Gov. Hochul allocates funding to keep homes affordable

STATEWIDE — GOVERNOR KATHY HOCHUL on Monday announced the allocation of nearly $2 billion in state housing bonds and subsidies to finance 24 developments statewide, intended to create or preserve more than 6,600 affordable homes, as part of her $25 billion, five-year Housing Plan.

The awards, administered through New York State Homes and Community Renewal, combine $865 million in bonds and $990 million in subsidies, and are expected to leverage about $3.5 billion in total investment once private financing is included. All projects must meet high sustainability standards aligned with the state’s goal of cutting emissions by 85% by 2050.

Projects span every region, with major investments in the five boroughs, including preservation funding for Bay Ridge Towers (811 units) and Jimerson Apartments (421 units) in Bay Ridge and Brownsville, both Mitchell-Lama co-op complexes, and funding for new construction at Sparrow Square Phase 1 (261 units) in East Flatbush on the former Kingsboro Psychiatric Center site.

Hochul said the funding supports “quality, modern homes” while reducing energy costs and expanding affordability for families, seniors, and supportive-housing residents.

✰✰✰