New York secures $270 million for affordable housing

New York is set to receive over $270 million in federal funding to create and preserve affordable housing. This funding will help build more than 1,800 homes across 28 developments in the state. Governor Kathy Hochul and Representative Paul Tonko made the announcement on Tuesday. The money comes from the federal Low-Income Housing Tax Credit and subsidies. It aims to improve housing options for struggling New Yorkers in all regions. The plan will also modernize public housing and support local economic growth. The new homes will include energy-efficient features, aligning with climate goals. This funding is part of Gov. Hochul’s larger $25 billion housing initiative, which aims to create or preserve 100,000 affordable homes statewide. Governor Hochul emphasized the importance of building more housing to address the state’s housing crisis. She stated that these resources will provide better access to affordable and sustainable homes, along with childcare and other necessary services. Representative Tonko highlighted the need for investment in affordable housing. He stressed that supporting such projects benefits communities and addresses the challenges many face in securing quality housing. The funding will be distributed across various regions, including the Capital Region, Central NY, Finger Lakes, Long Island, and New York City, among others.