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Cuomo announces $71 million to build affordable-housing units

Gov. Andrew Cuomo on Wednesday announced $71 million is now available through New York State Homes & Community Renewal (HCR) to build affordable housing units.

The $71 million is expected to leverage hundreds of millions of dollars in public and private resources.

The Early Award and Unified Funding rounds for 2013 incorporate several new elements which “reinforce” New York’s housing goals, the governor’s office said.

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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, according to the governor’s office.

Of the new $5 million allocated for CIF awards, the state will allocate 60 percent to projects in New York’s urban areas, and the remaining 40 percent to projects in rural areas.

CIF funds can support the non-residential piece of mixed-use affordable housing developments in rural and urban areas, and will support the preservation and rehabilitation of existing affordable housing in rural areas, Cuomo’s office said.

For projects to be eligible for the Early Awards they must be “high quality, shovel-ready” projects which advance one of New York’s specific housing goals. They include projects identified in Regional Economic Development Council (REDC) plans, Fort Drum Impact Area projects in the North Country, and housing projects serving veterans with special needs, according to the governor’s office.

The funds are available through HCR’s Unified Funding application, a single-source process to apply for several funding streams for multifamily developments.

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.

 

Contact Reinhardt at ereinhardt@cnybj.com

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