Gov. Cuomo directs budget office to release $2B to create 100K housing units

Money

ALBANY, N.Y. (NEWS10) – New York Governor Andrew Cuomo is directing the New York State Division of the Budget to execute a memorandum of understanding to release $2 billion in funding to advance the creation of more than 100,000 units of affordable and supportive housing over the next five years.

According to the governor’s office, Gov. Cuomo called for a $20 billion blueprint over the next five years to combat homelessness and increase access to affordable housing in New York State in his 2016 State of the State Address. The initiative includes $10 billion to create and preserve 100,000 units of affordable housing and $10 billion to tackle homelessness by developing 6,000 new permanent and supportive housing units, a thousand emergency beds, and other services.

In addition to the previously approved memorandum of understanding, the following resources are available:

  • New Construction: Up to $1.4 billion to create new units of senior housing, middle-income housing, and supportive housing across the state.
  • Preservation: Up to $585 million to extend the affordability of existing units statewide. Create large-scale financing program that supports public housing authorities.
    • Up to $100 million in funding will be designated for state-approved NYCHA-related projects and improvements. This is in addition to the $100 million in current state funding.
  • Homeownership: Up to $54 million to provide opportunities for new and continued homeownership. This includes new and manufactured home programs and efforts to continue stabilizing communities hit by the foreclosure crisis.
  • Neighborhood Revitalization: Up to $10 million toward continued investments in downtown villages throughout the state.

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