A pair of housing efforts in the Finger Lakes and Central New York are getting a boost from the latest round of state funding aimed at bringing more affordable rental units online.
Gov. Kathy Hochul announced nearly $45 million in awards statewide through several housing programs, including targeted investments in Ontario County and the city of Auburn.
In Ontario County, the Ontario County Economic Development Corporation will receive $300,000 through the Vacant Rental Program to rehabilitate four housing units. The program focuses on smaller properties with vacant or distressed apartments, providing subsidies to help property owners bring them back into use.
In Auburn, a larger-scale project also secured funding through a separate initiative. The state awarded $3.3 million through the Small Buildings Participation Loan Program to support renovations at 40-42 South Street, a 22-unit residential building.
State officials say both investments are part of a broader strategy to increase housing supply by targeting existing buildings — whether through smaller rehabilitation projects or larger multifamily upgrades.
The Vacant Rental Program allows for subsidies of up to $50,000 per unit for apartments serving households earning up to 80 percent of area median income, and up to $75,000 per unit for deeper affordability levels. Meanwhile, the Small Buildings Participation Loan Program helps finance projects involving buildings with between five and 50 units.
Officials say these targeted investments are especially important in upstate communities, where underutilized housing stock presents an opportunity to quickly add units without the delays associated with new construction.
The funding is part of a broader $25 billion state housing plan aimed at creating or preserving 100,000 affordable homes across New York.
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