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Governor Seeks Funds To Create And Preserve Affordable Homes In New York

Governor Hochul has allocated $6.7 million towards the development and preservation of 52 affordable housing units in New York, as part of the state’s broader housing initiative.

October 16, 2023

Governor Kathy Hochul announced $6.7 Million in funds awarded to create and preserve 52 affordable rental apartments across five developments in Rochester, Binghamton, Syracuse, and Wilmington Town in Essex County. New York State Homes and Community’s Renewal Small Rental Development Initiative (SRDI) has provided these awards to support the creation and preservation of multifamily rental developments. 

Governor Hochul said, “As we work to boost the supply of affordable housing across our state, investing in small rental buildings is an important part of our efforts. With the current housing crisis impacting our communities, my administration is committed to using every tool we have to provide the quality, affordable housing that New Yorkers deserve.”

The SRDI funds are provided to organizations that own, develop, and manage small rental development housing. There will be an additional $6.1 Million in Private and Public Investment which in turn will allow projects to move forward and address the housing need in communities across New York. Consequently, the households can easily afford the apartments at or below 80 % of the Median income. 

Governor Hochul has unveiled a $25 billion Housing Plan aiming to create or preserve 100,000 affordable homes in New York. The plan includes support for 10,000 homes for vulnerable groups and the electrification of another 50,000 homes. The announced awards are part of this initiative.

The awards include $3 Million for 18 apartments in Syracuse, $1.6 Million for 16 apartments in Rochester, $784,000 for 12 apartments in Binghamton, and $1.3 Million for 6 apartments in Wilmington town. 

Due to the ongoing housing crisis, there is an urgent need to find solutions to provide more opportunities for individuals, families, and seniors. 

The applicants can request between $500,000 and $2,000,000 for the construction of projects that would otherwise be not possible.

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The content provided in this article draws inspiration and includes quotes from various reputable sources, including news articles, government data, and interviews. Affordable Housing 411 strives to ensure accuracy and credibility, but the information presented may be based on some external sources. We encourage readers to refer to the referenced materials for more in-depth insights and verification.

Governor NY. “Governor Hochul Announces $6.7 Million to Create and Preserve 52 Affordable Homes in New York”. Governor NY, October 6, 2023, 

Governor Hochul Announces $6.7 Million to Create and Preserve 52 Affordable Homes in New York | Governor Kathy Hochul (ny.gov)

Last Updated: September 20, 2021