A $150 million public-private financing initiative seeks to accelerate housing production in Central New York.
Governor Kathy Hochul announced on Thursday the creation of the Housing Central New York Fund to help create more affordable housing in preparation for the historic growth anticipated to occur in the region related to Micron. Empire State Development is seeding the revolving loan fund with $30 million. $120 million is being provided from private partners, including Micron.
“The only way to solve the housing crisis is to build more housing,” Governor Hochul said. “As Central New York prepares for unprecedented growth, the Housing Central New York Fund will help to ensure families, workers, and communities can afford to live and grow where the opportunities are and build their future in New York State.”
Hochul added that the initiative’s goal is to create at least 2,500 new housing units over the fund’s initial seven-year term in the six counties eligible for funding – Cayuga, Cortland, Madison, Oneida, Onondaga, and Oswego. Projects will, however, need to be built in New York State Certified Pro Housing Communities.
Cayuga County Chair Jonathan Anna said, “We thank Governor Hochul for aligning housing development with economic expansion. As major investments reshape Central New York, the Housing Central New York Fund provides the critical support needed to deliver new homes and sustain a strong workforce for years to come. Cayuga County is geographically positioned to grow and continues to benefit from the ripple effects of this historic economic investment, and we know housing demand will touch us too.”
According to a 2023 ESD-commissioned study by HR&A, the anticipated growth could lead to a demand for 30,000 additional housing units in Central New York. The state added that many planned housing projects have been put at risk due to high interest rates, rising construction costs, and financing gaps, necessitating the public-private partnership.
