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NEW YORK CITY-Gov. Eliot Spitzer approved more than $106 million in funding to increase the availability of affordable housing statewide. These grants, which will be administered by the Housing Trust Fund Corp. and the New York State Division of Housing & Community Renewal, will be used to leverage more than $420 million in additional federal, local and private funding.
"Creating affordable housing is essential to our efforts to rebuild neighborhoods and create jobs," Spitzer says in a statement. "Ensuring that reasonably priced units are available to working families is critical to spur economic growth and stem the out-migration of New Yorkers to other areas of the country. This funding is the latest step in a continued effort to improve both the economic climate and the quality of life for all New Yorkers."
Deborah VanAmerongen, commissioner of DHCR and chair of HTFC, says, "these grants will help fund a wide range of important and innovative projects in every part of the state." VanAmerongen adds, "this funding, which could eventually total over half a billion dollars from all sources, will aid in the construction and the preservation of everything from large-scale units with hundreds of affordable apartment units to simple energy conservation upgrades in single-family homes."
When awarding these grants, DHCR and HTFC have the following goals: stimulate community renewal, create a cleaner environment and collaborate for New York's Future. Sen. John Bonacic, chair of the Senate's Housing, Construction, and Community Development Committee, says, "the funding and tax credits approved…are an important part of local community renewal efforts. They will aid in our ability to attract jobs, retain workers, and help our local economy grow."
Assemblyman Vito Lopez, chair of the Assembly Committee on Housing, says that the announcement of $106 million will provide a significant funding stream to address the affordable housing crisis that New York State residents are confronted with. Some of the grants, loans and tax credits approved today by HTFC and DHCR include: $6.8 million for the rehabilitation of the Packard Building in the City of Buffalo, an historic three-story building identified as an important component in the redevelopment of Buffalo's Midtown area; $9.4 million for the preservation of the North Hempstead Housing Authority's Spinney Hill Homes project in Great Neck, NY, which includes 54 affordable units for low-income families; $13.8 million for the preservation of Embury Apartments in the City of Saratoga Springs, which will rehabilitate 200 units of affordable housing for elderly tenants; $10 million for the rehabilitation of historic row houses and new construction, resulting in 44 housing units for low-income families pursuant to the City of Albany South End Revitalization Plan, among others.
Some of the programs that are providing funding for these projects include the following: $34 million will be distributed through the New York State HOME Program and used to expand the supply of safe and affordable housing in more than 60 communities. The HOME Program partners with local governments, private developers, and community-based non-profit housing organizations, providing funds to acquire, rehabilitate, or construct housing, or to provide assistance to low-income home-buyers and renters.
Under the program $5 million will be distributed to 21 counties around the state. The funds will be used to make homes accessible for frail, elderly, and low-income persons with disabilities, allowing them to remain in their homes and avoid institutionalization. Another $5 million will be distributed through the DHCR's NY Main Street Program and used to renovate buildings, restore facades and revitalize the state's traditional Main Street and downtown business districts.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
