ALBANY, N.Y. — New York Gov. Kathy Hochul announced Thursday $875 million in financing create or preserve more than 3,000 affordable homes across the state.
The projects are are expected to create more than $1.5 billion in overall investment and will increase available housing in every region of the state.
"My administration is committed to ensuring that every New Yorker has access to housing that is affordable, sustainable, and offers critical services that improve lives," Hochul said in a release.
"This funding will ultimately create more places for seniors and vulnerable residents to live independently, apartments that young people can afford, and revitalized communities where businesses can succeed and grow their workforce. These innovative developments are central to our strategic efforts to increase the supply of housing and create a more affordable, more livable New York for all."
This announcement is part of the Hochul's $25 billion housing plan to create or preserve 100,000 affordable homes across New York, as well as 10,000 homes with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "The $875 million in financing we announced today will deliver more than 3,100 quality, affordable, environmentally sustainable apartments to every region of New York, while expanding access to broadband and essential support services. True to the spirit of our $25 billion housing plan, these 27 projects will increase New York's housing supply and create vibrant, diverse, and economically stable communities where people of all income levels can afford to live. Congratulations and thank you to our talented development partners for their hard work on these life-changing developments."
Here are the projects slated for the Western New York region:
- ETC Towers in the City of Buffalo is a $72 million 281-unit preservation project by Beacon Communities and First Shiloh Baptist Church.
- Manhattan Village at BestSelf in the City of Buffalo is a $27 million, 66-unit new construction project by BestSelf Properties, Inc. and BestSelf Behavioral Health.
- 875 Lafayette in the City of Buffalo is a $34 million, 80-unit mixed-income development by Belmont Housing Resources for Western New York, Inc.
- Riley Brook Apartments in the Town of Hamburg is a $24 million 70-unit workforce housing development and community building by Grove Development and Southern Tier Environments for Living.
Representative Brian Higgins (D-NY) said, "Access to affordable living has long been one of Western New York's great attributes. We must continue to look at ways to improve existing residential living and open up new affordable housing opportunities to all. These projects, made possible in large part thanks to the federal Low-Income Housing Tax Credit, continue to build on that goal."
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