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NY State Drops $1B for Affordable Housing | Real Estate News
Description
New York State just unleashed a billion-dollar housing blitz—part of Governor Hochul’s five-year plan to tackle the crisis head-on. Twelve statewide projects will create or preserve over 2,700 affordable apartments, with NYC getting the lion’s share: $650 million. That includes reviving Harlem and Upper West Side buildings, converting a Chelsea jail into homes, and launching new developments across the Bronx, Queens, and Brooklyn. A standout: a $190 million, 14-story Brooklyn complex offering 400+ affordable units. Special focus on seniors and veterans, with wraparound services. Initiatives like Vital Brooklyn are getting a major boost—East New York alone is set to receive $120 million, adding to prior investments. This isn’t just bricks and mortar—it’s about building communities, expanding options, and making New York truly more affordable for all.
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