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Housing Bonds, Subsidies Will Provide $1B in Financing Across NY State
Gov. Kathy Hochul announced that nearly 3,000 affordable, energy-efficient homes will be created or preserved in communities throughout New York State as a result of $1 billion in housing bonds and subsidies. The 15 projects receiving funding, including six in New York City, are part of the governor’s five-year, $25-billion plan to create or preserve 100,000 affordable homes across New York State.
“Solving New York’s housing crunch and cutting costs for families hinges on increasing home availability statewide,” said Hochul. “Through these investments, we’re helping produce more affordable, modern, supportive, sustainable housing.”
Financing is allocated through New York State Homes and Community Renewal’s recent bond issuances, which provided $560 million in tax-exempt housing bonds and $466 million in subsidy. When coupled with additional private funding and resources, the projects receiving funding are expected to generate $1.5 billion in overall investment.
The largest financing, $326 million, goes to Vital Brooklyn Alafia Phase 2 (pictured), a 634-unit project under construction by Apex Real Estate Development.
- ◦Financing
- ◦Policy/Gov't
