Nearly $2 billion in state financing has been allocated to support 24 housing projects across New York, Governor Kathy Hochul announced. The funding will help create or preserve more than 6,600 affordable homes throughout the state. This initiative is part of a broader five-year, $25 billion Housing Plan that aims to deliver 100,000 affordable homes by its completion.
“These investments reflect my commitment to creating quality, modern homes that enrich communities and are making New York more affordable for a wide array of households, including families and seniors,” Governor Hochul said. “By coupling State financing tools with private resources, we are generating more than $3 billion in overall investment that will improve neighborhoods, reduce energy costs and provide thousands of affordable housing options across every region of the State.”
The financing comes from recent bond issuances by New York State Homes and Community Renewal (HCR), providing $865 million in housing bonds and $990 million in subsidies. All selected projects are expected to meet high sustainability standards and contribute to the state’s goal of reducing emissions by 85 percent by 2050.
RuthAnne Visnauskas, Commissioner of HCR, stated: “Through this $2 billion investment, we are making it possible for more than 6,600 families and individuals to afford a place to call home, while also building stronger, greener, more connected communities across our state. This is another step forward in our $25 billion Housing Plan that is building the future that New York needs to thrive.”
State legislators also expressed their support for the new funding. Assemblymember Linda B. Rosenthal commented: “To address the housing crisis, we must both build and preserve affordable as well as supportive units across the state. That’s why the Legislature and the Governor have diligently worked to do just that. This much-needed funding will go a long way in creating new homes for the many New Yorkers who are struggling to get by. As Chair of the Assembly Housing Committee, I will continue the fight to build more housing throughout the Empire State next session.”
State Senator Brian Kavanagh said: “These enormous investments are exemplary of our sustained commitment to using every tool available to us to end the crises of inadequate housing supply, unaffordability, evictions, and homelessness that grip our state. I thank Governor Kathy Hochul, Senate Leader Andrea Stewart-Cousins and our legislative colleagues, Commissioner RuthAnne Visnauskas, and everyone at HCR, for their partnership in this critical work.“
State Senator Jose M. Serrano added: “Preserving and expanding affordable housing is essential, and this $2 billion investment in housing bonds and subsidies for 24 developments statewide will meaningfully strengthen communities across New York. As Senator of the 29th Senate District, proudly representing neighborhoods in the South Bronx and East Harlem, I am happy to hear that this housing initiative includes much needed investments in the 29th Senate District. Many thanks to Governor Kathy Hochul and my colleagues in government for working to maintain and expand this important initiative.”
Projects receiving funding include major developments such as converting Manhattan’s Stewart Hotel into a 579-unit affordable complex; construction of nearly 300 mixed-use apartments in Bronx’s West Concourse; preservation efforts at Brooklyn’s Bay Ridge Towers; adaptive reuse projects like Gateway Apartments in Rochester; as well as significant redevelopment phases at public housing complexes in Buffalo.
Governor Hochul’s broader agenda focuses on increasing affordability through various measures such as tax incentives for development projects and protections for renters under recent enacted budgets. Additional initiatives include a pilot voucher program for increased access to housing assistance.
Nearly 400 communities have received Pro-Housing certification under a program designed to give certified localities exclusive access to up to $750 million in discretionary state funding.
More than 70,000 affordable homes have already been created or preserved since implementation began on these multi-year plans.