Governor Hochul Announces $875 Million In Financing For 3,100 Affordable Homes Across New York State

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

• Mosaic Apartments in the City of Schenectady, $27 million new construction of two buildings by DePaul Properties, Inc.  
• 35 Broadway Veterans Housing in the Village of Menands is a $25 million 67-unit new construction project by Beacon Community Services, LLC.  

Central New York

• Creekside Landing in the City of Syracuse is a $31 million 52-unit, multi-site redevelopment and new construction project by Housing Visions Consultants, Inc. 

Finger Lakes

• Pines of Perinton in the Village of Fairport is a $137 million project to acquire and rehabilitate a 508-apartment HUD Section 236 multifamily housing property with five historic two-story buildings by the Winn Companies. 
• Alta Vista at St. Joseph's Park in the City of Rochester is a $36 million, 76-unit new mixed-income, mixed-use project and is a Rochester Downtown Revitalization Initiative priority project by the Ibero-American Development Corporation. 
• St. Leo Senior Apartments in the Village of Hilton is a $15 million infill new construction project with 40 units of supportive and senior housing by Providence Housing Development Corporation and Episcopal Senior Life Communities. 

Long Island 

• Carman Place in the Village of Hempstead is a $155 million, transit-oriented and walkable 228-unit development by Conifer and Community Development Corporation of Long Island. 
• Estella Housing in the Village of Hempstead is a nearly $72 million, energy-efficient, 96-unit affordable and supportive development by Concern for Independent Living.  
• Alegria North in the Hamlet of Wyandanch is a $48 million 81-unit new construction project near the Long Island Railroad. The developer is D&F Development Group, LLC. 
• The Grove in the Village of Patchogue is a $33 million 55-unit new construction supportive housing development by GGV Grove Apartments, LLC. and New Ground, Inc. is the services provider. 

Mid-Hudson Region

• James Linburgh Senior Apartments in the City of Yonkers is a $47 million new construction project with 94 units for seniors close to a Metro North Station. The developer is Warburton Avenue Apartments, LLC is the developer. 
• East End Lofts in the City of Newburgh is $23 million 66-unit mixed-use and mixed-income infill new construction project by The Kearney Realty & Development Group Inc. 
• Silver Gardens in the Hamlet of Highland is a $20 million 57-unit new construction supportive housing development for low-income seniors by RUPCO, Inc. 

Mohawk Valley

• Utica Renaissance in the City of Utica is a $101 million, 74-unit senior and supportive housing development by the Vecino Group and the Utica Housing Authority. 
• Glove City Lofts in the City of Gloversville is a new $25 million, 75-unit mixed-income, mixed-use development by Parkview Development & Construction, LLC. 

New York City

• Clarkson Estates in Brooklyn is a $238 million new nine-story 328-unit affordable development by CAMBA Housing Ventures.  
• Sutphin Senior Housing, in Queens is a $142 million 173-apartment,15-story senior housing development by Breaking Ground. 
• Pitkin Avenue Residence in East New York, Brooklyn is a $22 million, 39-unit new construction development by Housing Works, Inc.  
• Castle III in East Harlem, the Bronx is a $53 million, 82-unit new construction affordable and supportive project by the Fortune Society.  
• Comunilife Tiebout in Fordham Heights, the Bronx is a $54 million 83-unit senior and supportive housing development by Comunilife, Inc.  

North Country

• Oval Wood Dish Factory in the Village of Tupper Lake is a $39 million, 80-unit affordable complex with commercial space by Housing Visions Consultants, Inc. 

Southern Tier

• Dana Lyon Apartments in the Village of Bath is a $21 million, 49-unit mixed-use development by Providence Housing Development Corporation. 
• Stately Apartments in the City of Ithaca is a $30 million, 57-unit newly constructed infill, mixed-use development by Visum Development Group, LLC and Arbor Housing and Development. 

Western New York

• ETC Towers in the City of Buffalo is a $72 million 281-unit preservation project by Beacon Communities and First Shiloh Baptist Church. 
• Manhattan Village at BestSelf in the City of Buffalo is a $27 million, 66-unit new construction project by BestSelf Properties, Inc. and BestSelf Behavioral Health. 
• 875 Lafayette in the City of Buffalo is a $34 million, 80-unit mixed-income development by Belmont Housing Resources for Western New York, Inc. 
• Riley Brook Apartments in the Town of Hamburg is a $24 million 70-unit workforce housing development and community building by Grove Development and Southern Tier Environments for Living. 

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."