**New York State Invests $1 Billion in Affordable Housing Statewide**
Governor Kathy Hochul has announced a significant investment in affordable housing across New York State, with nearly 3,000 energy-efficient homes to be created or preserved through $1 billion in housing bonds and subsidies. The funding supports 15 projects statewide, including six in New York City, as part of the governor’s larger five-year, $25 billion housing initiative to build or maintain 100,000 affordable homes throughout the state.
“Solving New York’s housing crunch and cutting costs for families hinges on increasing home availability statewide,” said Governor Hochul. “Through these investments, we’re helping produce more affordable, modern, supportive, and sustainable housing.”
The funding comes from New York State Homes and Community Renewal’s recent bond issuances, which include $560 million in tax-exempt housing bonds and $466 million in subsidies. Combined with private sector investments, the supported projects are anticipated to generate $1.5 billion in total development activity.
The largest single investment of $326 million is allocated to Vital Brooklyn Alafia Phase 2, a 634-unit housing development currently under construction by Apex Real Estate Development. This project reflects the state’s continued commitment to addressing housing insecurity with sustainable and equitable solutions.
