Governor Kathy Hochul and Representative Paul Tonko today announced more than $270 million has been awarded through the federal Low-Income Housing Tax Credit and subsidies to create or preserve more than 1,800 affordable, supportive, and sustainable homes in 28 separate developments across New York State. The awarded projects will expand or preserve the housing supply in every region, upgrade and modernize public housing, further local economic development initiatives, and include energy efficient features that advance the State’s climate goals. The funding is part of Governor Hochul’s $25 billion five-year Housing Plan, which is on track to create or preserve 100,000 affordable homes statewide.
“Solving New York’s housing crisis comes down to one simple strategy: building more housing,” Governor Hochul said. “These critical federal resources make it possible for us to provide New Yorkers with new opportunities to access affordable, modern, sustainable homes that also provide access to childcare, supportive services, and the amenities that individuals and families need to thrive.”
The federal Low-Income Housing Tax Credit (LIHTC) program is a powerful tool to incentivize the creation of housing and address a crisis that impacts people of all ages and phases of life throughout New York. That’s why Governor Hochul supports legislation in Washington to expand the program and make it even more effective. The Affordable Housing Credit Improvement Act will potentially increase allocations to finance the development of two million new affordable units nationally over ten years and more than 100,000 units in New York State…