The funding, which will come in the form of $84 million in low-interest loans and $32.6 million in federal low-income tax credits, is expected to generate approximately $277 million in private equity housing investment, according to state officials. In total, the funding is expected to create more than $500 million in housing development activity.
The 154 awards will provide funds for the development, rehabilitation and homebuyer assistance of more than 5,000 housing units across the state.
"In local communities across New York State we're creating new affordable-housing opportunities that will help working families, seniors and those with special needs secure a brighter future," Governor Pataki says. "Bolstered by the strong partnerships we've established between the state, local community leaders and the private sector, these grants will help us expand housing opportunities and renew and revitalize neighborhoods from Brooklyn to Buffalo."
Funding for new housing developments was approved under the Low Income Housing Trust Fund program, the HOME program, the Federal Low Income Housing Credit program, the Homes for Working Families program and the Restore program, state officials note.
Among the project awards announced by the governor, projects or agencies that will receive financing of a $1 million or more include ventures in Dutchess, Orange, Putnam, Ulster and Westchester counties as well as a host of initiatives in the five boroughs of New York City.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
