House NY Commitment on Track to Reach More Than 14,300 Affordable Housing Units By 2018
WASHINGTON, D.C. – February 10, 2015 – (RealEstateRama) — Governor Andrew M. Cuomo today announced th at New York State supported a record 9,363 affordable housing units in 2014. The Governor also announced $7.3 million in funding for the construction and rehabilitation of 19 affordable homeownership developments that represent more than 500 homes across the state. These milestones include units produced by the Governor’s $1 billion House NY commitment, which is on track to finance more than 14,300 affordable housing units by 2018.
“Everyone deserves a safe and decent place to live, and today we take another step toward helping all New Yorkers find a home,” Governor Cuomo said. “This is not just an investment in affordable housing – it’s an investment in the future of communities and neighborhoods all across New York.”
The State awarded or leveraged more than $7 billion of public and private investment in affordable housing in 2014. An additional $486 million is committed in the 2015-16 budget.
Since 2011, New York has:
•Created 13,458 units.
•Preserved 13,326 units.
•Returned more than 37,000 units to rent regulation.
To build on this success, the $7.3 million in funding announced today will be used to support the construction or rehabilitation of more than 500 homes across New York. Local governments and not-for-profits that demonstrated specific affordable housing needs within their communities were eligible to apply through the Affordable Housing Corporation; prospective homeowners can apply for the funding to those organizations.
Today’s awards also leverage $12.5 million in funding from other federal, state, and local resources, including: the Community Development Block Grant program, Residential Emergency Services to Offer Repairs to the Elderly, local HOME funds, Urban Initiative funds and Weatherization Assistance Program funds.
The Governor’s $1 billion House NY commitment is the largest investment in affordable housing in more than a decade. The program in part preserves thousands of Mitchell-Lama units, which were originally built as affordable housing for middle-income residents. To date, the State has refinanced 10 of the 35 developments included in House NY – containing 2,798 units – to extend their affordability for 40 more years. A total of $92 million in the 2015-16 budget will go to Mitchell-Lama preservation to continue this effort.
New York State Homes and Community Renewal Commissioner and CEO Darryl C. Towns said, “Thanks to the Governor’s leadership, HCR closes out its most successful year ever – creating and preserving the affordable housing that helps communities grow and prosper. The Governor has charged our agency to be innovative and proactive, to advance affordable housing as a critical driver of stability and economic opportunity. Thousands of New Yorkers, homeowners and renters, can continue living in their communities, sustaining and strengthening the bonds of community and regional identity, because they have greater access to affordable housing.”
The $7.3 million in funding will be used for the following projects:
•$300,000 to Catskill Mountain Housing Development Corporation for the replacement of 9 mobile home trailer units with new manufactured homes in Greene County.
•$400,000 to Albany County Rural Housing Alliance Inc. for the acquisition and rehabilitation of 8 single family and 2 two family homes on scattered sites.
•$400,000 to the City of Schenectady for the rehabilitation of 10 affordable units on scattered sites.
•$400,000 to Albany County Land Trust for the acquisition and rehabilitation of 10 single family affordable units on scattered sites.
•$250,000 to Rensselaer County Housing Resources for the rehabilitation of 20 affordable units on scattered sites.
•$320,000 to the City of Oneonta for the acquisition and rehabilitation of 8 single family affordable homes in Otsego County.
•$341,000 to Fulton County Heritage Corp. for the rehabilitation of 23 affordable units on scattered sites.
Central New York:
•$300,000 to Southern Hills Preservation Corporation for the rehabilitation of 30 affordable units on scattered sites in Onondaga County.
•$600,000 to Onondaga County Community Development Division for the acquisition and rehabilitation of 20 affordable units on scattered sites.
•$900,000 to Home Headquarters, Inc. for the rehabilitation of 94 affordable units on scattered sites in Onondaga County.
•$400,000 to Genesee Valley Rural Preservation Corporation for the rehabilitation of 15 affordable units on scattered sites throughout the City of Batavia and Genesee County.
•$350,000 to the City of Binghamton for the rehabilitation of 40 affordable units on scattered sites in Broome County.
Western New York:
•$193,000 to Old First Ward Community Association, Inc. for the rehabilitation of 16 affordable units on scattered sites in the Buffalo River area of Erie County.
•$275,000 to Clayton Improvement Association, Ltd. For the rehabilitation of 10 affordable units on scattered sites in Jefferson County.
•$350,000 to the Town of Fallsburg for the replacement of 10 dilapidated mobile homes with 10 new manufactured homes on scattered sites in Sullivan County.
•$240,000 to the Community Development Corporation of Long Island for the new construction of 6 single-family homes in Suffolk County.
New York City:
•$600,000 to Neighborhood Housing Services of Staten Island for the rehabilitation of 105 housing units on scattered sites. Homes affected by Superstorm Sandy will be given priority.
•$400,000 to the Neighborhood Housing Services of the North Bronx for the rehabilitation of 76 cooperative units on scattered sites in Bronx County.
•$300,000 to Neighborhood Housing Services of New York City for the acquisition and rehabilitation of 10 affordable homes on scattered sites in Brooklyn.
About New York State Homes and Community Renewal
New York State Homes and Community Renewal consists of all the State’s major housing and community renewal agencies, including the Affordable Housing Corporation, the Division of Housing and Community Renewal, the Housing Finance Agency, State of New York Mortgage Agency, and the Housing Trust Fund Corporation. Homes and Community Renewal monitors more than 220,000 units across New York State.
Contact the Governor’s Press Office
NYC Press Office: 212.681.4640
Albany Press Office: 518.474.8418