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DHCR Awards $137M for Affordable Housing

ALBANY- The New York State Division of Housing and Community Renewal will create or revamp 6,415 affordable housing units.

By Ryan Clark | Updated on June 30, 2008

ALBANY-The New York State Division of Housing and Community Renewal is dividing $137 million over four projects to create or revitalize 6,415 units for affordable housing. “This investment will renovate and upgrade older housing stocks to revitalize upstate communities and will preserve more affordable housing units,” says Senate Majority Leader Dean Skelos, in released statement.

The Capital projects category will use $87 million to net equity, according to a statement released by Governor Paterson, and will “help developers leverage an additional $340 million in funding from federal, local and private sources.” The goal is to create 1,951 units of affordable housing. Primarily this will consist of new construction, although this category also provides for unnamed rehabilitation projects.

The Local Program Administrator awards are going to three DHCR programs to build, modify or rehabilitate housing for the disabled, senior citizens and low-income families. The HOME program will command $29.6 million to build and revamp 1,481 units for low-income families. The program is designed to work with developers, local government and non-profits to acquire, redevelop or construct housing for low-income home-buyers or renters.

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