NY Governor Announces $91 Million to Build Affordable Housing
New York Governor Andrew M. Cuomo recently announced $91 million in awards for shovel-ready projects to build affordable housing across the state. The funds were available through New York State Homes & Community Renewal (HCR)’s Unified Funding Application, a single-source process to apply for several funding streams for affordable, multifamily developments, part of the governor’s efforts to break down the inefficient and duplicative silos that had previously governed state funding.
In total, HCR will make 33 awards, totaling over $91 million in low-interest loans and tax credits that will build and preserve 2,060 units of affordable housing. The projects are expected to leverage over $485 million in grants, loans, and private resources. In this round of funding, applicants competed for: low-interest loans through the Low-Income Housing Trust Fund Program (HTF); Federal Low-Income Housing Tax Credits (LIHTC); the HOME Capital Program; and State Low-Income Housing Tax Credits (SLIHC).
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