$145 million will be awarded to build more affordable homes in New York

On December 16, Governor Kathy Hochul has announced that more than $145 million will be awarded to create affordable housing across New York. The funding will go towards creating or preserving 1,178 affordable housing units in 21 separate developments across NY state.

The $145 million investment is a part of the pandemic recovery strategy that aims to provide safe, affordable, and sustainable housing to New Yorkers. In addition to $145 million funding, there are also $394 million in public and private sources, which brings a total of $511 million into the economy of local communities. 

The investment includes developments across New York City, Capital Region, Central New York, Finger Lakes, Long Island, Mid-Hudson North Country, Southern Tier, and Western New York. All 21 projects must follow green building standards to support the New York State Climate Leadership and Community Protection Act (CLCPA).

The goal of the CLCPA plan is to reach net-zero emissions in New York State. Moreover, the developments will provide residents with free or low-cost high-speed internet access to close the digital gap in underserved communities.

“This $145 million investment renews our commitment to creating and preserving the safe, healthy and affordable homes that New Yorkers deserve,” Gov. Hochul said in the press release. “Our best strategy for recovery from the pandemic is ensuring that everyone has a solid roof over their head and access to the services they need to remain securely housed. With the inclusion of additional resources for clean energy development and requiring free broadband access, we are building back better than before by creating housing that promises a stronger, greener and more equitable New York today and for the future.”

Resources:

“Governor Hochul Announces $145 Million Awarded to 21 Developments Across New York to Provide Nearly 1,200 Affordable Homes,” (Governor Kathy Hochul, 2021)