Increasing New York's Housing Supply

Governor Kathy Hochul today announced that nearly 3,000 affordable, modern, 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 latest funding awards help advance the Governor’s commitment to increasing the housing supply and making the State more affordable. The 15 projects receiving funding are part of the Governor’s five-year, $25 billion comprehensive Housing Plan that will 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,” Governor Hochul said. “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.”

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. All awarded projects will achieve high levels of sustainability and carbon reduction. When coupled with additional private funding and resources, the projects receiving funding are expected to generate $1.5 billion in overall investment.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas 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. These developments are part of the Governor's $25 billion Housing Plan, which has already created or preserved more than 60,000 affordable homes in communities across New York. From New York City to the North Country, we are tackling the housing crisis head-on and supporting Governor Hochul’s mission to expand housing options, improve affordability, and foster economic growth across the State.”

New York State Senate Majority Leader Andrea Stewart-Cousins said, “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. The Senate Majority has been at the forefront of driving this historic effort, recognizing that access to quality housing is fundamental to thriving communities. We look forward to continuing our collaborative work with Governor Hochul and the Assembly to build on this progress and create even greater housing opportunities for all New Yorkers.”

The awarded projects are:

New York City

• $23 million for Kittay House in the Bronx – Rehabilitation of a Mitchell-Lama development built in 1969 in the Fordham neighborhood. The 295-unit development for seniors includes a common kitchen, dining hall, recreation rooms, a doctor’s office, and is conveniently located near health care and services. Developed by Kittay Senior Housing.
• $326 million for Vital Brooklyn Alafia Phase 2 in Brooklyn – Construction of two 14-story, mixed-use buildings with 634 units and over 12,000 square feet of commercial space as part of the redevelopment of the Brooklyn Development Center. Includes 47 units with supportive services for individuals struggling with homelessness. The development is a component of the State’s Vital Brooklyn initiative to address chronic social, economic, and health disparities in central Brooklyn. Developed by Apex Real Estate Development.
• $40 million for Emerson Davis Apartments in Brooklyn – Demolition of an obsolete building and the new construction of a 12-story building with 103 affordable and supportive apartments in the Clinton Hill neighborhood of Brooklyn. The development will include supportive social service space for residents in the Emerson-Davis Family Residence program. Developed by Institute for Community Living.
• $142 million for Edgemere Commons in Queens – Construction of an 18-story, mixed-use building with 244 units and nearly 4,000 square feet of commercial space at the former Peninsula Hospital site in Far Rockaway. Includes 73 units with supportive services for individuals and families experiencing homelessness, as well as 9,000 square feet of community facility space set aside for a daycare facility. Developed by Tishman Speyer.
• $63 million for Westbeth Artist Housing in Manhattan – Rehabilitation of the historic Westbeth Artist Housing in the West Village with 385 residential units and 73 commercial units across eight buildings. The affordable live-work housing for artists, includes studios, a gallery, a theater, commercial spaces, and landscaped park and courtyard. Developed by Westbeth Corp. Housing Development Fund Company.
• $9 million for Jericho House in Manhattan – Rehabilitation and expansion of a 48-unit affordable housing and supportive development, with eight units added for a total of 56. All apartments are set aside for formerly homeless individuals. The development is receiving funding from the Clean Energy Initiative. Developed by the Jericho Project.

Capital Region

• $72 million for Northgate Landing in Albany – Construction of two, four-story buildings in the Bishop’s Gate neighborhood with 185 apartments for families. The development will include community space and fitness center, and is close to health care, retail, and services. Developed by Conifer.

Finger Lakes

• $46 million for Gardner’s Lofts in Rochester – Adaptive reuse of a former historic mill consisting of six interconnected five-story buildings with 88 affordable and supportive apartments for formerly homeless veterans and families. The development will include office space for services provided by Soldier On. Developed by Winn Development.

Mid-Hudson

• $36 million for Rip Van Winkle Apartments in Poughkeepsie – Acquisition and rehabilitation of an 18-story building containing 179 affordable apartments. The development is receiving funding from the Clean Energy Initiative and will be fully electrified. Developed by Related Affordable.
• $43 million for 345 McLean Avenue in Yonkers – New construction of a 12-story building containing 105 units for seniors aged 62 or older, including 31 units with supportive services for households experiencing homelessness or at risk of homelessness. Developed by Verus Development.
• $107 million for 345 Q-West Towers in Mount Vernon – New construction of a 15-story building containing 115 units and a 12-story building containing 114 units. Both buildings will also include commercial space. Developed by Simone Development Companies.

Mohawk Valley

• $14 million for Historical Park Apartments in Utica – Acquisition and rehabilitation of an 11-story building originally built in 1973 that contains 121 affordable apartments set aside for seniors and people with disabilities, as well as one market-rate unit. Developed by SpringTide Housing.

North Country

• $15 million for Beekman Towers in Plattsburgh – Acquisition and rehabilitation of an 11-story building originally built in 1974 that contains 124 affordable apartments set aside for seniors and people with disabilities. Developed by SpringTide Housing.
• $44 million for Pine Camp Apartments in Watertown – New construction of a four-story building containing 120 affordable apartments, including 80 with supportive services for veterans, seniors, and individuals experiencing homelessness. Developed by DePaul.

Southern Tier

• $46 million for Saratoga Heights in Binghamton – Acquisition and rehabilitation of 100 units in 11 existing townhouse-style residential buildings and one community building owned by the Binghamton Housing Authority. The development is receiving funding from the Clean Energy Initiative. Developed by 3D Development Group.

Governor Hochul’s Housing Agenda
Governor Hochul is dedicated to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York’s housing supply through new tax incentives, capital funding, and new protections for renters and homeowners. Building on this commitment, the FY26 Enacted Budget includes more than $1.5 billion in new State funding for housing, a Housing Access Voucher pilot program, and new policies to improve affordability for tenants and homebuyers. These measures complement the Governor’s five-year, $25 billion Housing Plan, included in the FY23 Enacted Budget, 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 60,000 homes have been created or preserved to date.

The FY25 and FY26 Enacted Budgets also strengthened the Governor’s Pro-Housing Community Program — which allows certified localities exclusive access to up to $750 million in discretionary State funding. Currently, more than 300 communities have received Pro Housing certification.