On April 8, 2024, Governor Kathy Hochul announced $412 million in bonds and subsidies to create and preserve nearly 1,100 affordable homes statewide, including four projects in the Bronx and Brooklyn. The awards are part of the Governor’s five-year $25 billion housing plan to preserve or create 100,000 affordable homes statewide with 10,000 supportive homes. 

The new development is part of an initiative to bring 4,000 affordable units to Central Brooklyn. On November 30, 2022, Governor Kathy Hochul announced the completion of a new affordable and supportive development in Brownsville, Brooklyn. The development, called Vital Brookdale, is located at 535 East 98th Street.

The trust allows NYCHA to access new streams of revenue to help fund the renovations of 25,000 apartments. On Thursday, June 16th, 2022, Governor Kathy Hochul signed legislation which created the New York City Public Housing Preservation Trust. The Trust will give the New York City Housing Authority (NYCHA) access to new streams of revenue and will allow for necessary repairs to 25,000 apartments in NYCHA developments. These repairs have been deferred due to a … <Read More>

The new legislation allows hotels to house residents on a more permanent basis, specifically addressing the lack of available housing in New York City. On June 7, 2022, Governor Kathy Hochul signed into law New York State Senate Bill S4937C. This affordable housing law allows hotels that are already authorized as Class B hotels to rent rooms for permanent residence purposes. State Senator Brian Kavanagh and Assemblymember Steven Cymbrowitz sponsored this bill.