Ti's NCRDC receives nearly $2M of state's $45M for rental rehab

ALBANY | Gov. Kathy Hochul has announced $44.7 million in funding has been awarded across three New York State Homes and Community Renewal (HCR) programs to create and rehabilitate more than 420 rental homes. The investment includes $24 million for 291 homes as part of HCR's Vacant Rental Program, which transforms vacant and uninhabitable apartments into affordable homes. "New York is committed to using all tools in its toolbox when it comes to housing affordability," Gov. Hochul said. "The Vacant Rental Program is a great example of how we can transform underutilized spaces to create homes that hundreds of households in communities across New York will be able to afford." The Vacant Rental Program was created as part of the FY25 Enacted Budget to support renovations of buildings with up to five vacant and distressed rental units into viable affordable housing for low- and moderate-income tenants in communities outside of New York City. The funding was awarded to 19 non-profits and local governments to assist property owners with the renovations. Property owners that provide apartments for households earning up to 80 percent of the Area Median Income will receive up to $50,000 in subsidy per unit, and up to $75,000 per unit for apartments for households earning up to 60 percent of the Area Median Income. Monday's announcement is the final round of funding for the program during Fiscal Year 2026 – an earlier investment of $16.2 million was awarded during the previous fiscal year. LOCAL AWARDS $645,000 to the City of Glens Falls for eight units across Warren County. $1.9 million to PRIDE of Ticonderoga (d.b.a. North Country Rural Development Coalition) for 23 units across Warren, Washington, Essex, Hamilton, and Clinton counties. The investment also includes $10.7 million for 62 homes as part of HCR's Small Rental Development Initiative, which supports the creation and preservation of multifamily rental developments with five to 20 apartments. Funding is awarded to non-profit organizations that own, develop, and manage small rental development housing. The homes will be affordable to households earning up to 80 percent of the Area Median Income. More than $10 million was also awarded for three projects as part of HCR's Small Buildings Participation Loan Program, which assists in financing buildings with between five and 50 units. All of the projects will be affordable to households earning up to 80 percent of the Area Median Income. The Vacant Rental Program, Small Rental Development Initiative, and Small Buildings Participation Loan Program are part of Gov. Hochul's $25 billion five-year Housing Plan, which is on track to create or preserve 100,000 affordable homes statewide. GOVERNOR HOCHUL'S HOUSING AGENDA Since FY23, the Governor has worked to increase housing supply to make housing more affordable by launching a $25 billion five-year comprehensive Housing Plan, enacted the most significant housing deal in decades and implemented new protections for renters and homeowners. Under Governor Hochul's leadership, HCR has created new programs that jumpstart development of affordable and mixed-income homes — for both renters and homebuyers. These include the Pro-Housing Community Program, which allows certified localities exclusive access to up to $750 million in discretionary State funding. More than 410 communities throughout the state have been certified Pro-Housing. As part of Gov. Hochul's 2026 State of the State, the Governor proposed her "Let Them Build" agenda, a series of landmark reforms to speed up housing and infrastructure development and lower costs. This initiative will spur a series of common-sense reforms to New York's State Environmental Quality Review Act (SEQRA) and executive actions to expedite critical categories of projects that have been consistently found to not have significant environmental impacts, but for too long have been caught up in red tape and subject to lengthy delays. The FY27 Executive Budget completes the Governor's current five-year Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations plus the electrification of an additional 50,000 homes. More than 81,000 affordable homes have been created or preserved to date. The Executive Budget also invests $250 million in capital funding to accelerate the construction of thousands of new affordable homes.

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Ti's NCRDC receives nearly $2M of state's $45M for rental rehab

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