Skip to content
Home » News » Hochul announces $682M in financing for affordable housing projects

Hochul announces $682M in financing for affordable housing projects

  • / Updated:
  • Josh Durso 

New York State announced more than $682 million in bonds and subsidies to make more than 1,600 affordable housing projects come to life.

The developments will leverage an additional $218 million in private funding to create an overall investment of nearly $901 million to further local economic development efforts, reduce homelessness, and advance New York’s commitment to expanding safe, secure and healthy housing opportunities for individuals and families.

“We are working tirelessly to expand much-needed affordable housing across New York State, and these new developments will help us build toward a more stable and equitable future for the next generation,” Governor Hochul said. “When we invest in modern and healthy housing, we strengthen our communities and provide new opportunities for New Yorkers to thrive and succeed, and today is a significant step in helping secure and preserve safe, livable, and quality affordable housing for all New Yorkers.”

The only two projects for the Finger Lakes region are located in the city of Rochester.

However, three public housing developments operated by the Ithaca Housing Authority will receive $58 million in funding. They will combined create 118 modern and affordable homes in the city of Ithaca. Overlook Terrace and Southview Gardens will undergo extensive upgrades while Northside Apartments will be demolished and replaced with 82 townhouse-style apartments and two new playgrounds.

The new construction of Northside Apartments is designed to meet HCR’s Stretch Sustainability Standards for energy efficiency and was awarded additional subsidy through the Clean Energy Initiative. The development team consists of the Ithaca Housing Authority and 3D Development Group LLC.

There weren’t any projects announced for Central New York.

Categories: New York StateNews