The approvals were made by the boards of the New York State Housing Finance Agency and its subsidiary, the New York State Affordable Housing Corp. Funding for second mortgages for several of these projects will come from the $304.2 million funding for New York State's housing programs, which was approved in April by Gov. Paterson and the State Legislature as part of the Enacted Budget. At that time, according to a prepared statement, for nearly two decades, State funding for housing had failed to keep pace with inflation and since 2001 to 2002, in all but two budget years, the State's investment in housing capital remained unchanged at approximately $105 million.
Gov. Paterson has also shown commitment to reducing New York's carbon footprint. As GlobeSt.com reported earlier this week, the affordable condos being built on Atlantic Avenue in Ocean Hill-Brownsville, Brooklyn, will meet stringent LEED green-building standards, providing healthy, sustainable and energy-efficient homes.
The projects are located in New York City, Long Island, Westchester County, Schenectady County, Monroe County, Western New York, Erie County, Niagara County, and Chautauqua County. In New York City, HFA approved up to $315 million in taxable and tax-exempt bonds to finance an 80/20 project in the Hudson Yards section of Manhattan, in which 20% of the units will be aside for low-income tenants. The 569-unit project will be located at 320 W. 38th St. and include 120 affordable units. The building has been registered for LEED certification because of its "green" elements.
Also in Manhattan, AHC approved: a $400,000 grant to Neighborhood Housing Services of New York City to finance home improvements for 85 housing units in the Bronx, Brooklyn, Queens, and Staten Island; a $1.58-million grant to the Housing Partnership Development to finance 21 new two-family homes in the Bedford-Stuyvesant and Ocean Hill/Brownsville sections of Brooklyn; a $505,000 grant to the Housing Partnership to finance the construction of a 27-unit, seven-story co-op apartment building in the East Harlem section of Manhattan; and a $160,000 grant to the Housing Partnership and Habitat for Humanity-New York City to finance the construction of a four-story building with four affordable condos in Central Harlem, Manhattan.
New York State has recently upped affordable housing awareness. As GlobeSt.com previously reported, Gov. David Paterson and Division of Housing & Community Renewal Commissioner Deborah VanAmerongen revealed a new plan to promote the continued development of affordable housing communities throughout the State through a statewide Public Service Announcement campaign. The PSAs were part of a larger campaign--Affordable Housing Works--which promotes high quality affordable housing developments across New York State.
Gov. Paterson and the State Legislature have made an historic commitment to housing in the State Budget this year. Recently, as GlobeSt.com reported, the New York State Division of Housing and Community Renewal revealed that it was dividing $137 million over four projects to create or revitalize 6,415 units for affordable housing. In June, the boards of the New York State Housing Finance Agency and the New York State Affordable Housing Corp. approved nearly $719 million in financing to create and preserve 1,802 units of affordable housing in New York City. In May, Gov. Paterson revealed that the State was providing $25.5 million in grants and financing to build and renovate 396 units of affordable housing in New York State. The grants were allocated to neighborhoods in New York City and Western New York.
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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.
