New York State takes a major swing at its housing crisis with Governor Kathy Hochul and Congressman Paul Tonko unveiling a hefty $270 million investment to create and preserve over 1,800 affordable homes across the state. This financial shot in the arm, sourced from federal Low-Income Housing Tax Credit and subsidies, aims to breathe life into 28 separate housing developments. The effort is part of a broader, $25 billion five-year Housing Plan and marks a decisive push towards providing modern, sustainable, and accessible housing for New Yorkers in need.
As rents continue to soar and the call for affordable housing goes louder, Governor Hochul looks to aggressively, perhaps even to boldly, expand New York's housing stock. "Solving New York’s housing crisis comes down to one simple strategy: building more housing,” Hochul stated, according to a recent announcement. This financial influx is designed not only to increase the number of homes but also to support local economic development initiatives and introduce energy-efficient features that align with the state's climate objectives.
Representative Paul Tonko stands firmly behind the investment, recognizing the significance of the Low-Income Housing Tax Credit program in addressing the housing shortage. Tonko commended the program's ability to effectively serve families throughout New York, as he conveyed in a statement: “If we want to solve our historic home shortage, we must invest in affordable housing — which is why I am a proud supporter of LIHTC and other vital programs that help us tackle the housing crisis. Supporting affordable, sustainable housing benefits everyone in our communities. At a time when millions struggle to afford quality housing, we must continue to drive smart investments like these that serve families across New York State,” as noted by the Governor's office.
This initiative signifies more than just building homes; it promises to fortify the very foundation that supports the state's residents by offering features such as free broadband internet, in line with Governor Hochul’s ConnectALL initiative. Assemblymember Linda B. Rosenthal called the move a crucial step, especially in light of ongoing federal changes. She emphasized that it is vital to invest every available dollar into the creation and preservation of supportive housing, as noted by governor.ny.gov.
As the state rolls up its sleeves to tackle housing insecurity, New York State Homes and Community Renewal Commissioner, RuthAnne Visnauskas, emphasized the substantial impact of the $270 million commitment on the housing and affordability crisis. According to governor.ny.gov, Visnauskas said, “Simply put, creating and preserving 1,800 homes is a major investment that will directly combat the housing shortage and affordability crisis facing residents in every region of the state. By committing over $270 million to these 28 developments, we are helping communities provide the affordable, supportive, energy-efficient homes required to meet the needs of New Yorkers for generations to come. This is possible thanks to critical federal resources that HCR relies on to create and preserve housing opportunities for all New Yorkers. We thank Governor Hochul for her continued focus on increasing housing supply and supporting local economic development efforts across the State.”
