New York Governor Kathy Hochul has signed three new pieces of legislation aimed at increasing the availability of affordable, energy-efficient housing in New York City. The first bill, S. 4709A/A.7758, allows for the implementation of a new affordable housing rehabilitation program to replace the expiring J-51 program.
The second bill, S. 2985C/A6655A, establishes the “Housing Affordability, Resiliency and Energy Efficiency Investment Act of 2023,” which grants more flexibility to provide loans and grants for affordable housing projects as well as climate resiliency improvements.
Lastly,A7359/S6750 increases bonding capacity for the New York City Housing Development Corporation in order to further support these efforts.
Governor Hochul stated that she is proud to sign this legislation amidst New York’s ongoing housing crisis and believes it will lead to much-needed construction and preservation of sustainable affordable homes in NYC.
