NY Launches $20B Affordable Housing Initiative
- May 25, 2017
Governor Andrew Cuomo launched a $20 billion, five-year plan to combat homelessness and advance the development of affordable housing in the state of New York. The legislation will provide $2.5 billion in funding to advance the $20 billion multi-year housing plan.
The plan commits $10 billion to create and preserve more than 110,000 units across the state, including 12,000 units created through the newly enacted “Affordable New York” program. 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.
The capital funding 2018 budget includes:
- $950 million towards the construction and operation of at least 6,000 supportive housing units
- $472 million for construction or adaptive reuse of rental housing affordable to households earning up to 60 percent AMI
- $200 million for projects related to housing developments owed and operated by NYCHA
- $100 million for the construction and preservation of 100 percent affordable units in New York City
- $125 million for developing or rehabilitating low-income senior housing for ages 60 and over
- $45 million for mixed-use affordable housing developments that will include retail, commercial or community development
- $150 million for new construction, reconstruction, or adaptive reuse of affordable rental housing to households that earn between 60 to 130 percent of AMI
- $146 million for the rehabilitation of existing affordable housing
- $75 million to preserve and update the Mitchell-Lama properties throughout the state
- $125 million for the rehabilitation or demolition and replacement of new construction public housing authority developments outside of New York City
- $62.5 million for the rehabilitation or demolition and replacement through new construction of buildings with five to 40 units
- $41.5 million for promoting home ownership among low and moderate income families; $13 million for mobile and manufactured homes
- $10 million for reinvestment in properties located within mixed-use commercial districts located in urban, small town and rural areas of New York State
The new budget goes hand-in-hand with the Empire State Supportive Housing Initiative that was launched in 2017. The five-year program was designed to fund the service and operating costs of 6,000 units of permanent supportive housing and to coordinate resources from state agencies allowing programming for residents. Services 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. In 2016, New York State 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. The New York State Homes and Community Renewal’s Unified Funding awarded more than $122 million for affordable housing in urban, suburban and rural areas of New York, preserving close to 2,000 affordable units.
“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,” said Governor Cuomo. “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.”
Image courtesy of New York State