Governor Kathy Hochul is putting nearly $350 million on the table to chip away at New York’s housing crunch, announcing a fresh round of funding Friday to create or preserve 750 affordable apartments from the Bronx and Brooklyn to Long Island, the Capital Region and Utica. The package mixes new construction, supportive housing and large-scale rehabs meant to modernize older buildings and keep rents in reach. It is one piece of Hochul’s five‑year, $25 billion push to create or preserve 100,000 affordable homes statewide.
According to a press release from Homes and Community Renewal, the awards combine $234 million in housing bonds with $114 million in capital subsidies. When private investment is added to the mix, state officials say the total project investment is expected to reach roughly $529 million. HCR Commissioner RuthAnne Visnauskas framed the financing as a way to move the needle on affordable, sustainable and modern housing in multiple corners of the state.
Projects Funded Statewide
The money is spread across five major projects. In the Bronx, $73 million will go to Taryn Tower, which is set to bring 142 new apartments online. Brooklyn’s 729 Van Sinderen development will receive $79 million and is expected to deliver 193 units, including 116 apartments with supportive services on site.
On Long Island, $22 million is earmarked to rehabilitate a 75‑unit senior complex in Great Neck. Up in the Capital Region, $128 million will fund renovations for 238 apartments across three Cohoes Housing Authority properties. Rounding out the package, Utica’s THRIVE Cornhill development is slated to get $46 million to build 102 new units, according to WRGB/CBS6 Albany.
Who Benefits and Program Details
State officials say the developments are primarily aimed at households earning between 50% and 80% of area median income. Several of the projects will include apartments with on‑site supportive services, particularly for seniors and people at risk of homelessness.
“These investments are another major step forward,” Governor Hochul said in a statement released through Homes and Community Renewal. HCR notes that the awards are also designed to support energy‑efficiency upgrades and general modernization in the funded buildings, a nod to both tenant comfort and long‑term operating costs.
Why It Matters
The new awards are part of Hochul’s broader housing agenda and her “Let Them Build” reforms, which are intended to speed up approvals and lower construction costs in order to boost housing supply statewide. As outlined by Governor Kathy Hochul's office, these capital investments are meant to work in tandem with policy changes crafted to accelerate production and preserve deeply affordable homes.
Local officials have welcomed the funding as a chance to stabilize neighborhoods, extend the life of aging buildings and add new units in markets where vacancy is tight. Housing advocates, while praising the scale of the investment, have flagged the need for close oversight to make sure the new and rehabbed apartments are truly accessible to the lowest‑income renters they are supposed to serve.
The HCR announcement did not spell out detailed construction timelines. State officials and developers say those schedules, along with more design specifics, will be released as each project moves closer to breaking ground or starting renovations.
