Governor Andrew M. Cuomo today announced over $95 million in awards for shovel-ready projects to build affordable housing across the state. The low-interest loans and tax credits will build and preserve nearly 2,100 units of affordable housing and are expected to leverage more than $435 million in grants, loans and private resources.
"In 2014 every New Yorker deserves a safe, decent and affordable place to call home," Governor Cuomo said. "Today we're building on the over $1 billion we've already invested to make that dream a reality. By removing barriers, streamlining the application process for communities and combining private and public resources, these projects can begin right away, creating jobs and providing the affordable housing New Yorkers deserve."
The funds were available through New York State Homes & Community Renewal (HCR)'s Unified Funding Application, a single-source process to apply for several funding streams for affordable, multifamily developments, part of the Governor's efforts to break down the inefficient and duplicative silos that had previously governed state funding. In total, during the Unified Funding process, HCR is making awards to 37 separate projects in each of the state's ten economic development regions.
HCR Commissioner/CEO Darryl C. Towns said, "From Niagara Falls to Long Island, we are working with our partners, including local governments and many of our sister state agencies, to create and preserve affordable housing. Governor Cuomo has charged state agencies to bring state resources together with local and federal resources in the most productive way. Answering that charge, we found impressive projects in every region of the state that will make a real difference in local communities."
In this round of funding, applicants competed for: low-interest loans through the Low-Income Housing Trust Fund Program (HTF); Federal Low-Income Housing Tax Credits (LIHTC); the HOME Capital Program; State Low-Income Housing Tax Credits (SLIHC); and the state's new Urban and Rural Community Investment Fund.