Hochul Affordable Housing Awards: $872M for 2,233 Homes Across New York

The latest round of Hochul affordable housing awards commits $872 million in state housing bonds and subsidies to developments that will create or preserve 2,233 homes across New York, including a $160 million award for the first phase of Parkside Commons in Syracuse and $9.4 million for a senior housing conversion in Fairport (Office of the Governor; FingerLakes1.com).

Governor Kathy Hochul announced the awards on October 30, 2026. The package is made up of about $460 million in housing bonds and $412 million in subsidies through New York State Homes and Community Renewal (HCR), and the state expects the projects to generate more than $1.5 billion in total investment once private financing and other sources are added (Office of the Governor). FingerLakes1.com noted that these are financing commitments, not announcements that apartments are finished or ready for occupancy (FingerLakes1.com).

What Happened

The release lists thirteen developments in five regions, although its summary refers to twelve. The individual awards add up to roughly $872.3 million, matching the stated total (Governor's release). The release does not give a unit count for the Concourse Village repair project in the Bronx, and the unit counts it does list for the other projects total somewhat fewer than the 2,233 homes in the headline, so the final number should be read as the state's figure.

The awards are part of the governor's five-year, $25 billion Housing Plan, which aims to create or preserve 100,000 affordable homes. The state says nearly 90,000 have been created or preserved so far (Office of the Governor). Earlier this fall, WCG covered how the state is pairing housing money with infrastructure support, including its $225 million Clean Water for Housing grant program for municipalities.

Upstate Projects

Parkside Commons Phase I, Syracuse

The largest single award, $160 million, goes to Parkside Commons Phase I on Syracuse's East Side. Developers BFC Partners and SAA|EVI plan to rehabilitate 200 existing apartments and build 194 new ones, for 394 units serving households at or below 60 percent of area median income (AMI) (Office of the Governor).

New York Construction Report described the financing in August: $269 million in total construction financing, including about $101.6 million in federal and state Low-Income Housing Tax Credit equity assembled by HCR and a $116 million construction loan from the Urban Investment Group at Goldman Sachs (New York Construction Report). That report describes renovation of six existing buildings with 200 apartments, two new four and five story buildings with 193 apartments at Westmoreland and East Fayette streets, and later demolition of the four oldest buildings to free land for a future phase. The new-unit count differs by one between that report (193) and the governor's release (194). The 2026 report put completion of the renovations in early 2028 and occupancy of the new buildings in late 2028 (New York Construction Report).

Maria Regina Gardens, Syracuse

Home Leasing and Pennrose received $69.1 million to convert a historic convent campus into 155 senior apartments at or below 80 percent of AMI, including 24 supportive apartments for frail older adults and 12 for older adults with intellectual and developmental disabilities (Office of the Governor).

CDS Meadowside Apartments, Fairport

In Monroe County, CDS Monarch received $9.4 million to acquire and rehabilitate a vacant building into 69 senior apartments for households at or below 60 percent of AMI, with supportive housing for older adults (Office of the Governor; FingerLakes1.com). It is the only Finger Lakes project in this round.

Liberty at Saratoga, Saratoga Springs

Liberty Affordable Housing received $98.3 million for 216 apartments in two connected new buildings, at or below 80 percent of AMI, including 10 supportive apartments for young people aging out of foster care (Office of the Governor).

Downstate Projects

• Brookfield Commons Phase III, White Plains: $120.3 million for 168 apartments in a new 11-story building, at or below 90 percent of AMI, developed by Trinity Financial and the White Plains Housing Authority (Office of the Governor).
• ICL-Variety Residences at Astoria, Queens: $103 million for 165 new apartments, including 71 supportive units for youth aging out of foster care (Office of the Governor).
• Findlay House, Bronx: $98.6 million to rehabilitate 227 apartments and add 12 at a Mitchell-Lama senior development, developed by Lemle and Wolff (Office of the Governor).
• Bridge Inwood, Manhattan: $70.3 million for 190 apartments in a new 14-story building, 121 of them supportive (Office of the Governor).
• Franklin Courts, Tarrytown: $58.2 million to replace 70 obsolete public housing units with 90 new public housing units, with a right to return for existing residents (Office of the Governor).
• The Green, Newburgh: $49.9 million for 122 apartments in two buildings plus four commercial spaces (Office of the Governor).
• North White Plains Workforce Transit Hub: $18 million toward 296 mixed-income apartments near the Metro-North station, 90 of them income restricted (Office of the Governor).
• Concourse Village, Bronx: $14.2 million for structural repairs at a six-building Mitchell-Lama cooperative (Office of the Governor).
• Franklin Lafayette, Brooklyn: $3 million to acquire and preserve four buildings with 57 apartments (Office of the Governor).

