Gov. Kathy Hochul announced Monday that a $500 million investment will go toward building and preserving affordable housing across New York City.

Officials say the investment was made possible by the Battery Park City Authority’s joint purpose fund.

The Battery Park City Authority made an agreement with Comptroller Brad Lander and the mayor to disburse the $500 million in excess operating funds by building safer, more stable and affordable homes.

Officials say the measure will reduce the overall housing costs for New York residents.