State Awards $95M for Affordable Housing Projects

ALBANY, NY—New York State has awarded more than $95 million for shovel-ready affordable housing projects throughout the state. The low interest loan and tax credit financing will help build and preserve nearly 2,100 affordable housing units and is projected to leverage more than $435 million in grants, loans and private investment.

"In 2014 every New Yorker deserves a safe, decent and affordable place to call home," Gov. Andrew Cuomo says. "Today we're building on the over $1 billion we've already invested to make that dream a reality. By removing barriers, streamlining the application process for communities and combining private and public resources, these projects can begin right away, creating jobs and providing the affordable housing New Yorkers deserve."

The funds were available through New York State Homes & Community Renewal's (HCR) Unified Funding Application, a single-source process to apply for several funding streams for affordable and multifamily developments. In total, during the Unified Funding process, HCR is making awards to 37 separate projects in each of the state's 10 economic development regions.

Among the HCR awards included funding for a number of projects in New York City including: $1,214,981 awarded to SoBRO Development Corporation for the construction of 95 units of affordable housing in the Morrisania section of the Bronx, including 57 units that will serve persons with special needs; $1,307,864 awarded to 333 Lenox Associates, LLC for the construction of 58 units of senior affordable housing on the border of Prospect Lefferts Gardens and East Flatbush in Brooklyn; $1,267,950 awarded to the D&F Development Group, LLC for the development of 53 units of mixed-income housing in Jamaica, Queens; and $1,596,855 awarded to the Bay Street Housing Limited Partnership for the construction of 67 units of senior affordable housing in the Stapleton section on the North Shore of Staten Island.