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New York Governor Kathy Hochul announces $390 million for affordable housing projects

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According to the national media, New York State Governor Kathy Hochul announced that more than $370 million has been awarded to NYS for 10 projects meant to boost affordable housing projects.

The money, which includes a mix of bonds and subsidies, will help “create or preserve” 1,600 homes statewide, her office said.

Hochul has made expanding housing a key priority in her 2023 agenda, with the multi-year goal of reaching 800,000 new units to expand stock and reduce costs.

“As our state stares down a severe housing crisis, this investment to create and preserve more than 1,600 new homes marks an important step toward addressing New York’s housing shortage,” Hochul said.

Kathy Hochul said, “Building, preserving, and stabilizing our housing supply is a top priority for my administration, and I remain committed to bringing forth solutions – like the New York Housing Compact – to ensure that we have ample, safe, and affordable housing for anyone who wants to call New York home.”

The money announced includes funding for projects statewide, and when combined with private-sector funding, accounts for $600 million in spending.

In Saratoga Springs, $61.6 million will be used for the Tait Lane Reserve, creating 202 affordable apartments. Buffalo’s North Park neighborhood is receiving a $40.1 million project for Pan American Square, which will include the construction of 150 homes.

In Kingston, $39.6 million is used for the Stuyvesant Apartments as part of a rehabilitation project.

And in New York City, more than $20 million in capital improvements will be used for a Mitchell-Lama cooperative with 385 affordable homes in Hamilton Heights in Manhattan.

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