State Budget Increases New York's Capital Investment In Affordable Housing

Fiscal Plan Also Invests In Programs to Assist Residents Facing The Loss of Their Homes,
Helps Communities Affected By Flood Damage

Assembly Speaker Sheldon Silver, Ways and Means Committee Chair Herman D. Farrell, Jr. and Housing Committee Chair Vito Lopez today announced that the SFY 2008-09 budget includes more than $300 million in funding for affordable, supportive and workforce housing opportunities across the state. Included in that amount is an increase of $200 million over the executive proposal to fund programs through the Division of Housing and Community Renewal and the Office for Temporary and Disability Assistance and includes $25 million to address the sub-prime mortgage crisis.

"The Assembly Majority understands the challenges New York families face in finding reasonably priced housing in communities throughout the state," said Silver (D-Manhattan). "Among our priorities was the addition of more than $200 million to invest in initiatives that help residents find affordable housing, create housing opportunities for homeless New Yorkers and assist communities in their efforts to restore and revitalize existing structures."

"Reinvigorating New York's economy and ailing communities requires a dedication to provide housing funds so that hard working residents can afford to live in the communities in which they work," said Lopez (D-Brooklyn). "This budget includes an historic increase in funding to provide greater affordable housing availability for New Yorkers."

"This year's budget reflects the Assembly's belief that the creation of housing for working families and the most vulnerable among us will, in turn, become a long-term asset for the state," said Farrell (D-Manhattan). "As New Yorkers have greater access to renting and owning homes, even our most economically-strained communities will begin to flourish and provide greater opportunities to residents."

This year's budget includes significant capital funding for various programs including:

• $60 million to the Low Income Housing Trust Fund, an increase of $31 million over the Executive proposal.
• $54 million to the state Housing Finance Agency for its Mitchell-Lama Rehabilitation and Preservation and All Affordable Programs.
• $45 million for the Affordable Housing Corporation, an increase of $20 million from the Executive proposal.
• $36.5 million to the Homeless Housing Assistance program, an increase of $6.5 million from the Executive proposal.
• $25 million for the Assembly's Sub-Prime Foreclosure Prevention Services Program.
• $15 million for the Greater Catskill Flood Remediation Program.
• $10 million to the Homes for Working Families program.
• $6 million for the Homeownership and Economic Stabilization for Long Island program.
• $6 million for the Rural Areas Revitalization program.
• $5 million for the Main Street Program
• $5 million to the Infrastructure Development Demonstration program.
• $4 million to the HOPE/Restore program.
• $4 million to the Access to Homes program.
• $3.5 million for the Urban Initiatives program

The budget also contains millions more in funding increases to fund improvements in urban, suburban and rural communities.

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NOTE: Click here for the complete 2008-09 housing capital plan