The recently adopted 2023 State Budget provides financial support for countless initiatives which will improve New York State.
Importantly, the Governor and Legislature have agreed to officially move forward with a new, $25 billion statewide Housing Plan. Building on the success of our first Housing Plan, the new Plan will continue increasing the housing supply by creating and preserving another 100,000 affordable homes, including 10,000 with support services.
This year’s final State Budget also included:
- $1.5 billion for the creation and preservation of supportive housing.
- $1 billion to support our work in the construction of multifamily affordable housing and another $450 million to preserve existing multifamily rental housing.
- $400 million to advance homeownership opportunities across the State, especially in historically underserved markets.
- $250 million for a nation-leading electrification fund to improve energy efficiency of 10,000 homes as part of the State's plan to electrify one million homes and make another one million electrification-ready.
We are thrilled that we can boost the supply of quality housing that New Yorkers need while also creating more affordable, healthier, safer, equitable, and more sustainable communities.