More Than 22,000 Affordable Homes Created or Preserved in Fiscal Year 2025-26
More Than $20 Billion Invested Statewide Since 2021 To Support Affordable Housing and Strengthen Communities
Governor Kathy Hochul today announced record-breaking progress toward the State’s five-year housing goal, with more than 22,000 affordable homes created or preserved during Fiscal Year 2025-26, the highest single-year production for Governor Hochul’s five-year housing plan. New York State Homes and Community Renewal (HCR) has financed the creation or preservation of more than 81,000 affordable homes over the first four years of the Governor’s Housing Plan, putting the State on track to meet its goal of 100,000 affordable homes ahead of schedule. In addition to this historic investment in affordable housing, the Governor has also proposed her Let Them Build agenda, a series of common-sense reforms to the state’s Environmental Quality Review Act that will speed up development and lower costs of housing and infrastructure in general.
“New York is tackling the housing crisis head-on by building more homes, faster and making our state more affordable for families,” Governor Hochul said. “This record-setting year complements my Let Them Build initiative and shows what’s possible when we combine smart policy with strong investment. We’re going to keep pushing forward to ensure that every New Yorker has access to a safe, affordable place to live.”
housing investment across the state, leveraging partnerships with the private sector and state and local governments. This includes $5.3 billion through its multifamily housing programs, $1.1 billion in community development grants through HCR’s Office of Community Renewal, and $1.7 billion in the financing of mortgages for first-time homebuyers through the State of New York Mortgage Agency. The FY27 Executive Budget invests $250 million in capital funding to accelerate the construction of thousands of new affordable homes.
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “This progress reflects the extraordinary dedication and collaboration across every part of our agency and with our partners across New York. Together, we are expanding affordable housing, creating paths to homeownership, and strengthening communities. As we approach the final year of our Housing Plan, we are grateful to Governor Hochul for leading the effort to expand access to the housing New Yorkers need. HCR remains focused on building on this momentum and ensuring that more families have access to safe, stable and affordable homes.”
"New York is tackling the housing crisis head-on by building more homes, faster and making our state more affordable for families"
State Senator Brian Kavanagh said, “Through consistent capital and programmatic investments in affordable housing we are delivering real results for New Yorkers across the state. Of course there is still much more to do, and I look forward to continuing to work with Governor Hochul, my colleagues in the Legislature, and partners across the state to enact a budget that expands funding and builds on our progress over the last several years toward ensuring that every New Yorker has access to a safe, well-maintained, sustainable, and affordable place to call home.”
Governor Hochul’s Housing Agenda
Governor Hochul is dedicated to addressing New York’s housing crisis and making the State more affordable and livable for all New Yorkers. Since FY23, the Governor has worked to increase housing supply to make housing more affordable by launching a $25 billion five-year comprehensive Housing Plan, enacting the most significant housing deal in decades and implementing new protections for renters and homeowners.
Building on this historic investment in affordable housing, Governor Hochul’s 2026 State of the State, the Governor proposed her Let Them Build agenda, a series of landmark reforms to speed up housing and infrastructure development and lower costs. This initiative will spur a series of common-sense reforms to New York’s State Environmental Quality Review Act (SEQRA) and executive actions to expedite critical categories of projects that have been consistently found to not have significant environmental impacts, but for too long have been caught up in red tape and subject to lengthy delays.
The FY27 Executive Budget completes the Governor’s current five-year Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with supportive services for vulnerable populations plus the electrification of 50,000 homes. More than 81,000 affordable homes have been created or preserved to date.
In addition to the Housing Plan, under Governor Hochul’s leadership, HCR has also created new programs that jumpstart development of affordable and mixed-income homes — for both renters and homebuyers. These include the Pro-Housing Communities Program, which allows certified localities exclusive access to up to $750 million in discretionary State funding. More than 410 communities throughout the state have been certified Pro-Housing.