Governor Hochul Announces Investments to Create or Preserve More Than 2,200 Affordable Homes Statewide

Governor Kathy Hochul today announced $872 million in housing bonds and subsidies have been awarded for twelve housing developments across the state that will create or preserve 2,233 affordable, supportive, sustainable and modern homes. The awards are part of the Governor's $25 billion five-year Housing Plan which is on track to create or preserve 100,000 affordable homes statewide. Nearly 90,000 homes have been created or preserved to date.

"Making New York more affordable means building more homes and preserving the housing our communities already depend on," Governor Hochulsaid. "Today's investments will help families find homes near transit, give seniors opportunities to remain in their communities and connect vulnerable residents with the support they need to live independently. This is the latest example of how our Housing Plan continues to increase opportunities for people to afford a place to call home."

The $872 million in financing is allocated through New York State Homes and Community Renewal's (HCR) recent bond issuances which provided $460 million in housing bonds and $412 million in subsidies. All awarded projects will achieve high levels of sustainability that help improve energy efficiency, create healthier living environments, and reduce costs for residents. When coupled with additional private funding and resources, the projects receiving funding are expected to generate over $1.5 billion in overall investment.

The awarded projects announced today are:

New York City

$103 million for ICL-Variety Residences at Astoria in Queens - New construction of 165 apartments affordable to households earning at or below 80 percent of the Area Median Income, including 71 supportive apartments for youth aging out of foster care. Developed by Mega, ICL and Variety Boys and Girls Club of Queens.

$98.6 million for Findlay House in the Bronx - Rehabilitation of 227 apartments and creation of 12 apartments at a Mitchell-Lama senior development, totaling 239 homes affordable to households earning at or below 60 percent of the Area Median Income. Includes 25 apartments reserved for residents who will receive on-site services supported through the Office for People With Developmental Disabilities. Developed by Lemle & Wolff.

$70.3 million for Bridge Inwood in Manhattan - New construction of a 14-story building featuring 190 apartments affordable to households earning at or below 60 percent of the Area Median Income, including 121 supportive apartments for vulnerable New Yorkers. Developed by The Bridge, Inc. and Radson Development.

$14.2 million for Concourse Village in the Bronx - Critical structural repairs to the middle podium and a connecting access way at a six-building Mitchell-Lama cooperative, helping preserve the existing affordable housing, maintain the development's long-term stability and protect homes for more than 5,000 residents. Developed by Concourse Village, Inc.

$3 million for Franklin Lafayette in Brooklyn - Acquisition and preservation of four buildings containing 57 apartments affordable to households earning at or below 100 percent of the Area Median Income. Developed by Pratt Area Community Council, doing business as IMPACCT Brooklyn.

Mid-Hudson

$120.3 million for Brookfield Commons Phase III in White Plains, Westchester County - New construction of an 11-story building featuring 168 apartments affordable to households earning at or below 90 percent of the Area Median Income. Developed by Trinity Financial and the White Plains Housing Authority.

$58.2 million for Franklin Courts in Tarrytown, Westchester County - Replacement of 70 obsolete public housing apartments with 90 public housing units serving households earning at or below 60 percent of the Area Median Income. Existing residents retain the right to return regardless of income. Developed by WBP Development and Duvernay + Brooks in partnership with the Tarrytown Municipal Housing Authority.

$49.9 million for The Green in Newburgh, Orange County - New construction of two buildings featuring 122 apartments affordable to households earning at or below 100 percent of the Area Median Income, along with four commercial spaces that are expected to become retail establishments, small grocery stores, coffee shops and/or small eateries. Developed by Kearney Realty & Development Group.

$18 million for North White Plains Workforce Transit Hub in White Plains, Westchester County - New construction of 296 mixed-income apartments near the North White Plains Metro-North station, including 90 income-restricted homes for households earning between 50 and 110 percent of the Area Median Income. Developed by BRP Companies.

Central New York

$160 million for Parkside Commons Phase I in Syracuse, Onondaga County - Rehabilitation of 200 apartments and construction of 194 apartments, totaling 394 units affordable to households earning at or below 60 percent of the Area Median Income. Developed by BFC Partners and SAA|EVI.

$69.1 million for Maria Regina Gardens in Syracuse, Onondaga County - Adaptive reuse of a historic convent campus into 155 senior apartments affordable to households earning at or below 80 percent of the Area Median Income, including 24 supportive apartments for frail older adults, and 12 apartments for older adults with intellectual and developmental disabilities. Developed by Home Leasing and Pennrose.

Capital Region

$98.3 million for Liberty at Saratoga in Saratoga Springs, Saratoga County - New construction of two connected buildings featuring 216 apartments affordable to households earning at or below 80 percent of the Area Median Income, including 10 supportive apartments for youth aging out of foster care. Developed by Liberty Affordable Housing.

Finger Lakes

$9.4 million for CDS Meadowside Apartments in Fairport, Monroe County - Acquisition and rehabilitation of a vacant building to provide 69 senior apartments affordable to households earning at or below 60 percent of the Area Median Income, including supportive housing for older adults. Developed by CDS Monarch.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "This $872 million investment will create new housing opportunities while protecting homes that individuals and families have relied on for generations. From replacing outdated public housing to restoring a historic campus and preserving apartments at risk of losing affordability, these projects will result in more than 2,200 homes that help meet the needs of these communities. Under Governor Hochul's leadership, HCR is proud to expand access to affordable homes and supportive services across the state."

Assemblymember Linda B. Rosenthal said, "The construction of new affordable, supportive and sustainable apartments is a critical component of our work to overcome the housing crisis. As Chair of the Assembly Committee on Housing, I was proud to support the inclusion of funding in our state budget to continue this work of building new affordable homes in every corner of the state and to rehabilitate existing apartments in need of repair. The $872 million investment announced today by Governor Hochul will strengthen these communities and ensure that thousands more New Yorkers will have a safe and stable place to live."

Governor Hochul's Housing Agenda

Governor Hochul is dedicated to addressing New York's housing crisis and making the State more affordable and livable for all New Yorkers. Since FY23, the Governor has worked to increase housing supply to make housing more affordable by launching a $25 billion five-year comprehensive Housing Plan, enacted the most significant housing deal in decades and implemented new protections for renters and homeowners. Under Governor Hochul's leadership, HCR has created new programs that jumpstart development of affordable and mixed-income homes - for both renters and homebuyers. These include the Pro-Housing Community Program, which allows certified localities exclusive access to up to nearly $1 billion in discretionary state funding. There are currently more than 460 certified Pro-Housing communities throughout the state, including the city of Yonkers.

As part of FY27 Enacted Budget, Governor Hochul secured a number of landmark reforms to New York's State Environmental Quality Review Act (SEQRA) to speed up housing and infrastructure development and lower costs as part of her "Let Them Build" agenda. "Let Them Build" also includes executive actions to expedite critical categories of projects that have been consistently found to not have significant environmental impacts, but for too long have been caught up in red tape and subject to lengthy delays.

The FY27 Enacted Budget completes the Governor's current five-year Housing Plan 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. Nearly 90,000 affordable homes have been created or preserved to date. The FY27 Enacted Budget also invests $250 million in capital funding to accelerate the construction of thousands of new affordable homes.