Nearly $1B in financing to build and preserve affordable housing

ALBANY | Gov. Kathy Hochul has announced that nearly 3,000 affordable, modern, energy-efficient homes will be created or preserved in communities throughout New York State as a result of $1 billion in housing bonds and subsidies. According to the announcement, $15 million of that financing is for Beekman Towers in Plattsburgh for the acquisition and rehabilitation of the 11-story building originally built in 1974, which contains 124 affordable apartments set aside for seniors and people with disabilities. It will be developed by SpringTide Housing. The latest funding awards help advance the Governor's commitment to increasing the housing supply and making the State more affordable. The 15 projects receiving funding are part of the Governor's five-year, $25 billion comprehensive Housing Plan that will create or preserve 100,000 affordable homes across New York State. "Solving New York's housing crunch and cutting costs for families hinges on increasing home availability statewide," Gov. Hochul said June 26. "Through these investments, we're helping produce more affordable, modern, supportive, sustainable housing. This is going to help push costs down, keep our state strong and provide housing opportunities to thousands of New Yorkers." Financing is allocated through New York State Homes and Community Renewal's recent bond issuances which provided $560 million in tax-exempt housing bonds and $466 million in subsidy. All awarded projects will achieve high levels of sustainability and carbon reduction. When coupled with additional private funding and resources, the projects receiving funding are expected to generate $1.5 billion in overall investment. New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "With more than $1 billion allocated to these 15 projects through housing bonds and subsidies, we're helping deliver nearly 3,000 affordable, sustainable, and supportive homes that will serve New Yorkers for years to come. These developments are part of the Governor's $25 billion Housing Plan, which has already created or preserved more than 60,000 affordable homes in communities across New York. From New York City to the North Country, we are tackling the housing crisis head-on and supporting Governor Hochul's mission to expand housing options, improve affordability, and foster economic growth across the State."

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Nearly $1B in financing to build and preserve affordable housing

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