Implications for Owners, Developers, Contractors and Subs

The mix of work matters as much as the dollar total. Several of the largest awards involve occupied or partially occupied properties: Parkside Commons, Findlay House, Franklin Courts and Concourse Village all require renovation or replacement while residents remain nearby. That kind of work rewards contractors who can phase construction, manage resident relocation and keep buildings operating during renovation (Office of the Governor; New York Construction Report).

Adaptive reuse also appears again, with the Maria Regina convent conversion in Syracuse and the vacant building rehab in Fairport. Those projects typically involve existing conditions surveys, structural and envelope work, and code upgrades before finish trades can start. For Central New York, the Parkside and Maria Regina awards together total $229.1 million, adding to the region's pipeline alongside earlier state housing commitments in Syracuse covered in WCG's report on the $271 million Syracuse affordable housing investment.

For subcontractors, supportive housing units carry added scope such as on-site service space, accessibility features and common areas. Senior projects in Fairport and Syracuse will need similar attention to accessibility.

What to Watch

• Financial closings and construction starts for each development. The state's announcement is a financing commitment, not a start date (FingerLakes1.com).
• Whether Parkside Commons stays on the schedule described in August, with renovations complete in early 2028 and new buildings occupied in late 2028 (New York Construction Report).
• Selection of general contractors, which the release does not name for any project.

Bottom Line

This round of Hochul affordable housing awards puts $872 million behind 13 developments, with the largest upstate share going to Syracuse and a smaller senior project in Fairport. Much of the work is renovation of occupied property, which shapes who is best positioned to build it.

Key Questions

How much are the October 2026 Hochul affordable housing awards worth?

Governor Hochul announced $872 million in housing bonds and subsidies, about $460 million in bonds and $412 million in subsidies, for developments that will create or preserve 2,233 homes (Office of the Governor).

How much is Parkside Commons in Syracuse receiving?

Parkside Commons Phase I in Syracuse received a $160 million state award to rehabilitate 200 apartments and build 194 new ones for households at or below 60 percent of area median income (Office of the Governor).

Which Rochester area project was funded?

CDS Meadowside Apartments in Fairport, Monroe County, received $9.4 million for CDS Monarch to convert a vacant building into 69 senior apartments (FingerLakes1.com).

When will the funded apartments open?

The state did not give opening dates for most projects, and the awards are financing commitments rather than completions. For Parkside Commons, a 2026 report put occupancy of the new buildings in late 2028 (FingerLakes1.com; New York Construction Report).

Related Coverage

• Syracuse $271M Affordable Housing Development Investment
• True North Apartments Opens: $39M Affordable Housing and Wellness Clinic in Northeast Rochester
• East New York Urban Village Opens 385 Affordable Homes, Tops Out 453 More
• New York Opens $225M Clean Water for Housing Grants for Municipalities

Image credit: Brandon Griggs on Unsplash. Free to use under the Unsplash License. Representative image, not one of the funded developments.

Sources

• Office of Governor Kathy Hochul, Governor Hochul Announces Investments to Create or Preserve More Than 2,200 Affordable Homes Statewide, https://www.governor.ny.gov/news/governor-hochul-announces-investments-create-or-preserve-more-2200-affordable-homes-statewide
• FingerLakes1.com, Fairport senior apartments included in $872 million New York housing awards, https://www.fingerlakes1.com/2026/10/31/fairport-senior-apartments-included-in-872-million-new-york-housing-awards/
• New York Construction Report, $269M financing secured for Parkside Commons affordable housing redevelopment in Syracuse, https://www.newyorkconstructionreport.com/269m-financing-secured-for-parkside-commons-affordable-housing-redevelopment-in-syracuse/