New York, NY — Governor Kathy Hochul and Congressman Paul Tonko announced today that more than $270 million in federal funding will be allocated to create and preserve over 1,800 affordable homes across New York. This initiative is part of a comprehensive effort to address New York's ongoing housing crisis, focusing on both the construction and preservation of affordable and supportive housing units throughout the state.

The funding will support 28 housing developments statewide, which will include energy-efficient features and provide vital supportive services such as childcare and healthcare, furthering local economic development initiatives. This project is a key element of Governor Hochul’s $25 billion, five-year Housing Plan, aimed at creating or preserving 100,000 affordable homes across New York.

“Solving New York’s housing crisis comes down to one simple strategy: building more housing,” Governor Hochul said. “These critical federal resources make it possible for us to provide New Yorkers with new opportunities to access affordable, modern, sustainable homes that also provide access to childcare, supportive services, and the amenities that individuals and families need to thrive.”

The funding is made possible through the federal Low-Income Housing Tax Credit (LIHTC) program, which incentivizes the development of affordable housing projects. Governor Hochul has also expressed her support for legislation aimed at expanding the LIHTC program to further address the growing housing needs. The Affordable Housing Credit Improvement Act could potentially finance the creation of two million affordable units nationally over the next decade, including over 100,000 units in New York State.

Representative Paul Tonko, who has been a strong advocate for the program, stated, “If we want to solve our historic home shortage, we must invest in affordable housing — which is why I am a proud supporter of LIHTC and other vital programs that help us tackle the housing crisis. Supporting affordable, sustainable housing benefits everyone in our communities. At a time when millions struggle to afford quality housing, we must continue to drive smart investments like these that serve families across New York State.”

State Senator Patricia Fahy emphasized the urgent need for action, saying, "New York State and the Capital Region are facing a housing crisis that demands bold and innovative action. With over half of renters statewide considered cost-burdened and a shortage of affordable homes, the time is now to build more housing supply and lower costs for families."

In total, the $270 million investment will support the creation of more than 1,800 units of affordable housing, with funding provided by the New York State Homes and Community Renewal (HCR) agency. This includes $61 million in Federal and State Low-Income Housing Tax Credits and over $200 million in subsidies for the 28 developments across New York.

“These investments are not just about bricks and mortar — they are about building communities and creating opportunities for New Yorkers to thrive,” said New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas. “We are making significant strides toward creating a more sustainable, affordable, and resilient housing future for all New Yorkers.”

The awarded projects will be spread throughout the state, including areas like the Capital Region, Central New York, Long Island, and the Mohawk Valley. Several of the developments will also include key amenities such as free broadband internet access, part of the Governor’s ConnectALL initiative to bridge the digital divide for lower-income residents.

Assemblymember Linda B. Rosenthal highlighted the critical importance of such initiatives, noting, “It’s critical, especially given the upheaval at the federal level, that we invest every possible cent in the creation and preservation of our supportive housing stock. By building and preserving more than 1,800 units of affordable units, thousands of homeless or housing-insecure New Yorkers will now have a safe and stable place to call home.”

Governor Hochul’s ongoing efforts to address New York's housing crisis are multifaceted, focusing on not only increasing the supply of affordable homes but also ensuring they meet modern sustainability standards. Many of the awarded projects will include energy-efficient features and funding from the Clean Energy Initiative to meet the state's climate goals.

As part of her larger housing agenda, Governor Hochul recently secured a historic agreement in the FY25 Enacted Budget to increase New York’s housing supply, which includes new tax incentives for Upstate communities and expanded support for housing development in New York City. She has also introduced protections for renters and homeowners, ensuring that affordable housing remains accessible and sustainable in the years to come.

With over 55,000 affordable homes already created or preserved under the Governor’s plan, this $270 million investment is a significant step toward meeting the state's ambitious housing goals.

Additional Details on Funded Projects Include

Capital Region

‍$9.5 million for Mill Street Lofts, 70 units in Hudson, Columbia County.

Central NY

‍$7.8 million for River Street Senior Apartments in Cortland, 53 units.

Long Island

‍$8.9 million for Port Jefferson Commons, 53 units in Suffolk County.

New York City

‍$15.4 million for Hillside Avenue Apartments, 92 units in Queens.

Mohawk Valley

‍$12.1 million for Deerfield Apartments, 65 units in Oneida County.

Governor Hochul’s Housing Agenda

‍Governor Hochul’s broader housing agenda is designed to not only tackle New York’s current housing crisis but also prepare for future growth. As part of her long-term strategy, she is also working to electrify an additional 50,000 homes and support a wide range of housing developments statewide.

For more information on these housing projects and Governor Hochul's ongoing efforts, residents can stay updated through the official state housing website.

Originally reported by Governor, New York State.