Governor Hochul Signs Legislation to Build and Preserve More Affordable, Sustainable Housing in New York City

Legislation S.4709A/A.7758 Authorizes New York City to Adopt a New Affordable Housing Rehabilitation Program to Replace the Former J-51 Program

Legislation S.2985C/A.6655A Establishes the "Housing Affordability, Resiliency, and Energy Efficiency Investment Act of 2023" Giving New York City More Flexibility to Provide Loans and Grants for Affordable Housing and Other Related Investments

Legislation A. 7359/S.6750 Increases the New York City Housing Development Corporation's Bonding Capacity

Governor Hochul today signed legislation to build and preserve more affordable, energy-efficient housing in New York City. Legislation S. 4709A/A. 7758 authorizes New York City to adopt a new affordable housing rehabilitation program to replace the former J-51 program. Legislation S. 2985C/A.6655A establishes the "Housing Affordability, Resiliency, and Energy Efficiency Investment Act of 2023," giving New York City more flexibility to provide loans and grants for affordable housing and other related investments. These can include climate resiliency improvements to help ensure the sustainability of affordable housing. Legislation A. 7359/S. 6750 increases the New York City Housing Development Corporation's bonding capacity.

“In light of New York’s housing crisis, I am proud to sign this legislation, which will allow for the construction and preservation of more affordable, sustainable, and sorely needed housing in New York City,” Governor Hochul said. “I am committed to increasing the housing supply to address our housing shortage, and I will continue to work with the Legislature on solutions to ensure that all New Yorkers have a safe, stable, and affordable place to call home.”

Legislation S.4709A/A.7758 enables New York City to replace the former J-51 program, which expired on June 29, 2022. The legislation allows New York City to provide tax abatement benefits for eligible construction projects to preserve and improve certain affordable rental and homeownership buildings. In doing so, the legislation will help to retain and improve the quality of the City's existing affordable housing supply, which is critical to supporting low- and moderate-income families and ensuring the City and State do not lose ground as they seek to add much needed housing.