WASHINGTON, D.C. – (RealEstateRama) — Governor Andrew M. Cuomo today directed Robert Mujica, Director of the New York State Division of the Budget, to execute a memorandum of understanding to release $2 billion in funding to advance the creation of more than 100,000 units of affordable and supportive housing over the next five years. The executed agreement is now before the New York State Senate and Assembly for action.
“This agreement marks a major step forward in the state’s comprehensive efforts to combat the homelessness and affordable housing crisis in New York,” Governor Cuomo said. “By advancing the state’s largest commitment to affordable and supportive housing, hundreds of thousands of New Yorkers will be able to find a safe place to call home. I call on the State Legislature to join me in this effort, and sign the Memorandum of Understanding so we can fully realize the transformational benefits this historic investment will bring to New York’s most vulnerable residents.”
In his 2016 State of the State address, Governor Cuomo put forward a sweeping, $20 billion blueprint to combat homelessness and expand access to affordable housing in New York State. Approval of the MOU by the New York State Senate and Assembly will allow for the aggressive implementation of the Governor’s 5-year plan. The comprehensive initiative includes $10 billion dedicated to creating and preserving 100,000 units of affordable housing, and $10 billion dedicated to tackling homelessness by developing 6,000 new permanent supportive housing units and 1,000 emergency beds, and offering an expanded array of homelessness services.
The MOU, signed today, marks a major step forward in the state’s overall goal to ensure all New Yorkers have a safe, affordable place to call home. Agreement by all parties to the MOU will release in full $2 billion in funding appropriated in the 2016-17 State Budget toward the creation of new affordable and supportive housing units in New York.
Combined with the previously approved MOU, the following resources are available:
- New Construction: Up to $1.4 billion to support the creation of new units across a spectrum of populations and geographic areas, including significant new investments to create senior housing, middle-income housing, and supportive housing across the state.
- Preservation: Up to $565 million toward extending the affordability of existing units statewide and creating a large-scale financing program that specifically supports assets like public housing authorities in upstate communities. Up to $100 million in funding will be designated for state-approved NYCHA related projects and improvements. This is in addition to the $100 million in current state funding for NYCHA.
- Homeownership:Up to $54 million to provide opportunities for new and continued homeownership throughout the state, including new and manufactured home programs and efforts to continue stabilizing communities hit by the foreclosure crisis.
- Neighborhood Revitalization: Up to $10 million toward continued investments in our downtowns and villages throughout the state.
Contact us by email:
Press.Office (at) exec.ny (dot) gov