Governor Cuomo Announces $71 Million to Build Thousands of Affordable Housing Units Across NY State

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Obama and CuomoFunding
Expected to Leverage Hundreds of Millions in Public and Private Resources and
Advance State’s Housing Goals
 

ALBANY,
NY – August 21, 2013 — Governor Andrew M. Cuomo today announced that $71
million is now available through New York State Homes & Community Renewal
(HCR) for shovel-ready projects to build affordable housing units across the
state.

 “Expanding
affordable housing for New Yorkers in need has been a priority of the
administration over the last two years,” Governor Cuomo said. “This latest
investment will leverage hundreds of millions in public and private resources
to further our goal of ensuring every New York family has access to housing, as
well as launching shovel-ready construction projects across the state.”

The
Early Award and Unified Funding Rounds for 2013 incorporate several new
elements which reinforce the State’s housing goals, including Disaster Relief
Projects, Transit-Oriented Development, and projects in the Fort Drum Impact
Area.

HCR
Commissioner/CEO Darryl C. Towns said, "Governor Andrew Cuomo has charged
state agencies to bring state resources together with local and federal
resources in the most productive way. For us, that means working with our
partners to create and preserve affordable housing, and doing it differently
based on the diverse needs of specific regions. We will be looking for projects
that will make a difference in local communities, and will leverage other
resources, both public and private.”

Updates
to the Unified Funding awards for 2013 include new resources in the Community
Investment Fund (CIF) which appropriates $5 million for the new Rural and Urban
Community Investment Fund; energy efficiency/green building performance
requirements; and considerations for cost effectiveness. Of the new $5 million
allocated for CIF awards, 60% percent will be allocated to projects in urban
areas of New York State, and the remaining 40% will be allocated to projects in
rural areas of the State. CIF funds can support the non-residential piece of
mixed-use affordable housing developments in rural and urban areas, and in
rural areas will support the preservation and rehabilitation of existing
affordable housing. For projects to be eligible for the Early Awards they must
be high quality, shovel-ready projects which advance one of the State’s
specific housing goals, which include:

   · Priority projects identified in Regional Economic
Development Council (REDC) plans

   · Fort Drum Impact Area projects (North Country)

   · Disaster Relief Projects (for communities directly impacted
by Superstorm Sandy, Hurricane Irene or Tropical Storm Lee)

   · Mixed-income/mixed-use revitalization

   · Supportive housing projects serving veterans with special
needs

   · NYS Office for People with Development Disabilities (OPWDD)
supportive housing projects

   · Housing Opportunity Projects

   · Transit-Oriented Development (TOD)

   · Mitchell-Lama Portfolio Projects

   · Rural Preservation Projects

   · State Public Housing Restructuring Projects

The
funds are available through HCR's Unified Funding Application, a single-source
process to apply for several funding streams for affordable, multifamily
developments. The unified application streamlines the process, as part of the
Governor's efforts to break down the inefficient and duplicative silos that had
previously governed state funding.

The
$71 million is expected to leverage hundreds of millions of dollars in public
and private resources. In 2012, HCR made 33 awards, totaling $91 million in
low-interest loans and tax credits to build and preserve 2,060 units of
affordable housing. The projects leveraged over $485 million in grants, loans
and private resources.

In
this round of funding, applicants are competing for: low-interest loans through
the Low-Income Housing Trust Fund Program (HTF); Federal Low-Income Housing Tax
Credits (LIHTC); the HOME Capital Program; State Low-Income Housing Tax Credits
(SLIHC), and the Community Investment Fund (CIF). Specifically, applications
will be accepted for:

   · HTF – $32 million

   · LIHTC – $25 million

                    
o
$22,000/unit
maximum

                    
o
$1.43
million/project maximum ($1.65 million for projects in which 50% or more of the
units built will serve large families or persons with special needs)

   · HOME Capital – $5 million (subject to availability of
appropriations)

   · SLIHC – $4 million

                    
o
$20,000/unit
maximum

                    
o
$750,000/project
maximum

   · CIF (Community Investment Fund) – $5 million

The
application and reference materials are available on the HCR website at http://www.nyshcr.org/Funding/UnifiedFundingMaterials/2013/index.htm.

The
deadline for Early Round projects is Thursday, October 10, 2013, with other
project applications due Thursday, December 5, 2013.

The
Governor also announced that HCR staff will be conducting Unified Funding
Application workshops across the state. Scheduling details are listed below:

Wednesday,
September 4, 2013 at 10:00 AM

Rochester
City Council Chambers

City
Hall – Room 302

30
Church St.

Rochester,
NY 14614

 

Monday,
September 9, 2013 at 10:00 AM

Hampton
Plaza Ballroom

38-40
State Street

Albany,
NY 12207

 

Tuesday,
September 10, 2013 at 10:30 AM

Room
510

25
Beaver St,

New
York, NY 10004

No
pre-registration is necessary. Any questions regarding workshops or the
application process can be directed to UnifiedFunding@nyshcr.org
or to the appropriate Regional Office.

eHeziGovernor Cuomo Announces $71 Million to Build Thousands of Affordable Housing Units Across NY State

Comments 3

  1. What is this, where is it going , how come, why isn’t it just out and out thievery of public funds?
    Application to do what? Build and be a homeowner/landlord/business owner on the public dime?
    What is the turnaround for the public? More taxation with no real goals except to give it away to people who will some day want to know where my rent money is when I built the damn thing for them in the first place!?

  2. Little Andy is just following his daddy’s dream to create a marxist utopia in New York. Remember that he ran HUD and is responsible for the housing meltdown.
    Fascist dictator.

  3. Affordable housing for who? Oh, you’re middle class. Then don’t apply. You pay Market price and don’t forget to pay the transfer taxes. Obama…Obrother

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