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NYS: More than $390 million in financing to build more than 1,600 affordable and supportive homes across state


Fri, Jan 20th 2023 11:00 am

Includes $40.1 million for affordable and supportive housing complex in Buffalo

Gov. Kathy Hochul has announced more than $390 million has been awarded through bonds and subsidies to create or preserve more than 1,600 affordable, sustainable and supportive homes across the state. 

Her team said, “When coupled with additional private funding and resources, the 10 projects receiving funding are expected to create more than $600 million in overall investment that will assist local economic development efforts and advance New York's commitment to expanding the supply of safe, secure and healthy housing opportunities for individuals and families across the state.”

Hochul said, "As our state stares down a severe housing crisis, this investment to create and preserve more than 1,600 new homes marks an important step toward addressing New York's housing shortage. Building, preserving and stabilizing our housing supply is a top priority for my administration, and I remain committed to bringing forth solutions – like the New York Housing Compact – to ensure that we have ample, safe and affordable housing for anyone who wants to call New York home."

The financing is made possible through New York State Homes and Community Renewal's October and December 2022 bond issuances, which provided $231.2 million in tax-exempt housing bonds and $159 million in subsidy, including $2.7 million in funding though the New York State Energy Research and Development Authority's Clean Energy Initiative.

Awards include:

Western New York

•$17.7 million for the Magnolia Housing Scattered Site project in Erie and Niagara counties. The project will support the preservation of affordability and moderate rehabilitation at four existing state-funded affordable housing developments with a total of 96 apartments. The buildings include Austin Manor and Gratwick Manor, both in Buffalo; Haskell Stovroff in the Town of Cheektowaga; and Elizabeth Harvey in the City of North Tonawanda. Upgrades are expected to increase energy efficiency by at least 20% through the installation of new appliances, windows, LED lighting, HVAC systems and water heaters.

•$40.1 million for Pan American Square in the North Park neighborhood in Buffalo. The development will consist of three four-story buildings constructed on vacant land with a total of 150 homes. Eighty apartments will be reserved for individuals with mental illness, and will be supported by the New York State Office of Mental Health's Community Residence Single Room Occupancy program. An additional 20 homes will be set aside for adults experiencing homelessness, and funded through an Empire State Supportive Housing Initiative award administered by the New York State Department of Health. The buildings are designed to meet high standards of sustainability, and received a $1.9 million award through the New York State Energy Research and Development Agency's Clean Energy Initiative.

Office of Mental Health Commissioner Dr. Ann Sullivan said, "Stable, secure housing is a critical part of the recovery process. These supportive housing projects are helping people with mental illness to live and thrive in their own homes and communities. Gov. Hochul has been a terrific advocate and continues her efforts to ensure that every New Yorker has access to mental health services."

Acting State Department of Health Commissioner Dr. James McDonald said, "Stable housing is essential for all of us, all of the time. Housing instability exacerbates health problems and further drives health inequities. New Yorkers coping with housing uncertainty experience more childhood and chronic diseases. Gov. Hochul truly understands that investing in housing opportunities will pay big dividends by ensuring that all New Yorkers have access to safe and affordable housing for all New Yorkers."

In the fiscal year 2023 state budget, the governor introduced and successfully secured a $25 billion, five-year, comprehensive housing plan that will increase housing supply by creating or preserving 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.

Hochul’s team said, “The New York Housing Compact, a comprehensive, multipronged strategy, includes local participation requirements and incentives to achieve housing growth in every community so that every part of the state is a partner in solving this urgent crisis. The plan will also require municipalities with MTA rail stations to locally rezone for higher density residential development.”

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