BUFFALO, N.Y. — On Monday, Gov. Kathy Hochul announced that $682 million in bonds and subsidies have been awarded to finance affordable, sustainable and supportive housing across the state.
This amount includes $31 million for a project here in Western New York.
"We are working tirelessly to expand much-needed affordable housing across New York State, and these new developments will help us build toward a more stable and equitable future for the next generation," Hochul said.
"When we invest in modern and healthy housing, we strengthen our communities and provide new opportunities for New Yorkers to thrive and succeed, and today is a significant step in helping secure and preserve safe, livable, and quality affordable housing for all New Yorkers."
The funding in WNY will go towards the Whitney Apartments in Buffalo's West Village Historic District.
The Whitney Apartments are made up of 10 historic multifamily buildings with 135 apartments. The units will be renovated to enhance safety, quality of life and make them more energy efficient.
All the units will be covered under a Project-Based Section 8 Housing Assistance Payment contract and 21 of those units will be reserved to veterans who have experienced homelessness. Those veteran units will also have access to supportive services from Soldier On.
The financing is made possible through New York State Homes and Community Renewal's June 2022 bond issuance, which provided $463 million in taxable and tax-exempt housing bonds as well as $219 million in subsidies. This funding also including $5 million in financing though the Clean Energy Initiative pilot program.