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ALBANY-New York State housing finance agencies have approved loans, grants and mortgage commitments totaling more than $45 million for affordable housing initiatives in New York City and upstate New York. The lion's share of the financing commitments are earmarked for ventures in Brooklyn, Manhattan and Queens. The boards of the three state agencies–the Housing Finance Agency, the Affordable Housing Corp. and the State of New York Mortgage Agency (Sonyma)–approved the financing for the projects that will build or improve more than 750 affordable housing units.

“These projects will help hundreds of families achieve economic security by providing housing that is both affordable and livable,” says Gov. Eliot Spitzer. “It is critical that we work toward improving access to and increasing affordable housing in an effort to revitalize our struggling communities.”