Governor Kathy Hochul (New York) has announced $412 million in financing to build and preserve 1,100 affordable homes in New York City, the Finger Lakes, and the Hudson Valley. The funding is part of the governor's $25 billion comprehensive Housing Plan and will support projects that create safe, secure, and healthy housing opportunities. The awarded projects include new construction and rehabilitation of properties, with a focus on providing supportive services for vulnerable populations. The financing is allocated through New York State Homes and Community Renewal and is expected to generate a total investment of $625 million when combined with private funding and resources.
What are our thoughts on it?
I lived in New York for two years, and it’s beautiful. Although my stay was not long, it is evidence that the community faces many challenges, such as homelessness, rising housing costs, housing insecurity, and a lack of stable housing options. Yet, the communities continue to strive to build safe, secure, and healthy housing opportunities for individuals and families.
This is good news to hear about the impacts of securing this funding. With this funding, all the fears and challenges will improve. I find it interesting that funding was allocated through New York State Homes and Community Renewal's bond issuance, which has the potential to generate a total investment of $625 million when combined with private funding. I look forward to hearing how this continues to unfold.
