Governor Kathy Hochul announced more than $240 million in tax credits and subsidies to create and preserve 1,800 affordable homes in 27 housing developments across New York. The awarded projects include housing with supportive services, accessibility features, and incorporate sustainability measures to keep costs down for residents and help address climate change.
The awards are provided through New York State Homes and Community Renewal’s annual Low-Income Housing Tax Credit competitive funding round. Financing includes $66 million from its Federal and State Low-Income Housing Tax Credit programs and $176 million in subsidy loans. Tax credit and subsidy information for each project is available at this link. When combined with private funding, the projects are expected to generate $1 billion in overall investment.
