high quality rentals and services for its residents.  This increase will occur only upon lease anniversary and if history is any guide, future years rent increases will be much lower than this.”

Courtesy of Ken Regan

Most readers will recall that the project was built with considerable state and county subsidies. From Governor Kathy Hochul’s February 20, 2025 announcement about Maple Commons:

“State financing includes State and Federal Low Income Housing Tax Credits that will generate $11.1 million in equity and $1.7 million in subsidy from New York State Homes and Community Renewal. Westchester County provided $1.7 million through their New Homes Land Acquisition Program.”

For its part, Regan will contribute a PILOT (Payment in Lieu of Taxes) of $70,000 per year over 30 years, increasing by 3% annually. This amount will be allocated among the various taxing entities (school district, town, village, county, and library.)

We also asked Mayor Brian Pugh to comment, asking if the increase was in the spirit of affordable housing and the promises made to the community and the tenants about this development—which Croton officials have considered the flagship of affordable housing in our community.

Here is what the mayor had to say:

“Generally, the NYS Division of Homes & Community Renewal authorizes rent increases for affordable housing like Maple Commons. It is a difficult balancing act to fund the continued maintenance of the property and keep it affordable for tenants. I hope the management of Maple Commons will work with individual tenants facing economic hardship and adjust any increases accordingly.”

The Chronicle will report on any such developments if and when they occur.

Update and Commentary June 4.

After this story was published, we received the following additional comment from a resident of Maple Commons:

"We should not have moved here. It is all more expensive than we are used to, there is not much the village does for people like us, and now we are looking at a crazy increase. The rest of you may be able to afford living in this place but not us, It's not fair or just."

We can imagine that there might be some in Croton who will have only limited sympathy with the residents of Maple Commons, on the grounds that they chose to live here. But as we editorialized last year, they came here in good faith and in the desire to better their lives and their living conditions. The residents we have talked to made it clear that they were in no way warned that their rents could go up so much in just one year of living here. Many of those who qualify for subsidized affordable housing do not get any cost of living increases in their income, let alone 8% increases. It would be tragic indeed if while Croton is declaring far and wide its status as a “pro-housing community,” the people we were trying to help end up having to leave our community and fall back into much less desirable situations.

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