More than $240 million in low-income housing tax credits (LIHTCs) and subsidies was awarded to create and preserve 1,800 affordable homes in 27 developments across New York.
The awards are provided through New York State Homes and Community Renewal’s (HCR’s) annual LIHTC competitive funding round. Financing includes $66 million from its federal and state housing credit programs and $176 million in subsidy loans.
Tax credit and subsidy information for each project is available here. When combined with private funding, the projects are expected to generate $1 billion in overall investment.
“The housing crisis won’t solve itself. If we want New York to remain a place people can afford to call home, we have to act with urgency,” said Gov. Kathy Hochul. “That means building more housing in every region and making targeted investments to expand affordable homes for people of all ages and phases of life including working families, seniors, and people living with disabilities.”
The funding is part of Hochul’s $25 billion five-year Housing Plan, which is on track to create or preserve 100,000 affordable homes statewide.
More than half of the awarded projects will also receive support from agencies such as the New York State Energy Research and Development Authority, Empire State Development, Office of Temporary and Disability Assistance, Office for People With Developmental Disabilities, and Office of Mental Health—demonstrating that housing affordability is a priority across all sectors.
Officials noted that HCR updated its design guidelines and scoring incentives in 2025 to increase accessibility. The move prioritized projects that included a larger proportion of accessible units, resulting in a 33% increase in fully accessible units for those with mobility or hearing or visual impairments.
“These projects show that our commitment to housing goes hand-in-glove with our commitment to the environment and to improving accessibility,” said RuthAnne Visnauskas, HCR commissioner. “We applaud Gov. Hochul for being laser-focused on making our communities more affordable and livable for all New Yorkers.”
The recent awards include $5.8 million for Parish Heights, which will transform the vacant St. Vincent de Paul Church and school into 45 affordable homes for seniors and families in Corning. Under development by Housing Visions, the project includes funding from the Clean Energy Initiative.
Officials also awarded $11.1 million for 2863 Atlantic, a 70-unit affordable and supportive housing project in Brooklyn’s East New York neighborhood. Under development by the United Cerebral Palsy Association of NYS (Constructive Partnerships Unlimited), the development will include units for young adults aging out of foster care.
Read more about the developments receiving funding here.