NEW YORK CITY—Governor Andrew Cuomo has issued a directive for the NYS Division of the Budget to release $2 billion for the creation of over 100,000 affordable and supportive units housing over the next five years. The executed agreement is now before the New York State Senate and Assembly for action.
“This agreement marks a major step forward in the state's comprehensive efforts to combat the homelessness and affordable housing crisis in New York,” Governor Cuomo says. “By advancing the state's largest commitment to affordable and supportive housing, hundreds of thousands of New Yorkers will be able to find a safe place to call home. I call on the State Legislature to join me in this effort and sign the Memorandum of Understanding so we can fully realize the transformational benefits this historic investment will bring to New York's most vulnerable residents.”
In his 2016 State of the State address, Governor Cuomo put forward a $20 billion blueprint to combat homelessness and expand access to affordable housing in New York State. Approval of the MOU by the NYS Senate and Assembly will allow for the implementation of the Governor's five-year plan.
The initiative includes $10 billion dedicated to creating and preserving 100,000 units of affordable housing, and $10 billion dedicated to tackling homelessness by developing 6,000 new permanent supportive housing units and 1,000 emergency beds while offering an expanded array of homelessness services.
Combined with a previously approved MOU, resources are available for the following efforts:
New Construction: Up to $1.4 billion to support the creation of new units across a spectrum of populations and geographic areas, including significant new investments to create senior housing, middle-income housing, and supportive housing across the state.
Preservation: Up to $565 million to extend the affordability of existing units statewide and creating a large-scale financing program that specifically supports assets like public housing authorities in upstate communities. Up to $100 million in funding will be designated for state-approved NYCHA related projects and improvements. This is in addition to the $100 million in current state funding for NYCHA.
Homeownership: Up to $54 million to provide opportunities for new and continued homeownership throughout the state, including new and manufactured home programs and efforts to continue stabilizing communities hit by the foreclosure crisis.
Neighborhood Revitalization: Up to $10 million for continued investment in downtowns and villages throughout the state.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
“This agreement marks a major step forward in the state's comprehensive efforts to combat the homelessness and affordable housing crisis in
In his 2016 State of the State address, Governor Cuomo put forward a $20 billion blueprint to combat homelessness and expand access to affordable housing in
The initiative includes $10 billion dedicated to creating and preserving 100,000 units of affordable housing, and $10 billion dedicated to tackling homelessness by developing 6,000 new permanent supportive housing units and 1,000 emergency beds while offering an expanded array of homelessness services.
Combined with a previously approved MOU, resources are available for the following efforts:
New Construction: Up to $1.4 billion to support the creation of new units across a spectrum of populations and geographic areas, including significant new investments to create senior housing, middle-income housing, and supportive housing across the state.
Preservation: Up to $565 million to extend the affordability of existing units statewide and creating a large-scale financing program that specifically supports assets like public housing authorities in upstate communities. Up to $100 million in funding will be designated for state-approved NYCHA related projects and improvements. This is in addition to the $100 million in current state funding for NYCHA.
Homeownership: Up to $54 million to provide opportunities for new and continued homeownership throughout the state, including new and manufactured home programs and efforts to continue stabilizing communities hit by the foreclosure crisis.
Neighborhood Revitalization: Up to $10 million for continued investment in downtowns and villages throughout the state.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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