Governor Cuomo Signs Bill Starting Spending of $20 Billion for Affordable Housing Statewide

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Governor Cuomo Announces Historic Funding to Combat Homelessness

WPCNR ALBANY ROUNDS. From the Governor’s Press Office. (Edited)May 20, 2017:

Governor Andrew M. Cuomo Thursday launched a landmark $20 billion, five-year plan to combat homelessness and advance the construction of affordable housing in New York State.

The action plan is made possible by the release of $2.5 billion in capital funding delivered in the FY 2018 Budget which will create and preserve more than 110,000 units of affordable and 6,000 units of supportive housing over the next five years. This marks the largest investment in the creation and preservation of affordable housing and efforts to end homelessness in the history of New York.

“This legislation is a major step forward for New York as we strengthen our efforts to combat homelessness and expand access to quality, affordable housing for our most vulnerable men, women and children,” Governor Cuomo said. “By making significant investments in rehabilitating, preserving and constructing safe and affordable housing, we will open doors for low-income residents and support hard-working New Yorkers in every region of the state.”

The new legislation provides $2.5 billion in funding to advance the Governor’s $20 billion, multi-year homelessness and affordable housing plan.

To add critical supply to the state’s stock of affordable housing, the plan commits $10 billion to create and preserve more than 110,000 units across the state, including approximately 12,000 units created through the newly enacted “Affordable New York” program formerly known as 421-a.

The plan also includes a $10 billion landmark commitment to create 6,000 new supportive housing beds, including $7.5 billion to end the homelessness crisis and support housing programs, rental subsidies and other shelter costs in New York City and across the state.

By making significant investments in rehabilitating, preserving and constructing safe and affordable housing, we will open doors for low-income residents and support hard-working New Yorkers in every region of the state.

This historic investment offers a transformational blueprint to address the diversity of housing needs in New York, strengthen protections for tenants, and create new opportunities for low-to-moderate income households. The capital funding delivered in the FY 2018 Budget includes:

Supportive Housing: $950 million for the construction or operation of at least 6,000 supportive housing units throughout the state.
New Construction: $472 million for new construction or adaptive reuse of rental housing affordable to households that earn up to 60 percent of area median income.
New York City Housing Authority: $200 million for projects and improvements related at housing developments owned or operated by NYCHA.
NYC 100% Affordable: $100 million for the construction and preservation of 100 percent affordable units in New York City.
Senior Housing: $125 million for developing or rehabilitating affordable housing targeted to low-income seniors, aged 60 and above.
Rural and Urban Community Investment Fund: $45 million for mixed-use affordable housing developments that may include retail, commercial or community development components.
Middle Income Housing: $150 million for new construction, adaptive reuse, or reconstruction of rental housing affordable to households that earn between 60 percent and 130 percent of AMI.
Affordable Housing Preservation: $146 million for substantial or moderate rehabilitation of existing affordable multi-family rental housing currently under a regulatory agreement.
Mitchell-Lama Rehabilitation: $75 million to preserve and improve Mitchell-Lama properties throughout the State.
Public Housing: $125 million for substantial or moderate rehabilitation and/or the demolition and replacement through new construction of public housing authority developments outside of New York City.
Small Building Construction: $62.5 million for rehabilitation and/or the demolition and replacement through new construction of buildings of 5 to 40 units.
Home Ownership: $41.5 million for promoting home ownership among families of low and moderate income and stimulating the development, stabilization, and preservation of New York communities.
Mobile and Manufactured Homes: $13 million for mobile and manufactured home programs.
Main Street Programs: $10 million for stimulating reinvestment in properties located within mixed-use commercial districts located in urban, small town, and rural areas of the state.

Empire State Supportive Housing Initiative

In addition, the FY 2018 Budget continues the Governor’s commitment to provide supportive housing resources and services to address vulnerable populations experiencing or at risk of homelessness. Launched in 2017, ESSHI is a five-year program designed to fund the service and operating costs of at least 6,000 units of permanent supportive housing and to better coordinate resources from multiple-state agencies allowing more dynamic programming and quicker implementation.

Services offered through this initiative include employment and training opportunities, parenting education, counseling, independent living skills training, primary healthcare, substance use disorder treatment and mental health care, child care, and benefits advocacy are examples of what is provided to supportive housing tenants.

In 2016, New York set a record for financing the creation or preservation of more than 17,000 affordable homes and apartments and was the number one bond issuer in the nation with $2.8 billion issued. New York State Homes and Community Renewal’s Unified Funding housing round awarded more than $122 million for affordable housing in urban, suburban, and rural areas of New York. The awards are set to build or preserve nearly 2,000 affordable apartments and leverage more than $450 million in public and private resources.


 

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