NEW YORK CITY-A trio of Bronx housing developments totaling nine buildings will receive $163 million in funding through New York State Housing Finance Agency issuance of $156 million in bonds and $7 million of low-income housing tax credits. As part of the refinancing, which will fund maintenance and capital improvements, the properties will remain in the state’s Mitchell-Lama affordable housing program for 40 more years.

The funding is part of the Cuomo administration’s House New York initiative, which Gov. Andrew Cuomo has called “the state’s largest investment in affordable housing in over a decade.” Via the initiative, $1 billion in state funds will go toward building and maintaining affordable housing across the Empire State.

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