Enterprise Community Partners Issues Statement on FY27 New York State Budget

New York, NY, May 28, 2026 - Enterprise Community Partners (Enterprise) issued the following statement today on New York's finalized 2026 state budget:

STATEMENT:
"New York needs more affordable housing, delivered faster and at lower cost. That is why we celebrate the fact that New York is implementing much-needed reforms to the State Environmental Quality Review Act (SEQRA) which will streamline development and accelerate the delivery of housing to communities statewide. This has been an Enterprise legislative priority for years, and we applaud the Governor and Legislature for finally getting it done.

Elsewhere in the budget, we are pleased to see a renewal of the J-51 tax abatement program, new insurance data reporting and transparency, and continued housing funding commitments, as well as some bolstered resources meant to facilitate projects given important federal changes to low-income housing tax credit allocation and volume cap.

However, as we celebrate these measures, we are keenly aware of how much more is needed. Final funding levels fall short of what advocates have identified in a number of key areas, including supportive housing and preservation of our distressed housing stock. Last year, Enterprise analysis found that operating expenses have risen by around 40% over the last nine years while rent collection has fallen, leading to a troubling percent of the state's affordable housing stock financially underwater. This situation cannot be sustained for much longer without serious consequences.

In addition, federal cuts to Emergency Housing Vouchers and anticipated changes to New York's Continuum of Care allocation risk opening up significant funding gaps in programs that serve housing-insecure New Yorkers. More action, including increasing allocation to the state's Housing Access Voucher Program, will be needed to address these crises.

We now enter the last year of the state's historic five-year housing plan. There is a tremendous amount to celebrate in what policymakers, advocates and the affordable housing industry has achieved over these past five years. However, as we enter planning for a new plan, we must go much bolder in tackling our most entrenched housing issues - meeting the moment with resources and policy action. We look forward to working with all stakeholders on ensuring next year's budget and legislative cycle has housing front and center."

- Kim Darga, vice president and New York market leader, Enterprise Community Partners

To speak with Enterprise Community Partners about New York affordable housing issues and the state budget, please contact Carla Pisarro at [email protected], 212-784-5715.