NYS: $875 million in financing for 3,100 affordable homes across state

Awards designed to increase housing supply, provide support services that allow seniors, veterans, vulnerable populations to live independently

Gov. Kathy Hochul announced $875 million in financing has been awarded through bonds, tax credits, and subsidies to create or preserve 3,100 affordable, sustainable and supportive homes in 27 developments across New York. When coupled with additional private funding and resources, the 27 projects receiving funding are expected to create more than $1.5 billion in overall investment.

Hochul’s team said, “The awards will increase housing supply in every region, assist local economic development efforts, fight homelessness with onsite services that keep vulnerable populations safely housed, include sustainable features that advance the state's climate goals, and offer free broadband to help close the digital divide.”

The governor said, "My administration is committed to ensuring that every New Yorker has access to housing that is affordable, sustainable, and offers critical services that improve lives. This funding will ultimately create more places for seniors and vulnerable residents to live independently, apartments that young people can afford, and revitalized communities where businesses can succeed and grow their workforce. These innovative developments are central to our strategic efforts to increase the supply of housing and create a more affordable, more livable New York for all."

The awards announced are part of Hochul's $25 billion housing plan to create or preserve 100,000 affordable homes across New York, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.

Funding is provided through New York State Homes and Community Renewal's Low Income Housing Tax Credit Program and Tax-Exempt Bond financing. Seven projects were awarded $684 million subsidies and tax-exempt housing bonds in the agency's March bond issuance. Twenty developments were awarded more than $191 million through HCR's Multifamily Finance RFP, a competitive process that awards federal and state low-income housing tax credits and subsidy financing for affordable and supportive multifamily housing developments.

A press release stated, “All projects meet the new sustainability standards established by HCR in 2022, which promote healthier living environments and highly efficient buildings and support the goals set by the New York State Climate Leadership and Community Protection Act.

“More than half of the awarded projects will use a total of $9 million from the New York State Energy Research and Development Authority's Clean Energy Initiative to achieve even higher levels of sustainability and carbon reduction.

“In addition, the developments offer free broadband 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.”

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "The $875 million in financing we announced (Thursday) will deliver more than 3,100 quality, affordable, environmentally sustainable apartments to every region of New York, while expanding access to broadband and essential support services. True to the spirit of our $25 billion housing plan, these 27 projects will increase New York's housing supply and create vibrant, diverse, and economically stable communities where people of all income levels can afford to live. Congratulations and thank you to our talented development partners for their hard work on these life-changing developments."

The full description of awards can be found here. Locally:

√ ETC Towers in the City of Buffalo is a $72 million 281-unit preservation project by Beacon Communities and First Shiloh Baptist Church.

√ Manhattan Village at BestSelf in the City of Buffalo is a $27 million, 66-unit new construction project by BestSelf Properties Inc. and BestSelf Behavioral Health.

√ 875 Lafayette in the City of Buffalo is a $34 million, 80-unit mixed-income development by Belmont Housing Resources for Western New York Inc.

√ Riley Brook Apartments in the Town of Hamburg is a $24 million 70-unit workforce housing development and community building by Grove Development and Southern Tier Environments for Living.

Congressman Brian Higgins said, "Access to affordable living has long been one of Western New York's great attributes. We must continue to look at ways to improve existing residential living and open up new affordable housing opportunities to all. These projects, made possible in large part thanks to the federal low-income housing tax credit, continue to build on that goal."