New Public-Private Fund Will Accelerate Housing Production, Support Affordability and Meet Growing Demand Driven by Micron’s Central New York Investment
Fund Will Kick Start Development and Support at Least 2,500 New Homes During Initial Term
More Details Can Be Found at HousingCNY.com
Governor Kathy Hochul today launched the new Housing Central New York Fund, a $150 million public-private financing initiative designed to accelerate housing production and keep costs down across Central New York as the region prepares for historic economic growth driven by Micron’s $100 billion investment in the region. Empire State Development is seeding the revolving loan fund with $30 million, with an additional $120 million from a range of partners — including Micron, local financial institutions, and other funders — with the goal of supporting the development of at least 2,500 new workforce housing units over the fund’s initial seven-year term. Counties eligible for participation include: Cayuga, Cortland, Madison, Oneida, Onondaga and Oswego.
“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.”
The new program is part of New York State’s commitment under the Community Investment Framework signed with Micron in 2022 to jointly invest in Central New York in preparation for the company’s megafab and builds on Governor Hochul’s comprehensive strategy to pair major economic development investments with housing, infrastructure, and workforce initiatives — ensuring that growth delivers lasting benefits for communities across New York State.
A 2023 ESD-commissioned housing study by HR&A found that anticipated growth is expected to generate demand for 30,000 additional housing units in the region — requiring a tripling of current annual housing production. High interest rates, rising construction costs, and financing gaps have put many planned projects at risk, making coordinated public-private investment essential to keeping housing costs affordable and development moving forward.
To address these challenges, ESD partnered with CenterState CEO to design an innovative financing tool that supports mixed-income, smart-growth-oriented multifamily housing. Following a competitive procurement, ESD selected Community Preservation Corporation, a nonprofit Community Development Financial Institution, to operate the fund.
Empire State Development President, CEO, and Commissioner Hope Knight said, “Governor Hochul understands that attracting world-class long-term economic growth like the Micron project also requires investing in the homes and communities that make growth possible. Through the Housing Central New York Fund, the state is showing how we can tackle big challenges, like the housing crisis, with smart public-private partnerships so workers and their families can afford to live near good-paying jobs and further revitalize the Central New York region.”