Gov. Hochul Announces FY2024 NY Budget Support for Homeowners, Tenants, and Public Housing Residents

Governor Kathy Hochul announced on May 3, 2023 that the FY 2024 New York State Budget includes a sweeping package of support for homeowners, tenants, and public housing residents, coupling direct rental aid with new homeowner repair funding and a first-in-the-nation lead paint program.

For renters, the budget commits $391 million in additional Emergency Rental Assistance Program (ERAP) funding to help tenants and families who have fallen behind, with a priority on residents of New York City Housing Authority (NYCHA) developments, other public housing, and households receiving federal Section 8 vouchers. The Office of Temporary and Disability Assistance (OTDA) will continue to administer state-funded rental assistance programs totaling approximately $250 million for renters who do not meet ERAP's federal income thresholds, ensuring that tenants outside the ERAP pipeline still have a path to arrears relief and eviction prevention.

On the ownership side, the FY 2024 Budget creates a $50 million Homeowner Stabilization Fund to finance home repairs in 10 communities identified as having high concentrations of low-income homeowners of color and significant homeowner distress. The fund is designed to help long-time owners remain in their homes, preserve neighborhood wealth, and prevent the kind of deferred-maintenance cascade that often pushes struggling families into foreclosure or forced sales.

The budget also adds $40 million for the Homeowner Protection Program (HOPP), which funds dozens of nonprofit housing counseling and legal services organizations across New York that work directly with homeowners in default and foreclosure. HOPP-funded counselors help owners review loss-mitigation options, negotiate with servicers, apply for loan modifications, and navigate New York's judicial foreclosure process with legal representation, a critical safety net as federal pandemic-era protections wind down.

A separate provision creates a nation-leading program to combat childhood lead exposure in New York residential buildings. In 24 of the highest-risk areas outside New York City, certain multi-family residential buildings must be certified free of lead paint hazards every three years, with the state taking an active enforcement posture rather than relying on tenant complaints alone.

Together, these provisions represent one of the most comprehensive state-level housing stability packages enacted in 2023, pairing acute relief (rental arrears, foreclosure counseling) with structural investments (home repair, lead abatement) aimed at keeping low- and moderate-income New Yorkers housed. Homeowners facing foreclosure, tenants behind on rent, and families in older multi-family buildings should contact their regional HCR office, a HOPP-funded nonprofit counselor, or OTDA to determine eligibility for these programs.