New York State Just Dropped Nearly $700 Million on Affordable Housing — Here’s What That Means

I’ve been following affordable housing news pretty closely lately, and this announcement from New York State feels like a big deal. In December 2025, state officials awarded nearly $700 million in funding to eight affordable housing projects across all five boroughs — a major investment aimed at creating and preserving deeply affordable homes

What stood out to me is how widespread the impact is — this isn’t focused on one neighborhood or one developer. It’s a citywide effort that includes everything from new construction to preservation of existing units, and all of it targets households that really need help staying in the city.

Brooklyn

• A project in East New York will get more than $50 million to build about 140 new affordable apartments. This development will include apartments for households earning as low as 30 percent of Area Median Income (AMI) — meaning people with very limited income have a shot at affordable rent.

• Another site in Bushwick secured about $40 million for roughly 100 homes with deep affordability and community amenities.

Queens

• In Jamaica, a project is getting about $70 million to create more than 200 units. A big part of this one is that it includes retail space and supports local economic activity too.

• South Jamaica also landed funding for preservation — keeping hundreds of units affordable before they could be lost to market pressure.

Bronx

• A development in Mott Haven got around $90 million, including money for wraparound services for residents, like wellness programs or job supports.

• Another in Fordham is moving ahead with state funding to protect existing affordable units from decay or conversion to market rates.

Manhattan

• On the Upper West Side, a smaller project received funding to add 40–50 deeply affordable homes and upgrade building systems like heating and elevators.

Staten Island

• A community-focused building will get about $25 million to keep its apartments affordable and improve shared spaces for seniors and families.

These awards come from the state’s Supportive Housing Opportunity Program and a few other capital funds aimed at cranking up affordable housing production — especially for people with lower incomes or special needs.

What’s clear from the breakdown is that state money isn’t just going to any type of housing. Most of these projects are targeting households at 30 percent or 50 percent AMI, which are incomes where people are most in danger of being priced out entirely. That’s important because a lot of “affordable housing” in NYC is pegged to higher income brackets that still feel out of reach for many working families, seniors on fixed incomes, and people who are earning minimum wage.

Another thing that stood out to me is how a bunch of these awards also fund services alongside apartments — things like wellness support or community spaces. That’s a good reminder that housing isn’t just about four walls; it’s also about stability and quality of life once people are inside.

Overall, this nearly $700 million injection is the kind of funding that can actually move the needle, at least in certain neighborhoods and for people who have felt squeezed out of the city for too long. It’s not a cure-all — NYC’s housing crisis is still massive — but it’s a step in the direction a lot of advocates have been pushing for: building and preserving homes that are deeply affordable, not just nominally so.

Read full article here: https://newyorkyimby.com/2025/12/eight-affordable-housing-projects-across-nyc-receive-nearly-700m-in-state-funding.html