The Homes and Community Renewal Connection | | New Additions to HCR's Housing Toolkit | | |
$100 Million Available to Accelerate Mixed Income Residential
Development Under New Housing Acceleration Fund
The application deadline is approaching for HCR’s Housing Acceleration Fund, a first-of-its-kind addition to the Agency's toolkit that is specifically designed to stimulate new construction of mixed-income residential developments that are permit-ready but struggling with debt and equity financing.
Under the program, HCR will partner with financial institutions, including banks and Community Development Financial Institutions, to provide low-cost construction loans. The HAF will be a revolving fund to speed up production of new rental housing without utilizing limited resources that are dedicated to the creation of 100% affordable housing such as tax-exempt bonds and low-income housing tax credits. Applicants have until 5 p.m. Thursday, September 18th to apply.
Reserve Replenishment Program Helps Multifamily Projects Move Forward
Funding is still available for HCR's Reserve Replenishment Program, which provides targeted financial support to eligible multifamily rental housing projects with existing regulatory agreements with HCR and/or HTFC. The program offers grants or 0% interest loans to replenish replacement or operating reserves for projects demonstrating financial need. Applications remain open through Friday, September 26th.
For full program details, including eligibility criteria and application instructions visit: https://hcr.ny.gov/reserve-replenishment-program-term-sheet
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Perry Homes in Buffalo Welcomes First Residents
Governor Hochul celebrated the opening of the first phase of the Commodore Perry public housing redevelopment in Buffalo’s First Ward, a 27-building all-electric development with 405 affordable homes that replaced a long-vacant 24-building public housing complex in the city’s First Ward.
“It is an honor to welcome the first residents of the new Perry Homes to a place where they can live comfortably and affordably with access to all of the things that make Buffalo and this First Ward neighborhood so special.”
-Governor Hochul
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35 Broadway in Menands Gives Veterans the Modern, Affordable Homes they Deserve
The $26 million development at 35 Broadway in Menands is complete. The project created 67 affordable homes, with over half reserved for veterans experiencing homelessness.
“35 Broadway will give veterans experiencing homelessness access to on-site services that can keep them securely housed and living independently. We thank Governor Hochul for her commitment to building more affordable housing across the
State."-Commissioner Visnauskas
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Final Phase of Redevelopment of Cottage Place in Yonkers is Underway
Construction has begun at Willow at The Ridgeway in Yonkers, a 92-unit affordable senior housing community and the final phase of redevelopment of the former Cottage Place Gardens. The transit-oriented, all-electric development will complete the decade-long redevelopment of the vacant public housing complex.
“As we break ground on Willow at The Ridgeway, we are once again demonstrating that we’re willing to do what it takes to boost the supply of quality homes, to transform vacant properties, and to create opportunities for seniors to age in place or relocate to be part of this city’s bright future.”
-Governor Hochul
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Impact Utica Making an Impact on Public Housing
Construction is complete at Impact Utica, a $101 million project developed by People First, Inc., formerly known as the Municipal Housing Authority of the City of Utica, and Vecino Group New York. Impact Utica preserves 93 public housing units at Chancellor Apartments and transforms a historic former warehouse into the 74-unit Broad Street Apartments that include 24 units with supportive services for at-risk youth.
“New York State is focused on creating and preserving affordable housing that strengthens communities, and this development will do precisely that here in Utica.”
-Commissioner Visnauskas
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Rehab of Ellicott Town Center Continues Revitalization of Buffalo's East Side
Commissioner Visnauskas helped celebrate the opening of Ellicott Town Center in Buffalo, a 281 affordable homes across four high-rise towers and 24 townhomes that helped modernize aging infrastructure while maintaining critical affordable housing on the city's East Side.
“The $71 million rehabilitation of Ellicott Town Center demonstrates our commitment to revitalizing the East Side and working with faith-based organizations like the First Shiloh Baptist Church to ensure more individuals and families have access to safe, affordable housing.”
-Governor Hochul
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Griswold Heights Breathes New Life into 391-Unit Public Housing Development in Troy
The renovation of Griswold Heights, a townhome-style public housing development in the city of Troy, is now complete. All 391 units were fully rehabilitated as part of a $136 million effort.
