SFY 2025-26 Enacted Budget Invests in Affordable Housing Initiatives Across New York State

Speaker Carl Heastie and Housing Committee Chair Linda B. Rosenthal today announced that the Enacted State Fiscal Year (SFY) 2025-26 Budget makes critical investments in affordable housing across New York State. The spending plan also includes the Housing Access Voucher Program (HAVP), which helps those who are homeless or at risk of homelessness secure housing.

“Too many New Yorkers struggle with the rising rents and housing costs,” Speaker Heastie said. “This budget makes critical investments that will give families access to reliable, affordable housing. The HAVP will be a critical lifeline for families and I’m proud we were finally able to make it a reality.”

“I am thrilled that after years of advocating for the state to share in the responsibility of housing the most vulnerable through a statewide voucher system, my bill, the Housing Access Voucher Program (HAVP), has passed as part of the final state budget,” said Assemblymember Rosenthal.“This plan was necessary years ago, but with the five-alarm fire at the federal level, it is critical that New York State do everything in its power to protect housing stability. HAVP will give thousands of New Yorkers, whether they’re living in shelter or on the precipice of eviction, a lifeline in accessing safe, stable housing. I will continue fighting for additional funding for HAVP in the coming years, but for now, I thank Speaker Heastie, my colleagues and the many advocates for their tireless efforts in making this program a reality.” 

The spending plan includes $50 million to establish the HAVP, a rental assistance program that would help individuals and families who are homeless or at risk of homelessness to secure permanent housing and transition out of shelters or unsustainable housing situations. It would also enable local housing agencies to avert evictions for nonpayment of rent and other causes of displacement.

The SFY 2025-26 budget includes $1 billion for New York City’s City of Yes for Housing Opportunity Program, including:

• $500 million for new construction and preservation of affordable housing;
• $200 million for the New York City Housing Authority (NYCHA);
• $80 million for Mitchell-Lama Preservation;
• $50 million to establish a mixed-income revolving loan fund;
• $30 million for supportive housing for adults, youths or young adults exiting the justice system;
• $30 million for mold and asbestos rehabilitation;
• $25 million for the New York Housing for the Future Co-Op program;
• $25 million for the New York Housing for the Future Rental program;
• $20 million for lead abatement;
• $20 million for supportive housing for the elderly; and
• $20 million for the preservation of existing affordable or supportive rental developments regulated by municipal, state or federal housing agencies.

Additionally, the budget includes $50 million for Land Banks, which includes $10 million in operating funds and $40 million in capital funds, as well as $2 million for the Green Affordable Pre-electrification (GAP) Program.