Funding Will Support Construction and Preservation of 28 Affordable Housing Developments Statewide that Provide Supportive Services and Further Local Economic Development Initiatives

Governor Supports Passing Legislation in Washington To Expand the Low-Income Housing Tax Credit To Create More Housing??

Builds on Governor Hochul’s Commitment To Address New York’s Housing Crisis by Increasing the Housing Supply; 5-Year Plan to Build or Preserve 100,000 Affordable Units Statewide Continues Ahead of Schedule

Governor Kathy Hochul and Representative Paul Tonko on March 18th, announced more than $270 million has been awarded through the federal Low-Income Housing Tax Credit and subsidies to create or preserve more than 1,800 affordable, supportive, and sustainable homes in 28 separate developments across New York State. The awarded projects will expand or preserve the housing supply in every region, upgrade and modernize public housing, further local economic development initiatives, and include energy efficient features that advance the State's climate goals. The funding is part of Governor Hochul’s $25 billion five-year Housing Plan, which is on track to create or preserve 100,000 affordable homes statewide.

“Solving New York’s housing crisis comes down to one simple strategy: building more housing,” Governor Hochul said. “These critical federal resources make it possible for us to provide New Yorkers with new opportunities to access affordable, modern, sustainable homes that also provide access to childcare, supportive services, and the amenities that individuals and families need to thrive.”

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The federal Low-Income Housing Tax Credit (LIHTC) program is a powerful tool to incentivize the creation of housing and address a crisis that impacts people of all ages and phases of life throughout New York. That’s why Governor Hochul supports legislation in Washington to expand the program and make it even more effective. The Affordable Housing Credit Improvement Act will potentially increase allocations to finance the development of two million new affordable units nationally over ten years and more than 100,000 units in New York State.

Representative Paul Tonko said, “If we want to solve our historic home shortage, we must invest in affordable housing — which is why I am a proud supporter of LIHTC and other vital programs that help us tackle the housing crisis. Supporting affordable, sustainable housing benefits everyone in our communities. At a time when millions struggle to afford quality housing, we must continue to drive smart investments like these that serve families across New York State.”

State Senator Patricia Fahy said, "New York State and the Capital Region are facing a housing crisis that demands bold and innovative action. With over half of renters statewide considered cost-burdened and a shortage of affordable homes, the time is now to build more housing supply and lower costs for families. On March 18th's commitment of more than $270 million to create and preserve 1,800 affordable homes is a major step towards addressing New York's housing crisis head-on. These developments will provide much-needed affordable and supportive housing and create jobs while advancing New York's ambitious climate goals. I commend Governor Hochul for continuing to expand housing opportunities for all New Yorkers and aggressively address the housing crisis."

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Simply put, creating and preserving 1,800 homes is a major investment that will directly combat the housing shortage and affordability crisis facing residents in every region of the state. By committing over $270 million to these 28 developments, we are helping communities provide the affordable, supportive, energy-efficient homes required to meet the needs of New Yorkers for generations to come. This is possible thanks to critical federal resources that HCR relies on to create and preserve housing opportunities for all New Yorkers. We thank Governor Hochul for her continued focus on increasing housing supply and supporting local economic development efforts across the State.”

"Solving New York’s housing crisis comes down to one simple strategy: building more housing” -- Governor Kathy Hochul

Financing for the projects is allocated by New York State Homes and Community Renewal (HCR), which provided $61 million in Federal and State Low Income Housing Tax Credits and over $200 million in subsidy to support the 28 projects. When coupled with additional private funding and resources, the projects receiving funding are expected to create over $1 billion in total investment.

All awarded projects meet HCR’s sustainability standards, which promote healthier living environments and support the goals set by the New York State Climate Leadership and Community Protection Act. Several awarded projects will receive funding from the Clean Energy Initiative, a partnership with HCR and the New York State Energy Research and Development Authority, to achieve even higher levels of sustainability and carbon reduction.

In addition, each of the awarded developments offer free broadband internet services to residents, building on the Governor’s ConnectALL initiative, which has made historic investments to deliver high-speed internet in underserved communities and close the digital divide for lower-income New Yorkers.

