Governor Hochul Announces Nearly $350M in Financing to Create or...

Governor Kathy Hochul today announced nearly $350 million in housing bonds and subsidies have been awarded for five housing developments that will create or preserve 750 affordable, supportive, sustainable and modern apartments. 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.

"These investments are another major step forward in our mission to expand housing opportunities in every corner of the state and make New York more affordable." Governor Hochul said. "By leveraging public and private resources, we are creating and preserving hundreds of high-quality, energy-efficient homes while strengthening communities and supporting economic growth. This funding is part of our $25 billion Housing Plan and brings us closer to ensuring that every New Yorker has access to a safe, stable and affordable place to live."

Financing is allocated through New York State Homes and Community Renewal's recent bond issuances which provided $234 million in housing bonds and $114 million in subsidies. When coupled with additional private funding and resources, the projects receiving funding are expected to generate $529 million in overall investment.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "Each of these developments and 750 affordable apartments reflect our commitment to creating and preserving affordable, sustainable, modern housing that meets today's needs while preparing for the future. By combining bond financing with critical subsidies, we are investing nearly $350 million to advance Governor Hochul's vision for a more affordable, equitable New York and continuing to drive progress under our five-year Housing Plan."

The awarded projects are:

New York City

$73 million for Taryn Tower in the Bronx - New construction of an 11-story residential building at 431- 441 Concord Avenue, creating 142 apartments affordable to households earning at or below 70 percent of the Area Median Income. Developed by Carthage Advisors and Rester Management.

$79 million for 729 Van Sinderen in Brooklyn - Demolition of a vacant building and new construction of an eleven-story building with 193 apartments affordable to households earning at or below 60 percent of the Area Median Income. The development includes 116 apartments with supportive services for vulnerable New Yorkers. Developed by Housing Plus Solutions, Inc. and Spatial Equity Co.

Long Island

$22 million for Great Neck Senior Housing in the Village of Great Neck, Nassau County - Acquisition and rehabilitation of a senior housing development with 75 affordable apartments for seniors 55 years or older. 74 apartments are affordable to households earning at or below 50 percent of the Area Median Income, with the remaining unit occupied by a superintendent. Developed by Georgica Green Ventures, LLC and the Village of Great Neck Housing Authority.

Capital Region

$128 million for the Cohoes Housing Authority in the city of Cohoes, Albany County - Rehabilitation of 238 affordable apartments within three of the Cohoes Housing Authority's public housing developments: Manor Sites (95 units), McDonald Towers (93 units) and Roulier Heights (50 units). All 238 rental apartments will remain affordable to households who earn no more than 60 percent of the Area Median Income. Developed by Cohoes Portfolio Preservation LLC and MDG Development Owners LLC.

Mohawk Valley

$46 million for THRIVE Cornhill in the City of Utica, Oneida County - New construction of two four-story buildings, creating 102 apartments affordable to households earning at or below 70 percent of the Area Median Income, as well as commercial space and community program space. Includes 15 units with supportive services for individuals aged 55 and older with a chronic condition or physical disability, and four units with supportive services for young adults that are homeless or at risk of homelessness. Developed by People First (Municipal Housing Authority of the City of Utica).

State Senator José M. Serrano said, "This $73 million investment in the Taryn Tower project will help create 142 affordable and modern apartments in the South Bronx, addressing a critical need in the community. Thank you to Governor Hochul for her continued investment in affordable housing initiatives in the Bronx and across New York State."

State Senator Roxanne J. Persaud said, "I am thrilled that there is a commitment to fund additional affordable housing units in Senate District 19. The $79 million in funding for the 729 Van Sinderen Ave location will create 193 safe, modern and affordable supportive housing units for our Brooklyn families and strengthen our communities. I thank Governor Hochul and Housing Plus Solutions for their ongoing commitment to ensuring safe and supportive housing opportunities are available for all New Yorkers."

