NY Governor Dedicates $72 Million for Affordable Housing

New York Governor Andrew M. Cuomo recently announced that $72 million is available through New York State Homes & Community Renewal (HCR) for shovel-ready projects to build affordable housing units across the state.

“As New York’s economy gets back on track, these funds will help launch shovel-ready projects across the state, creating jobs while building affordable housing for our residents,” Governor Cuomo said. “With a streamlined application process, New York State is removing the barriers that for too long held back economic development and made our government inefficient. These funds will leverage millions of dollars in private resources, creating valuable partnerships as we work to rebuild communities and create jobs in all corners of the state.”

The funds are available through HCR’s Unified Funding Application, a single-source process to apply for several funding streams for affordable, multifamily developments. The unified application streamlines the process, as part of the Governor’s efforts to break down the inefficient and duplicative silos that had previously governed state funding.

The $72 million is expected to leverage hundreds of millions of dollars in public and private resources. In 2011, HCR made 35 awards, totaling $78 million in low-interest loans and tax credits to build and preserve 2,200 units of affordable housing. The projects leveraged over $500 million in grants, loans, and private resources.

In this round of funding, applicants will compete for: low-interest loans through the Low-Income Housing Trust Fund Program (HTF); Federal Low-Income Housing Tax Credits (LIHTC); the HOME Capital Program; and State Low-Income Housing Tax Credits (SLIHC).