Assemblymember Linda B. Rosenthal said, “At a time when the world’s richest man is taking a chainsaw to the nation’s affordable housing network, New York State is stepping up to the plate. It’s critical, especially given the upheaval at the federal level, that we invest every possible cent in the creation and preservation of our supportive housing stock. By building and preserving more than 1,800 units of affordable units, thousands of homeless or housing insecure New Yorkers will now have a safe and stable place to call home. It's gratifying to see Governor Hochul addressing the state’s housing shortage and I applaud Congressman Tonko for helping to secure these much-needed funds at the federal level. I look forward to working with her and my colleagues in passing a budget that prioritizes the needs of New York's most vulnerable residents.”

Assemblymember Gabriella Romero said, “These investments will go a long way toward expanding affordable housing in New York. Increasing the number of sustainable, accessible homes that include vital support services and free broadband internet will help more families put down roots and thrive in our communities. I applaud the Governor for her continued commitment to affordable housing in our state.”

Assemblymember John T. McDonald III said, "I’m excited to see this funding opportunity for the Albany community through the Low-Income Housing Tax Credit program in partnership with New York State. By leveraging these resources, we can develop new housing, revitalize properties, and expand access to safe, affordable homes. I look forward to collaborating with all involved to maximize the benefits of this program and continue our commitment to addressing housing insecurity in our state."

Awarded projects include:

Capital Region

• $9.5 million for Mill Street Lofts in the city of Hudson, Columbia County: New construction of a 70-unit mixed-income infill development on city-owned land.

Central NY

• $10.1 million for Van Buren Apartments in the town of Van Buren, Onondaga County: New construction of a 70-unit affordable housing development in a well-resourced area that includes 14 apartments with supportive services for homeless veterans.
• $6.5 million for La Madre Landing in the village of Baldwinsville, Onondaga County: New construction of a 52-unit affordable development, including eight units with supportive services for vulnerable populations.
• $7.8 million for River Street Senior Apartments in the city of Cortland, Cortland County: New construction of a 53-unit development for seniors aged 62 and older, includes 12 units with supportive services for residents struggling with homelessness.

Finger Lakes

• $2.6 million for the Creekside Clearing Redevelopment in the village of Livonia, Livingston County: The redevelopment and expansion of an existing HCR-regulated 32-unit property originally constructed in 2005. An additional 16 units will be created, for a total of 48 units. Includes funding from HCR and NYSERDA’s Clean Energy Initiative.
• $6.2 million for Fine Arts Building Lofts in the city of Rochester, Monroe County: Adaptive reuse of the former Hotel Cadillac to create a 42-unit mixed-income, mixed-use and supportive housing project. Thirteen units will include supportive services for homeless young adults. The development is receiving funding from HCR and NYSERDA’s Clean Energy Initiative.
• $10.1 million for Fernwood Avenue Apartments in the city of Rochester, Monroe County: New construction of a 65-unit affordable and supportive housing development that includes 17 units with supportive services for vulnerable populations. The development will include a new, 8,000 square foot branch of the Rochester Public Library.

Long Island

• $8.9 million for Port Jefferson Commons in the village of Port Jefferson, Suffolk County: A 53-unit transit-oriented and mixed-use workforce housing development located one block from the Long Island Rail Road's Port Jefferson station. The development, identified as a priority project by the Long Island Regional Economic Development Council, includes supportive units and storefront commercial space.
• $15 million for One Carleton Green in the hamlet of Central Islip, Suffolk County: A 96-unit mixed-use and mixed-income housing development that features 15 units with supportive services for vulnerable residents, as well as storefront commercial space.

Mid-Hudson

• $8.1 million for Franklin Towers in the village of Tarrytown, Westchester County: Preservation of the 81-unit Franklin Towers aging public housing development. The project is located within a half mile of the Metro North train station and Westchester County Bee-line bus stops and is receiving funding from HCR and NYSERDA’s Clean Energy Initiative.
• $12.1 million for 30 West in the town of Haverstraw, Rockland County: New construction of an 81-unit affordable and supportive housing development being constructed on an underutilized municipal parking lot. Includes 20 units with supportive services for homeless households.
• $18.1 million for Waltemade Residence in the city of Mount Vernon, Westchester County: Adaptive reuse of a vacant nursing facility to create a 102-unit development for seniors aged 62 and older. Includes 30 units with supportive services for seniors experiencing homelessness.

