HCR presents governor's 2026 housing package, highlights $1B for City of YES and new revolving loan fund

Ruth Ann Visnauskas, commissioner and chief executive of New York State Homes and Community Renewal, told state lawmakers during a joint Assembly and Senate hearing that Governor Kathy Hochul’s 2026 executive budget focuses on increasing housing production and protecting existing affordable stock.

Visnauskas said the proposal includes $1,025,000,000 in capital for a City of YES program targeted to New York City; creation of a mixed‑income revolving construction loan fund to bridge projects that do not “pencil out” under current financing conditions; and expanded state low‑income housing tax credits to spur development across the state.

“Governor Hochul’s 2026 budget proposals build on her commitment to increase affordability by addressing the housing shortage,” Visnauskas said in prepared remarks. She said the agency has already certified 277 Pro Housing communities and reported that the five‑year housing plan has passed its midpoint, with more than 55,000 homes created or preserved toward a 100,000 target.

Why it matters: lawmakers and housing advocates at the hearing pressed HCR on how the new money would be allocated, how quickly a revolving fund could move from appropriation to loans in the field, and whether city and upstate priorities would compete for the same resources. Supporters say the package pairs important production dollars with preservation and anti‑displacement tools; critics want more clarity on allocation and safeguards to protect deeply affordable units.

Key elements Visnauskas described

- City of YES ($1.025 billion). Visnauskas said the state funds would be “flexible” and deployed through HCR programs to support new construction, homeownership, preservation (including Mitchell‑Lambas) and other city priorities.…