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NY State Announces $116M for Affordable-Housing Projects

ALBANY, NY-New York State reports that 154 affordable-housing projects across the state have been awarded a total of $116 million in state and federal loans or tax credits. The funding is expected to create more than $500 million in housing development activity.

By John Jordan | Updated on July 31, 2002

ALBANY, NY-Governor George E. Pataki reports that 154 affordable-housing projects statewide will receive a total of $116 million in state and federal assistance.

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.

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