Governor Hochul’s $260 Million Initiative to Expand Affordable Housing Across New York State

March 1, 2024 - Vestal, NY - Governor Kathy Hochul makes an economic development announcement in Vestal. (Mike Groll/Office of Governor Kathy Hochul)

To address New York’s housing crisis and enhance the availability of affordable housing, Governor Kathy Hochul has unveiled a substantial investment totaling over $260 million. This funding, comprising tax credits and subsidies, is designated to create or preserve 1,852 affordable, supportive, and sustainable homes spread across 29 developments throughout New York State.

The announcement underscores Governor Hochul’s commitment to tackling the housing shortage and reducing housing costs for New Yorkers by bolstering the housing supply. With this initiative, the projects aim to expand or safeguard the housing inventory in every region of the state, modernize public housing, bolster local economic development, and integrate sustainable features to align with the state’s climate objectives.

Governor Hochul emphasized the importance of continuous construction and preservation efforts to address the housing crisis effectively. She stated, “The only way to address New York’s housing crisis and bring down costs for families is to keep building and preserving homes in every region of our state.”

This funding is a component of Governor Hochul’s comprehensive $25 billion Housing Plan, which aims to create or preserve 100,000 affordable homes statewide, including 10,000 with supportive services for vulnerable populations, alongside electrifying an additional 50,000 homes.

The financing for these projects is administered by New York State Homes and Community Renewal (HCR), which has allocated $56 million in Federal and State Low Income Housing Tax Credits, coupled with $204 million in subsidies. When combined with private funding and resources, the total investment in these projects is anticipated to exceed $840 million.

All developments receiving funding are mandated to meet HCR’s sustainability standards, which promote healthier living environments and align with the goals set by the New York State Climate Leadership and Community Protection Act. Additionally, a majority of the awarded projects will leverage funds from the Clean Energy Initiative (CEI), a collaborative effort between HCR and the New York State Energy Research and Development Authority (NYSERDA), to achieve enhanced sustainability and carbon reduction goals.

Furthermore, these developments will offer free broadband services to residents, in alignment with Governor Hochul’s ConnectALL initiative, aimed at bridging the digital divide for lower-income New Yorkers.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas expressed gratitude for Governor Hochul’s commitment to increasing housing supply and supporting local economic development efforts across the state. She highlighted the significance of these developments in addressing New York’s historic housing shortage.

Doreen M. Harris, President and CEO of NYSERDA, emphasized the importance of equitable access to clean, resilient living spaces and commended Governor Hochul’s leadership in revitalizing the state through comprehensive building strategies that incorporate clean energy.

The projects span various regions of the state, including the Capital Region, Central New York, Finger Lakes, Long Island, Mid-Hudson, Mohawk Valley, New York City, North Country, Southern Tier, and Western New York, with each development tailored to meet the unique housing needs of its community.

Representative Joe Morelle commended the significant investment in affordable housing across the Finger Lakes region and expressed optimism about continued collaboration to ensure housing security for all New Yorkers.

Photo: Mike Groll/Office of Governor Kathy Hochul