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HomeAssociationsFY 2024 budget includes $23.2 billion for capital projects in New York

FY 2024 budget includes $23.2 billion for capital projects in New York

Governor Kathy Hochul announced a $23.2 billion capital investment in key projects across New York as a part of the FY 2024 Budget. Funding includes historic investments in transportation, education, housing, health care and other infrastructure projects in communities throughout New York.

“From repairing our bridges to investing in education and health care, this Budget prioritizes the needs of our communities as we continue to build a better New York for all,” Hochul said. “By making significant investments in key capital projects across our state, we are laying the foundation for a stronger, more resilient future for every New Yorker.”

With a focus on preserving and improving state infrastructure, the plan leverages federal funds and PAYGO resources (cash) to offset bond issuances.

Key capital investments include:

$7.1 billion for the second year of a record $32.9 billion DOT 5-Year Plan, which includes:

  • $1.3 billion in local funding for road and bridge projects, which is a nearly 80 percent increase in funding for localities over the last three years.
  • $417 million for Bronx River bridge replacements to improve safety and comfort for drivers on the Bronx River Parkway.
  • $43 million for replacing the US Route 20 bridge over Cazenovia Creek in the Towns of Elma and West Seneca.
  • $51 million for various Hudson Valley Bridge rehabilitation and replacements.
  • $2.4 billion for transformation, maintenance and preservation projects at SUNY and CUNY campuses.

$1.7 billion to fully fund the new Wadsworth health facility — a state-of-the-art public health laboratory on the Harriman State Office Campus Complex in Albany that will serve New York State’s public health needs.

$1 billion in health care capital to create a stronger health care system for the future.

$890 million for mental health housing expansion.

$500 million in grants to help deliver clean water to New York communities. This round of funding completes a $5 billion, multi-year commitment.

$455 million in capital authority for the Belmont Redevelopment project.

$400 million for the Environmental Protection Fund, which is consistent with last year’s budget – the highest commitment in history.

$224 million to fund the South Shore Staten Island Seawall.

$150 million for Regional Economic Development Councils.

$135 million for the New York City Housing Authority.

$105 million to upgrade the State Emergency Operations Center, which serves as a centralized location where the State’s emergency preparedness and response activities are coordinated for all major emergencies.

$100 million to purchase and renovate a new satellite crime laboratory for the State Police. This new facility will eliminate overcrowding at the Forensic Investigation Center and provide space for anti-gun violence initiatives.

$50 million for a Homeowner Stabilization Fund to finance home repairs in 10 communities across the state that have been identified as having high levels of low-income homeowners of color and homeowner distress. The program is modeled on the $10 million Buffalo East Homeowner Improvement Program, announced by Governor Hochul in July 2022, which granted awards of up to $35,000 to low-income homeowners in communities of color.

$30 million in total funding to support New York zoos, botanical gardens and aquaria. That includes $20 million from the $400 million for the Environmental Protection Fund included in the FY 2024 Budget.

$17.5 million for the final design and construction of the Mamaroneck and Sheldrake River Flood Risk Management Project.

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