Overview
In October 2025, New York State Homes and Community Renewal announced the launch of the Housing Acceleration Fund, a $215 million, first-of-its kind program to speed up construction of shovel-ready mixed-income residential projects across New York State. The Housing Acceleration Fund is part of the State’s all-of-the-above approach to increasing housing supply to address acute housing needs and accommodate job growth statewide. New York’s Housing Acceleration Fund will help address this vital need and spur the development of new housing statewide.
The fund is catalyzed by the Governor’s $100 million investment secured in the FY26 Enacted Budget and matched with $115 million from awarded participating lenders. Half of the State’s $100 million investment is appropriated for projects within New York City and half is allocated to projects throughout the rest of the state. Awardees will provide $115 million in additional capital, bringing the total amount of funding for projects within New York City to $100 million and the amount for projects throughout the rest of the state to $115 million.
The Housing Acceleration Fund awards are expected to result in approximately 1,800 new homes statewide. The awardees are:
- Community Preservation Corporation: $45.5 million
- Merchants Bank: $42 million
- Enterprise Community Partners: $7.5 million
- Local Initiatives Support Corporation: $5 million