Governor Hochul Announces More Than $240 Million Investment to Create and Preserve 1,800 Affordable Homes in Every Region of New York

Governor Kathy Hochul announced more than $240 million in tax credits and subsidies was awarded to create and preserve 1,800 affordable, modern homes in 27 housing developments across New York. 

The awarded projects include housing with supportive services, accessibility features, and incorporate sustainability measures to keep costs down for residents and help address climate change. Developments provide homes for people of all ages and phases of life, strengthen communities, and further local economic development efforts. The funding is part of Governor Hochul’s $25 billion five-year Housing Plan, which is on track to create or preserve 100,000 affordable homes statewide.

“The housing crisis won’t solve itself. If we want New York to remain a place people can afford to call home, we have to act with urgency,” Governor Hochul said. “That means building more housing in every region and making targeted investments to expand affordable homes for people of all ages and phases of life including working families, seniors, and people living with disabilities.”

The awards are provided through New York State Homes and Community Renewal’s annual Low-Income Housing Tax Credit competitive funding round. Financing includes $66 million from its Federal and State Low-Income Housing Tax Credit programs and $176 million in subsidy loans. Tax credit and subsidy information for each project is available here. When combined with private funding, the projects are expected to generate $1 billion in overall investment.

More than half of the awarded projects will also receive support from agencies including the New York State Energy Research and Development Authority (NYSERDA), Empire State Development, Office of Temporary and Disability Assistance, Office for People With Developmental Disabilities, and Office of Mental Health — demonstrating that housing affordability is a priority across all sectors.

New This Year

New York State Homes and Community Renewal (HCR) updated its Design Guidelines and scoring incentives in 2025 to increase accessibility. The updated guidelines prioritized projects that included a larger proportion of accessible units, resulting in a 33 percent increase in fully accessible units for those with mobility or hearing or visual impairments.

The projects will all achieve high levels of carbon reduction, with some projects receiving funding through HCR’s Multifamily Solar Program, which funds the installation of on-site solar arrays, as well as some projects receiving funding for electrification upgrades through HCR’s Clean Energy Initiative. Both programs are funded in partnership with NYSERDA. These investments complement New York’s mission to address climate change by decreasing emissions by 85 percent by 2050.

 “New York is committed to building more affordable housing and this $240 million investment will provide 1,800 individuals and families the opportunity to find modern and sustainable homes they can afford in every region of the state,” New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “These projects show that our commitment to housing goes hand-in-glove with our commitment to the environment and to improving accessibility. We applaud Governor Hochul for being laser-focused on making our communities more affordable and livable for all New Yorkers.”

“Every family in New York deserves a safe and affordable place to call home,” Senator Charles Schumer said,  “I’m proud that the federal Low-Income Housing Tax Credit that I worked hard to protect and expand has delivered millions to help preserve or build 1,800 homes in every corner of the Empire State. High housing costs are a key driver of inflation, so we must build more housing for working people to bring down those high prices. I applaud Governor Hochul’s work increasing access to housing for working families in New York, and I will continue working to deliver federal resources to develop more affordable housing.”

 “Too many New Yorkers are being forced out of their communities because of the affordable housing crisis,” Senator Kirsten Gillibrand said. “We must move faster to build the housing people can actually afford. I’m grateful this investment will help create and preserve 1,800 affordable homes across New York, and I’ll keep fighting to expand the housing supply so every New Yorker can find a safe and affordable place to call home.”

 “This major announcement represents a critical step forward in our efforts to ensure that every New Yorker has a safe, affordable place to call home,” Representative Paul Tonko said. “By investing nearly $240 million in affordable housing construction, including more than $66 million from the Federal and State Low-Income Housing Tax Credit program, New York State and its partners will be able to create and preserve 1,800 more affordable homes in 27 housing developments across our state. Importantly, each of these projects will include accessibility and sustainability features that will allow them to house New Yorkers of all ages while also helping to address the climate crisis. I’m thrilled to celebrate this significant infusion of funding for affordable housing in our state, and I’m eager to see how these investments will spur growth in our communities and bring security for our families.”

The awarded projects are:

Capital Region

$6.8 million for SCAP Campus Apartments in Schenectady – Construction of a 60-unit affordable and supportive housing development. The project is planned to be co-located with a separate childcare and family resource center. Developed by DePaul.

$7.5 million for Excelsior Apartments in Saratoga Springs – Construction of a 50-unit affordable and supportive housing project. The project will include on-site solar funded through the Multifamily Solar Program. Developed by Beacon Communities.

$9.6 million for The Finley in Saratoga Springs – Construction of a 71-unit affordable and supportive housing development. The project includes a community building with amenities and offices for on-site services. Developed by Rise Housing and Support Services.