Spending Plan Directs $5.8 Million to Maintain the Tenant Protection Unit and
$62 Million for Housing and Community Renewal Programs
New York, NY – March 29, 2013 – (RealEstateRama) — Assembly Speaker Sheldon Silver and Housing Committee Chair Keith L.T. Wright announced today that initiatives included in the 2013-2014 Budget agreement would increase affordable housing options for working families and seniors by financing $1 billion over five years. The spending plan directs $5.8 million to maintain the Tenant Protection Unit and $62 million for housing and community renewal programs.
“Affordable housing has always been, and will continue to be, a priority for the Assembly Majority,” said Silver. “As the cost of housing continues to rise, it is more important than ever to ensure that working families, children, and senior citizens can afford to remain in their homes and in their communities. Funding for assistance programs included in the budget agreement will help to alleviate this financial burden and improve their quality of life.”
The state Budget makes key investments in programs that keep quality housing affordable for New York’s working families and seniors living on fixed incomes by including $5.8 million to fund the Tenant Protection Unit. The plan also includes $10 million to preserve the Neighborhood Preservation Program and $4.2 million for the Rural Preservation Program.
“A severe lack of affordable housing continues to be a major issue in communities like mine, in Harlem, and throughout New York State. With the average monthly rent of a Manhattan apartment at nearly $3,500, it is imperative that we preserve, revitalize, upgrade and increase the availability of affordable housing in this state. As Chairman of the Assembly Housing Committee, I am pleased to report that initiatives included in this spending plan will work to this effect, helping New York families for generations to come,” said Wright.
As part of the Assembly Majority’s commitment to working families, the 2013-2014 state Budget begins to finance $1 billion to support the preservation and creation of more than 14,300 affordable housing units. This five-year program will utilize funds to revitalize 45 Mitchell-Lama housing projects and create over 5,000 new affordable housing units through various community development programs. The agreement includes an initial $17.6 million in funding this year to rehabilitate and improve existing Mitchell-Lama housing.
The state budget includes funding for the following programs:
Low Income Housing Trust Fund ($3 million);
Urban Initiatives Program ($2 million);
NYCHA Tenant Watch Program ($742,000);
Rural Area Revitalization Program ($1.5 million);
Urban and Rural Community Investment Fund ($5.4 million); and
Rural Rental Assistance Program ($20.4 million).
