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Summary of relevant proposals included in Governor Hochul’s 2025 Executive Budget proposal

Housing

  • Creating a $100 million Pro-Housing Supply fund for certified Pro-Housing Communities to assist with critical infrastructure projects necessary to create new housing, such as sewer and water infrastructure upgrades. This is in addition to the $650 million in state discretionary programs approved in 2024.
    • So far, 270 localities have been certified, with more than 420 submitting letters of intent.
  • Requiring a 75-day waiting period for institutional investors to make an offer on one- or two-family homes.
  • Providing $50 million in new state funding under the NYS Division of Housing and Community Renewal (DHCR) to support New Yorkers to save for down payments.
  • Proposing an affordable homebuyer property tax incentive at local opt-in for homes built with assistance from governmental entities, nonprofits, land banks, or community land trusts, and sold to low- and moderate-income homebuyers.
  • Doubling funding to $30 million annually for the Low-Income Housing Tax Credit Program to support development housing for low- and middle-income households.
  • Creating the State’s first revolving loan fund to spur mixed-income rental development outside New York City. The fund will fill construction financing gaps by providing a lower-cost and more flexible form of capital than is generally available in market financing.
  • Advancing proposed regulation to streamline environmental review allowing modestly sized home development, such as certain multi-family housing with no more than 10,000 square feet of gross floor area, to proceed as ‘Type II,’ which offers a simpler pathway towards completion.
  • Proposing actions to make discriminatory appraisal practices unlawful, enforce anti-discrimination principles in appraisals and diversify the appraiser workforce.
  • Proposing legislation to limit landlords using price-fixing algorithms to drive up housing costs.
  • Simplifying STAR and Enhanced STAR income and age eligibility rules by taking into account only the income of the primary owner and clarifying that only one resident owner needs to be 65 or older for Enhanced STAR.

Taxes

  • Cutting middle class tax rates for joint filers earning up to $323,200 per year.
  • Sending one-time inflation refund checks of up to $500 for joint filers earning less than $300,000 per year and $300 checks for single filers earning less than $150,000 per year.
  • Extends for five years the higher personal income tax rate on New Yorkers earning more than $1.1 million a year.
  • Allows for the expiration of the higher corporate tax rate for corporations with over $5 million in profits.
  • Expanding New York’s child tax credit to provide up to $1,000 per child.
  • Fighting for the full restoration of the federal SALT deduction to provide much needed relief for New Yorkers.

Safety

  • Amending New York’s Mental Hygiene Law to address gaps in the standards for involuntary commitment.
  • Increasing NYPD presence on platforms and trains in NYC by temporarily surging patrol levels on every train between 9:00 PM and 5:00 AM for the next six months.
  • Streamlining the discovery process to ensure fair trials, end procedural delays and hold criminals accountable.

Economic Development

  • Launching a new program ($300 million) — the Promote Opportunity with Electric Readiness for Underdeveloped Properties (POWER UP) — to fund the proactive development of electric capacity to create power-ready sites and attract new businesses to the state.
  • Creating a new tier for semiconductor supply chain companies within the Excelsior Jobs Tax Credit Program. The new Semiconductor Supply Chain Tax Credit will offer up to a 7 percent jobs tax credit, and a 3 percent investment tax credit.
    • The Excelsior Jobs Tax Credit Program enhancements also include a large-scale semiconductor R&D tax credit for major research investments exceeding $100 million in qualified expenditures.
  • Proposing a new round of Focused Attraction of Shovel-Ready Tracts New York (FAST NY) that prioritizes semiconductor manufacturing and supply chain projects as well as cleantech and green economy projects. This new round of funding will include a focus on equipping sites with utility access, including renewable and clean energy.

Climate and Energy

  • Developing a Master Plan for Responsible Advanced Nuclear Development that will guide any nuclear projects, and as part of that process New York will help lead a multi-state Consortium on Nuclear Energy focused on driving down costs and risk-sharing.
  • Building on the state’s $5.5 billion commitment, the Governor proposes investing an additional $500 million in water infrastructure to reduce water bills, combat flooding, restore waterways, and replace lead service lines to protect vulnerable populations. To further address gaps, she will launch a pilot program providing financial assistance for private well owners to replace or treat contaminated wells.