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Hochul Proposes $25B Statewide Housing Plan
As part of her Fiscal Year 2023 Executive Budget, New York Gov. Kathy Hochul proposed a $25-billion, five-year Housing Plan. The plan seeks to create and preserve 100,000 affordable homes, including 10,000 homes with support services for vulnerable populations, and electrify an additional 50,000 homes as part of the state’s plan to electrify one million homes and make another one million electrification-ready.
Funding includes $5.7 billion in capital resources, $8.8 billion in state and federal tax credits and other federal allocations, and $11 billion to support the operation of shelters and supportive housing units and to provide rental subsidies.
Hochul’s office said the housing plan, in common with the other components of the FY 2023 budget, occurs within the context of a budget that’s balanced for the entirety of the financial plan leading up to FY 2027, has no budget gaps, and holds spending growth in FY 2023 below inflation.
- ◦Development
- ◦Policy/Gov't
