New York Kicks Off $150M Workforce Housing Development Fund

February 20, 2026

Policy Affordable Housing Development Finance & Investment More News Northeast

The vehicle aims to meet the housing demand spurred by Micron’s $100 billion investment in the state.

The State of New York has launched the Housing Central New York Fund, a $150 million public-private investment vehicle to kickstart the construction of 2,500 workforce housing units throughout Central New York across its initial seven-year term.

The fund follows Micron’s $100 billion investment plan in Clay, N.Y., where it aims to develop four fabs over the next two decades. This could generate demand for 30,000 housing units, according to an HR&A study commissioned by the Empire State Development.

ESD seeded the revolving loan fund with $30 million, while the remainder $120 million was pledged by other partners, including Micron. ESD and CenterState designed the investment vehicle, selecting Community Preservation Corp. to operate all aspects of the fund, including project sourcing, underwriting, loan deployment and servicing.

Eligible projects must be developed inside the counties of Cayuga, Cortland, Madison, Oneida, Onondaga and Oswego, within a New York State Pro-Housing certified community.

Additional requirements touch upon affordability restrictions, whereby a 10 percent unit threshold is set for any rental project. These income-restricted apartments will cater to residents earning at most 80 percent of area median income. What’s more, developments must include at least 10 units and feature a minimum density of 10 units per acre.

Community Preservation Corp.’s affordable financing in N.Y.

Since its inception in 1974, Community Preservation Corp. has invested $16 billion, financing 247,000 multifamily units, according to its website. It provides construction and bridge financing, as well as equity investments and mortgage lending.

Just last year, the company was awarded $45.5 million as part of the $215 million Housing Acceleration Fund, which aims to expediate multifamily construction throughout the state. This program will issue low-cost construction debt to help fill the capital stack of mixed-income projects.