Today, Governor Kathy Hochul unveiled a major $1 billion investment in affordable housing, eyeing nearly 3,000 new or preserved homes across New York State. This move builds on her five-year, $25 billion Housing Plan, aiming to create or preserve 100,000 affordable units statewide.With communities from New York City to the North Country in sight, it’s a clear signal: tackling housing shortages and housing costs is a top-tier priority.
Strategic Funding and Sustainability
The package includes $560 million in tax-exempt housing bonds and $466 million in direct subsidies, funneled through New York State Homes and Community Renewal. Moreover, each of the 15 funded projects meets high standards for energy efficiency and carbon reduction, ensuring homes that are not only affordable but also eco-conscious. When combined with private funding, the total anticipated investment swells to around $1.5 billion.
Also Read $1B Cider Solar Farm: New York’s Largest Solar Farm Gets Additional Funding
Voices from the Front Lines
Hochul stressed that “increasing home availability statewide” is essential to easing the housing crunch and reducing costs for families.Likewise, RuthAnne Visnauskas, commissioner at NYS Homes and Community Renewal, emphasized that the funding supports nearly 3,000 affordable, sustainable, and supportive homes, adding that over 60,000 units have already been created or preserved since the Housing Plan’s inception. Senate Majority Leader Andrea Stewart‑Cousins also chimed in, highlighting the progress in Yonkers and the wider push to build safe, modern homes across the state.
Highlighted Projects
Together, the 15 projects reflect the diversity of New York communities:
In New York City, funding supports Bronx’s Kittay House, mixed-use towers in Brooklyn, the Edgemere Commons in Queens, and artist live-work spaces at Westbeth, among others.
In upstate regions, awards include Northgate Landing in Albany, supportive housing in Rochester’s Gardner’s Lofts, rehab of high-rise apartments in Utica, Plattsburgh, and Watertown, and new units in Binghamton.
Each project ranges from new construction to rehabilitations, and many incorporate supportive services for seniors, veterans, and individuals experiencing homelessness.
New York Housing Investment Overview
What: $1 billion in New York State housing bonds & subsidies
Why: To create or preserve nearly 3,000 affordable, energy-efficient homes statewide
Where: Funded across 15 projects, from NYC to the North Country
Funding Breakdown
$560 million in tax-exempt bonds
$466 million in direct subsidies
Combined with private investment, the total is around $1.5 billion
Strategic Goals
Part of a five-year, $25 billion Housing Plan aiming for 100,000 units
Ensures modern, sustainable, supportive homes with carbon-reduction standards
Builds on earlier success: over 60,000 homes created or preserved under the plan so far
Leadership Support
Gov. Hochul: Emphasizes expanding home availability to ease costs and strengthen communities
HCR Commissioner Visnauskas: Highlights nearly 3,000 sustainable, supportive units funded now
Senate Leader Stewart-Cousins: Applauds investments, including Yonkers projects, as vital to state-wide housing goals
