Governor Hochul Announces Nearly $2 Billion in Financing to Creat...

"These investments reflect my commitment to creating quality, modern homes that enrich communities and are making New York more affordable for a wide array of households, including families and seniors," Governor Hochul said. "By coupling State financing tools with private resources, we are generating more than $3 billion in overall investment that will improve neighborhoods, reduce energy costs and provide thousands of affordable housing options across every region of the State."

Financing is allocated through New York State Homes and Community Renewal's recent bond issuances which provided $865 million in housing bonds and $990 million in subsidy. All awarded projects will achieve high levels of sustainability and carbon reduction, complementing New York's mission to address climate change by decreasing emissions 85 percent by 2050 across all sectors. When coupled with additional private funding and resources, the projects receiving funding are expected to generate $3.5 billion in overall investment.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "Through this $2 billion investment, we are making it possible for more than 6,600 families and individuals to afford a place to call home, while also building stronger, greener, more connected communities across our state. This is another step forward in our $25 billion Housing Plan that is building the future that New York needs to thrive."

$87 million for the Stewart Hotel in Manhattan - The transformation of the former Stewart Hotel in Midtown Manhattan into a 579-unit affordable and supportive housing development for households earning up to 60 percent of the Area Median Income. The project also includes ground floor retail space. Developed by Breaking Ground and Slate Property Group.

$110 million for Wallace Campus in Poughkeepsie - An 187-unit affordable and supportive housing development that includes the transformation of a former department store as well as new construction. All units will be affordable to households earning up to 80 percent of the Area Median Income. Developed by Wallace Campus Housing.

$87 million for Mosaic South in Albany - The construction of 166 townhomes and apartments scattered in Albany's South End neighborhood for households earning up to 80 percent of the Area Median Income. Developed by South End Second Avenue, LLC.

$74 million for South Mall Towers in Albany - The preservation of a 347-unit development for households earning up to 60 percent of the Area Median Income. All units are reserved for seniors and individuals with disabilities. Developed by Somaltow Housing Company.

$159 million for Steamboat Square Phase 2 in Albany - The second phase of the redevelopment of Albany Housing Authority's Steamboat Square Campus. A 343-unit affordable and supportive project that includes preservation as well as new construction. All units will be affordable to households earning up to 80 percent of the Area Median Income. Developed by the Albany Housing Authority Development Corporation.

$99 million for Jensen Avenue Apartments in Syracuse - The first phase of a three-phase development that includes affordable and market-rate rental units, as well as homeowner-occupied townhomes. The 261 apartments in this phase will be affordable to households earning up to 80 percent of the Area Median Income. The development will be built on the site of the former Syracuse Developmental Center, a formerly state-owned psychiatric hospital that is now vacant. Developed by Albanese Development Corporation.

$172 million for East Adams Phase 1 and Phase 2 in Syracuse - The first and second phases of a multi-phase redevelopment that will create approximately 1,500 homes and transform the East Adams neighborhood of Syracuse. The 257 apartments in these two phases will be affordable to households earning up to 60 percent of the Area Median Income. Developed by McCormack Baron Salazar.

$46 million for Amherst Commons in Buffalo - The construction of a 133-unit development for households earning up to 60 percent of the Area Median Income. The project will feature supportive units for eligible tenants, including those with intellectual or development disabilities. Developed by Regan Development.

$208 million for Marine Drive Apartments in Buffalo - The first phase of a multi-phase redevelopment of a public housing complex on the Lake Erie waterfront. This phase includes the construction of 254 apartments for households earning up to 120 percent of the Area Median Income. Developed by Habitat Company, Duvernay and Brooks, and Bridges/Buffalo Municipal Housing Authority.

$49 million for Jordan Gardens in Niagara Falls - The preservation of a 100-unit Niagara Falls Housing Authority development for households earning up to 80 percent of the Area Median Income. The project also includes a new center for residents and a playground. Developed by Beacon Communities.

$5 million for Walden Park in Lockport - The preservation of a 61-unit affordable senior development in the city of Lockport, Niagara County. The apartments are reserved for households earning up to 60 percent of the Area Median Income. Developed by MM Development Advisors.

$58 million for Gateway Apartments in Rochester - An adaptive reuse project that transforms a vacant office building in downtown Rochester into 129 units of housing for residents earning up to 80 percent of the Area Median Income. Developed by Gateway Preservation.

$40 million for Los Flamboyanes in Rochester - The preservation of a 153-unit Mitchell Lama development in Rochester's Upper Falls neighborhood for households earning up to 60 percent of the Area Median Income. Developed by Landsman Development Corporation with development consulting by CSD Housing.

Governor Hochul is dedicated to addressing New York's housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York's housing supply through new tax incentives, capital funding, and new protections for renters and homeowners. Building on this commitment, the FY26 Enacted Budget includes more than $1.5 billion in new State funding for housing, a Housing Access Voucher pilot program, and new policies to improve affordability for tenants and homebuyers. These measures complement the Governor's five-year, $25 billion Housing Plan, included in the FY23 Enacted Budget, to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. More than 70,000 have been created or preserved to date.