Governor Hochul Announces $875 Million in Financing For 3100 … – ny.gov

Governor Kathy Hochul today announced $875 million in financing has been awarded through bonds, tax credits, and subsidies to create or preserve 3,100 affordable, sustainable, and supportive homes in 27 developments across New York State. When coupled with additional private funding and resources, the 27 projects receiving funding are expected to create more than $1.5 billion in overall investment. The awards will increase housing supply in every region, assist local economic development efforts, fight homelessness with onsite services that keep vulnerable populations safely housed, include sustainable features that advance the State's climate goals, and offer free broadband to help close the digital divide.

"My administration is committed to ensuring that every New Yorker has access to housing that is affordable, sustainable, and offers critical services that improve lives," Governor Hochul said. "This funding will ultimately create more places for seniors and vulnerable residents to live independently, apartments that young people can afford, and revitalized communities where businesses can succeed and grow their workforce. These innovative developments are central to our strategic efforts to increase the supply of housing and create a more affordable, more livable New York for all."

The awards announced today are part of Governor Hochul's $25 billion comprehensive Housing Plan that will create or preserve 100,000 affordable homes across New York State, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.

Funding is provided through New York State Homes and Community Renewal's Low Income Housing Tax Credit Program and Tax-Exempt Bond financing. Seven projects were awarded $684 million subsidies and tax-exempt housing bonds in the Agency's March 2023 bond issuance. Twenty developments were awarded more than $191 million through HCR's Multifamily Finance RFP, a competitive process that awards Federal and State Low-Income Housing Tax Credits and subsidy financing for affordable and supportive multifamily housing developments.

All projects meet the new sustainability standards established by HCR in 2022 which promote healthier living environments and highly efficient buildings and support the goals set by the New York State Climate Leadership and Community Protection Act.

More than half of the awarded projects will use a total of $9 million from the New York State Energy Research and Development Authority's Clean Energy Initiative to achieve even higher levels of sustainability and carbon reduction.

In addition, the developments offer free broadband services to residents, building on the Governor's ConnectALL initiative, which has made historic investments to deliver highspeed internet in underserved communities and close the digital divide for lower-income New Yorkers.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "The $875 million in financing we announced today will deliver more than 3,100 quality, affordable, environmentally sustainable apartments to every region of New York, while expanding access to broadband and essential support services. True to the spirit of our $25 billion housing plan, these 27 projects will increase New York's housing supply and create vibrant, diverse, and economically stable communities where people of all income levels can afford to live. Congratulations and thank you to our talented development partners for their hard work on these life-changing developments."

The full description of awards can be found here.

Capital Region

Central New York

Finger Lakes

Long Island

Mid-Hudson Region

Mohawk Valley

New York City

North Country

Southern Tier

Western New York

Representative Brian Higgins said, "Access to affordable living has long been one of Western New York's great attributes. We must continue to look at ways to improve existing residential living and open up new affordable housing opportunities to all. These projects, made possible in large part thanks to the federal Low-Income Housing Tax Credit, continue to build on that goal."

Representative Adriano Espaillat said, "Affordable housing is critical to the health and sustainability of our communities. I commend Governor Hochul on allocating this significant level of funding to ensure affordable housing across the state of New York. Today's announcement furthers our commitment to bolstering economic development, supporting sustainable communities, and assisting vulnerable families to help them thrive."

Representative Joe Morelle said, "Quality, affordable housing is the foundation of every community, and every person deserves a safe and stable place to call home. I'm grateful to Governor Hochul for her commitment to supporting expanded housing options for New Yorkers. I look forward to our continued partnership working to create opportunity for low-income families."

Representative Pat Ryan said, "I'm fighting every day to make housing more affordable in the Hudson Valley and this investment of more than $40M is a game-changer for hardworking families in Newburgh and Highland. This financing means hundreds more seniors and veterans will be able to live independently, and with additional funding for free broadband, they will be active members of the community as well. I look forward to continuing to work with Governor Hochul, RUPCO and The Kearney Realty & Development Group Inc. to bring down housing costs across the region."

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