NEWYORK: Governor Kathy Hochul 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,” Governor 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.
The 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.
