New York Awards $872 Million for 12 Housing Developments: 2,233 Affordable Homes to Be Created or Preserved
New York Governor Kathy Hochul announced on October 30 that $872 million in housing bonds and subsidies have been awarded to twelve housing developments across the state, which will create or preserve 2,233 affordable, supportive, sustainable and modern homes. The financing was allocated through New York State Homes and Community Renewal's (HCR) recent bond issuances, which provided $460 million in housing bonds and $412 million in subsidies. Coupled with additional private funding and resources, the projects are expected to generate more than $1.5 billion in overall investment.
The awarded projects span the state. In Central New York, Parkside Commons Phase I in Syracuse received $160 million to rehabilitate 200 apartments and build 194 more. In the Mid-Hudson, Brookfield Commons Phase III in White Plains received $120.3 million for a new 11-story building with 168 apartments. In New York City, ICL-Variety Residences at Astoria in Queens received $103 million for 165 new apartments, including 71 supportive apartments for youth aging out of foster care. In the Capital Region, Liberty at Saratoga in Saratoga Springs received $98.3 million for 216 apartments, and in the Bronx, Findlay House received $98.6 million to rehabilitate and expand a senior development to 239 homes. All awarded projects will achieve high levels of sustainability to improve energy efficiency, create healthier living environments and reduce costs for residents.
"Making New York more affordable means building more homes and preserving the housing our communities already depend on," Governor Hochul said. HCR Commissioner RuthAnne Visnauskas said the $872 million investment will create new housing opportunities while protecting homes that individuals and families have relied on for generations, resulting in more than 2,200 homes across the twelve projects.
The awards are part of the governor's $25 billion five-year Housing Plan to create or preserve 100,000 affordable homes statewide, of which nearly 90,000 have been created or preserved to date. The fiscal 2027 enacted budget completes the current five-year plan and invests an additional $250 million in capital funding to accelerate construction of thousands of new affordable homes.
Source: GSM · USA (original Chinese edition)
Photo: 纽约州州长Kathy Hochul官方肖像。CC BY 2.0，经GSM州长素材包。 / Official portrait of New York Governor Kathy Hochul. CC BY 2.0, GSM governors asset pack.
