(Read more on the debt and equity markets and more on the multifamily market.)
NEW YORK CITY-Gov. Eliot Spitzer visited the Rheingold Houses in Bushwick, Brooklyn, on Sunday to highlight steps his administration is taking to increase affordable and supportive housing throughout New York. Spitzer's $400-million Housing Opportunity Fund was revealed during the State of the State address last week.
The proposal is part of a $1.5-billion infrastructure and economic development plan to enhance economic growth and opportunity across the state. Assemblyman Vito Lopez, chair of the Assembly Housing Committee, explains in a prepared statement that the program is the first of its kind in the state and "will go a long way towards helping us get out of the affordable housing crisis we're currently in."
The fund, Spitzer explained in the Sunday conference, "will build homes for the men and women who teach our kids and police our streets. This fund will also build supportive housing that enables persons with disabilities and others with special needs to live independently."
Priscilla Almodovar, president and CEO of the State Housing Finance Agency, notes that the fund will allow "us to build on our success during the past year and work collaboratively with our partners in the private and nonprofit sector and in the Legislature to create much needed affordable housing." Bernie Carr, executive director of the New York State Association for Affordable Housing, adds that "this historic investment in affordable housing is good for Upstate cities in need of revitalization and good for Downstate communities that have been adversely affected by skyrocketing housing costs."
The issue of affordable housing has especially been on the minds of government officials towards the end of 2007. In December, Spitzer revealed that more than 800 affordable housing units will be constructed or renovated across New York State through the financing of $43.9 million from two state housing agencies. Also in December, Spitzer spoke at the New York Housing Conference and National Housing Conference 34th Annual Awards Luncheon and explained to the more than 1,300 attendees the importance of supporting affordable housing in the state budget to keep the American dream alive, as GlobeSt.com reported. In November, Spitzer revealed a $510-million finance approval for the construction and renovation of 1,182 affordable housing units across the state.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
