Albany, NY – April 1, 2009 – (RealEstateRama) — Assembly Speaker Sheldon Silver and Ways and Means Committee Chair Herman D. Farrell, Jr. today announced that the SFY 2009-2010 budget includes $502 million for the Public Housing Capital Fund to rehabilitate, modernize and develop public housing as well as $141 million for the Homelessness Prevention Program to fund homelessness prevention services on a county-by-county and statewide basis.Silver and Farrell said the state budget restores $48.5 million in critical funds to programs that help community-based organizations preserve and restore housing in depressed areas. In these times of economic difficulty, the Assembly leaders fought for vital housing-related funding and stretched the federal stimulus assistance of more than $1 billion to create and protect affordable housing in the state.
“The Assembly Majority remains committed to creating and preserving housing for working families statewide,” Silver (D-Manhattan) said. “We applaud Governor Paterson’s foresight in expanding the State Low-Income Housing Tax Credit Program, and are happy to see the state budget goes beyond that to provide more funding to ensure New Yorkers can maintain a safe and affordable place to live.”
“We needed to make difficult decisions during this budget process. During a time when we are seeing high unemployment rates and rising homelessness it is crucial that we support and create programs to protect affordable housing. This funding will help stabilize housing markets and give our New York families the chance they need to get back on their feet,” said Farrell (D- Manhattan).
Among the housing-related programs included in SFY 2009-2010 budget are:
- $ 13.7 million for the Neighborhood Preservation Program initiatives, setting aside $150,000 for the Neighborhood Preservation Coalition, and restores the Rural Preservation Program to $5.7 million, with $150,000 allocated for the Rural Preservation Coalition.
- $25 million for foreclosure prevention services to assist New Yorkers victimized by aggressive and deceptive lending practices; and
- A $4 million expansion for the Low Income Tax Credit, giving developers further incentives to build affordable housing.
The budget also directs more than $1.3 billion in federal stimulus money to housing assistance incentives, including:
- $502 million for the Public Housing Capital Fund to rehabilitate, modernize and develop public housing;
- $252 million for the Home Investment Partnerships Program to provide tax credit assistance for low-income housing construction projects;
- $394 million for Low Income Weatherization Program, helping reduce home energy costs for lower-income New Yorkers;
- $141 million for the Homelessness Prevention Program to fund homelessness prevention services on a county-by-county and statewide basis; and
- $92 million for the Community Development Block Grant Program to fund community development initiatives such as infrastructure development, affordable housing and anti-poverty programs.
