Albany, NY (WRGB) — Governor Kathy Hochul announced a $1 billion investment to create or preserve nearly 3,000 affordable homes across New York State. This initiative is part of her five-year, $25 billion Housing Plan aimed at addressing the state’s housing crisis by increasing the housing supply.

Governor Hochul said,

Solving New York’s housing crunch and cutting costs for families hinges on increasing home availability statewide. Through these investments, we’re helping produce more affordable, modern, supportive, sustainable housing. This is going to help push costs down, keep our state strong and provide housing opportunities to thousands of New Yorkers.

The funding, allocated through New York State Homes and Community Renewal, includes $560 million in tax-exempt housing bonds and $466 million in subsidies. The projects are expected to generate $1.5 billion in overall investment when combined with private funding.

RuthAnne Visnauskas, Commissioner of New York State Homes and Community Renewal, said,

With more than $1 billion allocated to these 15 projects through housing bonds and subsidies, we’re helping deliver nearly 3,000 affordable, sustainable, and supportive homes that will serve New Yorkers for years to come.

The projects span multiple regions, including New York City, the Capital Region, Finger Lakes, Mid-Hudson, Mohawk Valley, North Country, and Southern Tier. Notable projects include the rehabilitation of Kittay House in the Bronx, the construction of Vital Brooklyn Alafia Phase 2 in Brooklyn, and the development of Northgate Landing in Albany.

New York State Senate Majority Leader Andrea Stewart-Cousins praised the investment, stating,

I applaud this significant investment in affordable housing, including this critical project right here in Yonkers, as part of our ongoing commitment to ensuring safe, modern, and affordable homes across every region of New York State.

Governor Hochul’s housing agenda includes new tax incentives, capital funding, and protections for renters and homeowners, with more than 60,000 homes already created or preserved under the plan.