New York, NY – (RealEstateRama) — Governor Andrew M. Cuomo today announced that the state has allocated $771 million in tax exempt bond capacity to New York City – a critical resource used for the construction and preservation of affordable housing. This year’s financing is virtually the highest allocated to New York City in 10 years, $80 million more than last year, and nearly $150 million above the average of the last 10 years.
These bonds will produce approximately 6,000 units of housing in New York City.
“The State is investing a significant amount of housing resources in New York City because they face a unique challenge,” Governor Cuomo said. “Homelessness is exploding and affordable housing is all but disappearing. New York City needs this help from the State which will provide thousands of units of safe, clean, affordable housing and will help alleviate this crisis.”
The Industrial Development Bond Cap was created by the Federal Tax Reform Act of 1986 and establishes an annual bond volume cap ceiling for the issuance of certain tax exempt private activity bonds issued by the State and other authorized entities during a calendar year. The state allocates its volume cap ceiling to local municipalities, state housing projects and to a statewide reserve share.
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