New York Gov. Kathy Hochul has unveiled the Housing Acceleration Fund, a $215 million program designed to speed up construction of shovel-ready mixed-income residential projects across her state.
The new fund will be administered by New York State Homes and Community Renewal and provide low-cost construction loans to fill financing gaps in the construction of mixed-income rental housing developments. The fund is designed to utilize public capital to leverage private capital investment in mixed-income multifamily rental production, and the governor’s office estimates it will generate upwards of $1 billion in new housing investment.
The initial cohort of Housing Acceleration Fund awards are expected to result in approximately 1,800 new homes. The awardees include Community Preservation Corporation ($45.5 million); Merchants Bank: ($42 million); Enterprise Community Partners ($7.5 million); and Local Initiatives Support Corporation ($5 million). Half of the state government’s $100 million investment is appropriated for projects within New York City and half is allocated to projects throughout the rest of the state. Awardees will provide $115 million in additional capital, bringing the total amount of funding for projects within New York City to $100 million and the amount for projects throughout the rest of the state to $115 million.
“To combat the housing crisis in New York, we’re leaving no stone unturned,” Hochul said. “This new, innovative loan program is a powerful new tool to help jumpstart the construction of mixed-income housing in communities across the state. These new resources are just one more way for us to help build more housing opportunities for our families, seniors and young adults.”
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