Governor Kathy Hochul announced nearly $350 million in housing bonds and subsidies have been awarded for five housing developments that will create or preserve 750 affordable, supportive, sustainable and modern apartments. The awards are part of the Governor’s $25 billion five-year Housing Plan which is on track to create or preserve 100,000 affordable homes statewide.
“These investments are another major step forward in our mission to expand housing opportunities in every corner of the state and make New York more affordable.” Governor Hochul said. “By leveraging public and private resources, we are creating and preserving hundreds of high-quality, energy-efficient homes while strengthening communities and supporting economic growth. This funding is part of our $25 billion Housing Plan and brings us closer to ensuring that every New Yorker has access to a safe, stable and affordable place to live.”
Financing is allocated through New York State Homes and Community Renewal’s recent bond issuances which provided $234 million in housing bonds and $114 million in subsidies. When coupled with additional private funding and resources, the projects receiving funding are expected to generate $529 million in overall investment.
The awarded projects are:
New York City
$73 million for Taryn Tower in the Bronx - New construction of an 11-story residential building at 431- 441 Concord Avenue, creating 142 apartments affordable to households earning at or below 70 percent of the Area Median Income. Developed by Carthage Advisors and Rester Management.
$79 million for 729 Van Sinderen in Brooklyn – Demolition of a vacant building and new construction of an eleven-story building with 193 apartments affordable to households earning at or below 60 percent of the Area Median Income. The development includes 116 apartments with supportive services for vulnerable New Yorkers. Developed by Housing Plus Solutions, Inc. and Spatial Equity Co.
Long Island
$22 million for Great Neck Senior Housing in the Village of Great Neck, Nassau County – Acquisition and rehabilitation of a senior housing development with 75 affordable apartments for seniors 55 years or older. 74 apartments are affordable to households earning at or below 50 percent of the Area Median Income, with the remaining unit occupied by a superintendent. Developed by Georgica Green Ventures, LLC and the Village of Great Neck Housing Authority.
Capital Region
$128 million for the Cohoes Housing Authority in the city of Cohoes, Albany County – Rehabilitation of 238 affordable apartments within three of the Cohoes Housing Authority’s public housing developments: Manor Sites (95 units), McDonald Towers (93 units) and Roulier Heights (50 units). All 238 rental apartments will remain affordable to households who earn no more than 60 percent of the Area Median Income. Developed by Cohoes Portfolio Preservation LLC and MDG Development Owners LLC.
Mohawk Valley
$46 million for THRIVE Cornhill in the City of Utica, Oneida County – New construction of two four-story buildings, creating 102 apartments affordable to households earning at or below 70 percent of the Area Median Income, as well as commercial space and community program space. Includes 15 units with supportive services for individuals aged 55 and older with a chronic condition or physical disability, and four units with supportive services for young adults that are homeless or at risk of homelessness. Developed by People First (Municipal Housing Authority of the City of Utica).
Governor Hochul’s Housing Agenda
Governor Hochul is dedicated to addressing New York’s housing crisis and making the State more affordable and livable for all New Yorkers. Since FY23, the Governor has worked to increase housing supply to make housing more affordable by launching a $25 billion five-year comprehensive Housing Plan, enacted the most significant housing deal in decades and implemented new protections for renters and homeowners. Under Governor Hochul’s leadership, HCR has created new programs that jumpstart development of affordable and mixed-income homes — for both renters and homebuyers. These include the Pro-Housing Community Program, which allows certified localities exclusive access to up to $750 million in discretionary State funding. More than 400 communities throughout the state have been certified Pro-Housing.
As part of Governor Hochul’s 2026 State of the State, the Governor proposed her “Let Them Build” agenda, a series of landmark reforms to speed up housing and infrastructure development and lower costs. This initiative will spur a series of common-sense reforms to New York’s State Environmental Quality Review Act (SEQRA) and executive actions to expedite critical categories of projects that have been consistently found to not have significant environmental impacts, but for too long have been caught up in red tape and subject to lengthy delays.
The FY27 Executive Budget completes the Governor’s current five-year Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations plus the electrification of an additional 50,000 homes. More than 80,000 affordable homes have been created or preserved to date. The Executive Budget also invests $250 million in capital funding to accelerate the construction of thousands of new affordable homes.
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