Mohawk Valley

• $11.4 million for Utica AMP 1 in the city of Utica, Oneida County: Two buildings within the ND Peters development providing 28 units built in the 1960s, and a nearby storage building, will be demolished to make way for a new 71-unit three-story affordable multi-family building.
• $12.1 million for Deerfield Apartments in the town of Deerfield, Oneida County: New construction of a 65-unit mixed-use workforce housing development in a well-resourced area. Includes commercial space intended for a childcare facility.
• $9 million for Lofts At Littauer Park in the city of Gloversville, Fulton County: New construction of a 73-unit, mixed-use development. Includes seven units reserved for veterans experiencing homelessness.

New York City

• $13.9 million for Van Cortlandt Ave Apartments in the Bronx: New construction of a 12-story, 78-unit affordable and supportive housing development. Includes 47 units with supportive services for homeless and vulnerable populations.
• $15.4 million for Hillside Avenue Apartments in Queens: New construction of a 92-unit mixed-use, affordable and supportive housing development with a New York State Office of Mental Health-licensed outpatient mental health clinic. Includes 56 units with supportive services for homeless and vulnerable populations.
• $9.9 million for Bartlett Crossing in Brooklyn: New construction of a 78-unit, two-building, mixed-use development on two vacant lots owned by the NYC Department of Housing Preservation and Development. Includes 1,200 square feet of retail space.
• $14.6 million for HOGAR Eagle Gardens in the Bronx: New construction of an 83-unit affordable and supportive housing development in the Morrisania neighborhood. Includes 50 units with subsidies for individuals experiencing homelessness.

North Country

• $5 million for Lewis and Lowville Apartments in the village of Lowville, Lewis County: Preservation and moderate rehabilitation of four occupied, adjacent apartment buildings that collectively include 40 affordable units. Includes funding from HCR and NYSERDA’s Clean Energy Initiative.
• $8.6 million for General Martin Apartments in the town of Martinsburg, Lewis County: Adaptive reuse of a former elementary school and new construction of an adjacent building to create 63 affordable apartments.

Southern Tier

• $7.1 million for Meadow on Seneca in the city of Ithaca, Tompkins County: New construction of a 70-unit mixed-income development that includes 35 units with supportive services for homeless and vulnerable populations.
• $6.3 million for the Gateway Revitalization Project in the city of Binghamton, Broome County: Substantial rehabilitation of 15 units in seven existing buildings and new construction of two mixed-use buildings containing 23 residential units and two commercial spaces. The development is receiving funding from HCR and NYSERDA’s Clean Energy Initiative.
• $3.7 million for Freese Road Apartments in the town of Dryden, Tompkins County: New construction of a 53-unit, mixed-income affordable and supportive development on vacant land. Freese Road will be close to a major bus line with easy access to downtown Ithaca and amenities.

Western NY

• $11.1 million for Homesteads at Dunkirk Landing in the city of Dunkirk, Chautauqua County: Demolition of two blighted commercial buildings and new construction of a 78-unit mixed-income, mixed-use and supportive development. Includes 16 units with supportive services for veterans with disabilities and commercial space intended for a childcare facility.
• $6.2 million for St. Paul's Apartments II in the town of Evans, Erie County: New construction of a 53-unit development for seniors aged 55 and older on vacant land, including 16 units with supportive services.
• $7.3 million for Hillview Commons in the city of Tonawanda, Erie County: New construction of a 52-unit development for seniors aged 55 and older that will replace the obsolete Jacob J. Guzzetta Senior Citizens Buildings.
• $10.9 million for School 44 on Broadway in the city of Buffalo, Erie County: Preservation and adaptive reuse of a vacant, historic public school to create 65 units, as well as the development of 12, three-bedroom townhomes, for a total of 77 new affordable units. Includes 39 apartments reserved for homeless and vulnerable families.

Governor Hochul’s Housing Agenda
Governor Hochul is committed to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York’s housing supply through new tax incentives for Upstate communities, new incentives and relief from certain state-imposed restrictions to create more housing in New York City, a $500 million capital fund to build up to 15,000 new homes on state-owned property, an additional $600 million in funding to support a variety of housing developments statewide and new protections for renters and homeowners.

In addition — as part of the FY23 Enacted Budget — the Governor announced a five-year, $25 billion 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 55,000 homes have been created or preserved to date.