State Budget Includes Nearly Half a Billion Dollars for Affordable Housing

State Budget Includes Nearly Half a Billion Dollars for Affordable Housing

$100 million for NYCHA, first state investment since 1998

(Albany) - New York State’s 2015-2016 Budget includes approximately $440 million in affordable housing funding. For the first time in 17 years New York State will invest in the New York City Housing Authority (NYCHA). $100 million dollars will be used to make capital repairs across NYCHA’s 334 developments to fix boilers, elevators and roofing among other needs.

“This year’s budget takes a step forward in the protection and expansion of affordable housing. While more needs to be done, this funding builds a solid foundation for sound housing policy,” said State Senator Adriano Espaillat, Ranking Democratic member on the Senate’s Housing Committee. “I will continue to work with my partners in government to ensure this crucial funding is spent responsibility.”

The 2015-2016 State Budget includes funding for an array of affordable housing programs including:

·      $100 million for the New York City Housing Authority (NYCHA)

·      $124 million to provide supportive housing for ‘vulnerable’ New Yorkers

·      $40 million to provide rental assistance for families in New York City homeless shelters

·      $27 million dollars to cap the rent of people on public assistance living with HIV/AID at 30%

·      $25 million for the construction and rehabilitation of housing for low-income New Yorkers

·      $25 million for the Restore New York’s Communities Initiative

·      $25 million for the rehabilitation of limited profit housing   

·      $21.6 million to finance a neighborhhood revitalization program 

·      $20.2 million for the neighborhood and rural preservation programs

·      $19.6 for the Access to Home Program for disabled veterans

·      $5 million for the Housing Opportunities Program for the elderly (RESTORE)

·      $5.5 million for ‘main street’ or downtown revitalization

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