"Enhancing the quality-of-life for current Griswold Heights tenants while also laying a foundation for future residents and providing a lasting impact to the entire community is vitally important to the continued revitalization of Troy.”
-Commissioner Visnauskas
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$200 Million Available through DRI and NY Forward
Governor Hochul announced that $200 million in funding is available through the State’s two signature downtown revitalization and economic development programs – $100 million is available each for Round 9 of the Downtown Revitalization Initiative and Round 4 of the NY Forward program, which focuses on revitalizing smaller and rural downtowns. Together, the two programs have previously awarded $1.2 billion in funding to 151 communities located across every region of the State.
In the FY2025 Enacted Budget, Governor Hochul made the “Pro-Housing Community” designation a requirement for cities, towns and villages to access State discretionary programs, including the DRI and NY Forward. Certified localities have exclusive access to up to $750 million in State funding, including a $100 million Pro-Housing Supply fund to assist with critical infrastructure projects. To date, more than 350 municipalities across the State have become Pro-Housing certified.
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New York is National Leader in Revitalizing Historic Buildings
New York State continues to lead the nation in revitalizing historic buildings through State and Federal Historic Rehabilitation Tax Credits, according to the National Park Service. In 2024 alone, 154 projects across the State are driving $2.8 billion in economic activity, more than triple that of the next highest states.
These efforts are not only preserving landmark properties but also creating and revitalizing thousands of affordable housing units. Since 2019, over 490 projects have injected more than $5 billion into New York’s communities, supporting the goals of the Downtown Revitalization Initiative by blending historic preservation with affordable housing development.
| | | | Making Communities More Resilient | | |
$6.3 Million Renovation of Whelan Park on Long Island Safeguards Recreation Space and Community from Flooding
Whelan Park, located in the village of Malverne in Nassau County, has reopened after major renovations that added recreational amenities and installed measures to help reduce flooding around the park and the neighboring community. Two new baseball fields, a dog park, picnic areas, and a jogging path were added, along with upgraded storm water infrastructure to reduce local flooding.
"Projects like this demonstrate New York's commitment
to adapt to our changing climate and improve public green
spaces at the same time." -Governor Hochul
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HCR and AG James Team Up to Protect Rent-Stabilized Tenants
in Queens
In August, New York Attorney General Letitia James and HCR filed a lawsuit against Zara Realty Holding Corp (Zara Realty) and its principals and affiliated entities for repeatedly violating rent stabilization laws and overcharging rent-stabilized tenants in Jamaica and Elmhurst, Queens.
The lawsuit alleges that Zara Realty illegally took advantage of tenants who paid their rent through New York City Department of Social Services housing subsidy programs and brazenly disregarded rent reduction orders issued by HCR’s Office of Rent Administration. Zara Realty would then sue tenants who did not pay these unlawfully inflated rents, putting multiple tenants at risk of eviction.
“Our Tenant Protection Unit is fighting for New Yorkers every day by protecting them from predatory landlords who try to illegally overcharge their tenants and defy our State’s rent laws. The message from our office and Attorney General James is clear – if landlords fail to abide by the rent laws, if landlords seek fraudulent rent increases, or initiate unlawful evictions – we will not hesitate to take action on behalf of millions of rent-regulated tenants in New York.” -Commissioner Visnauskas
| | | Investing In Supportive Housing | | |
$46 Million Available through ESSHI to Aid New Yorkers Experiencing Homelessness
In June Governor Hochul announced nearly $46 million is available through the Empire State Supportive Housing Initiative to expand supportive services for vulnerable New Yorkers experiencing homelessness. As part of the FY26 Enacted Budget, Governor Hochul secured the first increase in funding for the program since its creation in 2016, providing significantly higher rates for these units, which serve adults experiencing homelessness, survivors of domestic and gender-based violence, veterans and chronically homeless families and individuals living with a mental illness or substance use disorder.
Since taking office, the Governor has made landmark investments to expand supportive housing statewide as part of HCR's $25 billion five-year housing plan to create and preserve 100,000 affordable home statewide, including 10,000 with support services for vulnerable populations.
"Thank you to Governor Hochul for this vital expansion of the Empire State Supportive Housing Initiative. We're looking forward to working with our partners as we improve affordable and supportive housing across the State." -Commissioner Visnauskas
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