New York is moving nearly $2 billion into affordable housing projects aimed at easing the state’s housing crunch.
Governor Kathy Hochul announced the financing will help create or preserve more than 6,600 affordable, supportive, and energy-efficient homes across New York. The awards support 24 housing developments and advance the governor’s five-year, $25 billion housing plan.
State officials say the funding combines housing bonds and subsidies issued through New York State Homes and Community Renewal. When paired with private investment, the projects are expected to generate more than $3.5 billion in total development activity.
“These investments reflect my commitment to creating quality, modern homes that enrich communities and are making New York more affordable,” Hochul said, adding the effort targets families, seniors, and vulnerable residents statewide.
The projects span every region of New York and include a mix of new construction and preservation. Developments range from large-scale supportive housing in New York City to adaptive reuse projects and senior housing in upstate communities. Many of the developments reserve apartments for households earning between 30 and 80 percent of the area median income.
State leaders say sustainability is a core requirement. All funded projects must meet high standards for energy efficiency and carbon reduction, supporting New York’s goal of cutting greenhouse gas emissions 85 percent by 2050.
Homes and Community Renewal Commissioner RuthAnne Visnauskas said the investment will help thousands of New Yorkers secure stable housing while strengthening neighborhoods and local economies.
Lawmakers echoed that message, pointing to housing affordability, homelessness, and limited supply as interconnected crises. They said the new funding helps address those challenges by building and preserving housing while protecting renters and expanding supportive services.
The effort builds on previous state actions to boost housing production. More than 70,000 affordable homes have already been created or preserved under the governor’s housing plan, with tens of thousands more in progress.
State officials say the latest awards mark another step toward making housing more accessible and keeping communities affordable as costs continue to rise.
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