Governor Kathy Hochul announced the allocation of nearly $2 billion in housing bonds and subsidies to support 24 housing developments across New York State. According to the Governor’s office, the funding will be used to construct or rehabilitate more than 6,600 housing units designated as affordable and supportive, with sustainability measures incorporated into the projects. The investment is part of the state’s broader $25 billion, five-year housing plan, which aims to add or preserve 100,000 affordable housing units statewide.
In comments on the funding, Governor Kathy Hochul said the investment reflects the state’s goal of developing modern housing that supports affordability and community needs, including housing for lower-income residents and seniors. State officials said the funding combines public resources with private investment, generating more than $3 billion in total project financing. The initiative is intended to support neighborhood development, reduce energy costs through efficiency measures, and increase the supply of affordable housing across multiple regions of New York State.
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said the funding will support housing for more than 6,600 families and individuals. In a statement, she said the investment contributes to efforts to develop housing that incorporates sustainability and community-focused planning and is part of the state’s broader Housing Plan aimed at expanding affordable housing across New York.
State legislators, including Assemblymember Linda B. Rosenthal and State Senator Brian Kavanagh, expressed support for the funding, which continues the state’s efforts to address the housing shortage. Kavanagh highlighted the need to utilize all available resources to address challenges such as limited housing supply, affordability, evictions, and homelessness. Specific allocations include $208 million for the Marine Drive Apartments in Buffalo, providing 254 units for households earning up to 120 percent of the Area Median Income, and $5 million for the preservation of the Walden Park senior housing development in Lockport, Niagara County.
Governor Hochul’s housing agenda includes measures from last year’s budget aimed at expanding New York’s housing supply and supporting tenants and homebuyers. As part of the FY26 Enacted Budget, more than $1.5 billion in new state funding is allocated for housing initiatives, including a Housing Access Voucher pilot program. Additionally, nearly 400 communities are set to benefit from the Pro-Housing Community Program, which provides access to up to $750 million in discretionary state funding.
