New York Governor, Kathy Hochul has announced more than $145 million has been allocated for the creation and preservation of about 1,178 affordable homes in 21 separate developments across New York.
The funding will address homelessness, help close the digital divide for lower income households, and expand access to safe and sustainable affordable housing opportunities that advance the state’s clean energy goals.
Hochul said: “This $145 million investment renews our commitment to creating and preserving the safe, healthy and affordable homes that New Yorkers deserve.”
“Our best strategy for recovery from the pandemic is ensuring that everyone has a solid roof over their head and access to the services they need to remain securely housed. With the inclusion of additional resources for clean energy development and requiring free broadband access, we are building back better than before by creating housing that promises a stronger, greener and more equitable New York today and for the future.”
The awards announced today are provided through New York State Homes and Community Renewal’s Multifamily Finance RFP, a competitive process used to award federal Low-Income Housing Tax Credits and subsidy financing for affordable and supportive multifamily housing developments. Together with an additional $394 million in public and private sources, the 21 new developments will inject $511 million in total development costs into local economies.
All 21 projects are required to meet green building standards as part of HCR’s efforts to achieve the goals set by the New York State Climate Leadership and Community Protection Act. The CLCPA, the most ambitious climate and energy plan in the nation, requires an 85 percent reduction of greenhouse gas emissions from 1990 levels by 2050 and eventually net zero emissions across all sectors of the economy.
Four of the awarded projects are supported by additional funding from the Clean Energy Initiative, a $7.5 million pilot program launched earlier this year by HCR and the New York State Energy Research and Development Authority. The Clean Energy Initiative is designed to allow more New York families to live in healthier, clean energy homes, while providing housing developers with streamlined access to technical assistance and affordable housing finance opportunities.
These four projects will be all-electric and/or carbon neutral.
In addition, the developments will provide free or low-cost broadband services as part of the state’s efforts to close the digital divide in lower-income communities.
An additional $34.7 million in coordinated funding from the Homeless Housing Assistance Program, administered by the New York State Office of Temporary and Disability Assistance, has been awarded to seven of the projects to aid in the development of supportive housing.