Assemblymember John T. McDonald III, RPh said, "This significant investment in the Cohoes Housing Authority will modernize three long standing affordable housing communities and ensure residents have access to safe, dignified and quality homes. By rehabilitating Manor Sites, McDonald Towers and Roulier Heights, we are preserving critical affordable housing while improving living conditions for hundreds of Capital Region families. I appreciate Governor Hochul's continued commitment to strengthening our communities and making New York a more affordable place to live."

Assemblymember Marianne Buttenschon said, "The Governor is investing in the Cornhill community. This funding is for housing that will support neighborhood revitalization and provide significant housing for those in need. Thank you to Governor Hochul for investing in the Mohawk Valley."

Assemblymember Amanda N. Septimo said, "The Bronx continues to face some of the most acute housing pressures in our state, and investments like Taryn Tower, along with the other developments announced today, are critical to ensuring that longtime residents can remain in the communities they've built. This development will bring deeply affordable homes to the South Bronx while advancing sustainability and quality living for working families. At a time when displacement and rising costs threaten our neighborhoods, we must keep delivering housing that reflects the needs and dignity of Bronx residents. I'm proud to join colleagues in government to support efforts that bring these much-needed resources to our communities and help build a stronger, more stable future for New York State."

Bronx Borough President Vanessa L. Gibson said, "Affordable housing remains one of the most pressing issues facing New Yorkers today, and investments like the $73 million for the Taryn Tower on Concord Avenue are exactly the kind of targeted, community-focused solutions Bronx residents need. This project creates affordable homes, strengthens stability for working families and ensures residents can remain in their neighborhoods. Thank you to Governor Kathy Hochul for her continued partnership and impactful commitment to prioritizing equitable, affordable housing that supports the needs of our residents."

New York City Council Member Elsie Encarnacion said, "Too many longtime New Yorkers are being pushed out of the neighborhoods they helped build because rent just keeps going up. That is why projects like Taryn Tower matter so much. This 73 million dollar investment means 142 families in the South Bronx will have a safe, affordable place to call home without having to choose between paying rent and putting food on the table or going to the doctor. This is not just about building new housing, it is also about preserving our communities and making sure the people who have been here for generations can afford to stay. The Bronx deserves this kind of investment. Our communities have always been strong, and we need real resources to match that strength. I am proud to help bring this to District 8, and I will keep working with Governor Hochul to make sure we create and preserve more affordable housing for the families who call this borough home."

City of Cohoes Mayor William T. Keeler said, "Cohoes is honored to be on the receiving end of this $128 million New York State investment, which will markedly improve the quality of life for so many residents. The rehabilitation of these 238 apartments is long overdue. Roulier Heights in particular has seen little modernization since the 1960s, when my grandmother lived there and I was a frequent visitor. We appreciate Governor Hochul's vision and continuing support of our city."

City of Utica Mayor Michael P. Galime, "At the local level this project has been a collaboration of thought, perseverance, and community outreach. Our work together to revitalize major portions of James Street and West Street in Cornhill would fall short and cease to exist without HCR's backing. The leadership assembled under our Governor is to thank for this make or break financing which will truly help Cornhill in Utica."

Village of Great Neck Mayor Pedram Bral, M.D. said, "I thank Governor Kathy Hochul for this transformative $22 million investment. This funding will help the Great Neck Housing Authority enhance services and improve housing, ensuring our seniors live with greater dignity and comfort."

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 $750 million in discretionary State funding. More than 400 communities throughout the state have been certified Pro-Housing.

As part of Governor Hochul's 2026 State of the State, the Governor proposed her "Let Them Build" agenda, a series of landmark reforms to speed up housing and infrastructure development and lower costs. This initiative will spur a series of common-sense reforms to New York's State Environmental Quality Review Act (SEQRA) and 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 Executive 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. More than 80,000 affordable homes have been created or preserved to date. The Executive Budget also invests $250 million in capital funding to accelerate the construction of thousands of new affordable homes.