Governor Kathy Hochul announced on April 10 that nearly $350 million in housing bonds and subsidies have been awarded to five housing developments, which will create or preserve 750 affordable, supportive, and modern apartments throughout New York State. The funding is part of the Governor’s $25 billion five-year Housing Plan aimed at creating or preserving 100,000 affordable homes statewide.
The announcement highlights the state’s ongoing efforts to address the housing crisis by increasing access to safe and affordable homes for residents in need. By leveraging both public and private resources, officials say these investments will support economic growth while strengthening communities.
According to Hochul, “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. 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.”
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Each of these developments and 750 affordable apartments reflect our commitment to creating and preserving affordable, sustainable, modern housing that meets today’s needs while preparing for the future. By combining bond financing with critical subsidies, we are investing nearly $350 million to advance Governor Hochul’s vision for a more affordable, equitable New York and continuing to drive progress under our five-year Housing Plan.”
The awarded projects include Taryn Tower in the Bronx ($73 million), 729 Van Sinderen in Brooklyn ($79 million), Great Neck Senior Housing on Long Island ($22 million), rehabilitation work by Cohoes Housing Authority in Albany County ($128 million), and THRIVE Cornhill in Utica ($46 million). These initiatives target a range of populations including seniors, families facing homelessness or disability challenges, as well as vulnerable individuals requiring supportive services.
Elected officials from each region praised the awards. State Senator José M. Serrano said Taryn Tower would “help create 142 affordable and modern apartments in the South Bronx,” addressing a critical local need. Assemblymember John T. McDonald III described investments into Cohoes as vital for “modernizing three long standing affordable housing communities” while Mayor William T. Keeler called it “long overdue.” In Utica’s Cornhill neighborhood Mayor Michael P. Galime credited state support with making revitalization possible.
Hochul’s broader agenda includes reforms such as her “Let Them Build” initiative designed to expedite development processes under state law while continuing capital investment through future budgets—efforts intended not only for renters but also homebuyers statewide.
