Estimated $588 Million Leveraged by Housing Aid Allocated
Governor George E. Pataki today announced more than $117 million in funding to support affordable housing initiatives across New York State which will benefit working families, seniors, the disabled and small retail business owners. The funding comprises approximately $88 million in low interest loans and grants from the New York State Housing Trust Fund Corporation and $29 million in Federal and state Low Income Housing Credits administered by the Division of Housing and Community Renewal (DHCR) which, together, will generate an estimated $588 million in additional developer equity and other private and public investment in housing.
These awards will result in the development, rehabilitation and home buyer assistance of over 5,400 housing opportunities across the State.
“Since 1995, we’ve invested $9.4 billion in affordable housing in the State of New York, and as a result, more than 191,000 affordable housing opportunities have been provided for low- and middle-income families,” Governor Pataki said. “I’m very pleased that today’s announcement will increase the number of first-time homebuyers and add to our affordable housing supply.”
DHCR Commissioner Judith A. Calogero said, “Governor Pataki has always understood the critical importance of affordable and accessible housing development. The best gauge of that commitment is his record: by using a combination of State appropriations and Federal resources administered by the State, we are bringing New Yorkers closer to home.”
Funding for new housing developments was approved under the Low Income Housing Trust Fund program, the New York State HOME program, the Federal Low Income Housing Credit program, the Homes for Working Families program, and the New York State Low Income Housing Credit program.
Rehabilitation, purchase assistance and emergency or accessibility improvements will be accomplished through awards from the New York State HOME Program, the RESTORE program, or the New York State Access to Home Program. Funding to stimulate re-investment on New York’s “main streets” and commercial districts is being provided by the New York Main Street Program. Funding for small housing, commercial or community facilities is being provided by the Urban Initiative and Rural Area Revitalization Programs.
The Low Income Housing Trust Fund program addresses the critical need for safe, affordable housing opportunities for seniors, families and individuals. The Housing Trust Fund provides State funding to help construct new housing, to rehabilitate vacant or under-utilized residential property and to convert vacant non-residential property to residential use.
The New York State HOME and HOME LPA programs use federal funds to expand and preserve the supply of safe and affordable housing within New York State. Through partnerships with counties, towns, cities, villages, private developers and local community development corporations, these programs help fund the acquisition, construction and rehabilitation of affordable housing and provide assistance to eligible home buyers and renters.
The Federal Low Income Housing (Tax) Credit program (LIHC) was established to promote private sector investment in the development and retention of rental housing for low-income seniors, families and individuals. The program provides a dollar-for-dollar reduction in federal income tax liability for project owners in direct relation to the number of affordable housing units they produce.
The State Low Income Housing Credit program (SLIHC) is modeled after the federal program but instead provides a dollar-for-dollar reduction in State income tax liability for project owners and serves households with incomes up to 90% of the area median.
The Homes for Working Families program is a nationally recognized program, begun by Governor Pataki in 1998, which uses a creative combination of tax-exempt bonding, Federal Housing Tax Credits and low-interest loans to finance the creation of affordable housing for working families and seniors.
The Urban Initiatives and Rural Area Revitalization Programs provide important resources for smaller housing, commercial and community capital projects sponsored by not-for-profit organizations.
The RESTORE program helps pay for the costs of emergency repairs in homes owned and occupied by low-income seniors, when they cannot afford to make the repairs themselves.
The New York Main Street Program provides financial and technical resources needed to enable communities to revitalize their “main street” and neighborhood commercial and mixed-use areas.
The New York Access to Home Program provides funding for accessibility modifications to units occupied by lower-income persons with disabilities.
