(WNY News Now) – New York – New York Governor Kathy Hochul provided a progress update on the Executive Actions implemented five months ago to tackle the state’s housing crisis. The Governor announced an infusion of more than $430 million in bonds and subsidies aimed at expanding the housing supply, resulting in the creation of 1,530 homes across various regions.
Governor Kathy Hochul addressed the ongoing housing crisis in New York, emphasizing the urgency of the situation. Asserting the need for immediate action, she highlighted the progress made in the five months since implementing Executive Actions to spur housing growth. Governor Hochul expressed a commitment to using all available tools as Governor until legislative solutions are in place.
In a significant move, Governor Hochul unveiled an investment exceeding $430 million in bonds and subsidies. This funding aims to create or preserve 1,530 homes across the state, including affordable, supportive, and sustainable housing. Ten developments in New York City, the Hudson Valley, the Southern Tier, and Western New York will benefit from this financial injection.
The financing, allocated through New York State Homes and Community Renewal’s December 2023 bond issuance, includes $131 million in tax-exempt housing bonds and $302 million in subsidies. Four projects will additionally leverage $6 million from the Clean Energy Initiative for enhanced sustainability and carbon reduction. The combined private and public investment in these projects is projected to reach nearly $800 million.
Western New York is set to receive a significant portion of the funding, with allocations for the Main Street Lofts, Francis John Apartments, Frederick Douglass Towers, and Harrison Place Lofts projects in Buffalo and Lockport.
Governor Hochul’s housing agenda extends beyond these initiatives, as demonstrated by historic investments secured in the FY 2024 Budget. These include $391 million in rental assistance, $50 million for tenant legal services, and funding for various programs addressing the needs of homeowners and tenants alike. The Governor’s comprehensive approach aligns with her commitment to creating and preserving 100,000 affordable homes as part of a five-year, $25 billion Housing Plan.
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