Governor Kathy Hochul announced the launch of the Housing Central New York Fund, a $150 million public-private financing initiative designed to accelerate housing production and maintain affordability in Central New York. The fund aims to support the development of at least 2,500 new workforce housing units during its initial seven-year term, preparing the region for historic growth driven by Micron’s $100 billion investment. Empire State Development is seeding the fund with $30 million, while an additional $120 million comes from partners including Micron, local financial institutions, and other funders. Eligible counties include Cayuga, Cortland, Madison, Oneida, Onondaga, and Oswego.
The program aligns with New York State’s Community Investment Framework signed with Micron in 2022 and Governor Hochul’s broader strategy to pair major economic development projects with housing, infrastructure, and workforce initiatives. A 2023 housing study by HR&A identified demand for 30,000 additional housing units in the region, highlighting the need to triple current annual production. Rising construction costs, high interest rates, and financing gaps have put many projects at risk, making coordinated public-private solutions critical to keeping housing affordable.
The fund, developed in partnership with CenterState CEO, will support mixed-income, smart-growth-oriented multifamily housing. Following a competitive process, the Community Preservation Corporation, a nonprofit Community Development Financial Institution, was selected to operate the fund. Empire State Development President and CEO Hope Knight emphasized that investing in housing is essential to ensure that workers and families can live near good-paying jobs, complementing Micron’s economic investment and further revitalizing the Central New York region.
