Division of Housing & Community Renewal

Governor Eliot Spitzer said $106 million in funding approved today by the Housing Trust Fund Corporation (HTFC) and the New York State Division of Housing & Community Renewal (DHCR) will leverage more than $420 million from a variety of federal, local and private sources to assist in the development and preservation of affordable housing.

Governor Spitzer said "In all, more than half-a-billion dollars will be secured to help us achieve our dual goals of revitalizing communities and preserving affordable housing opportunities across the state."

Deborah VanAmerongen, commissioner of the DHCR and chair of the HTFC, said the grants would "help fund a very wide range of important and innovative projects, from the construction or preservation of large scale projects with hundreds of affordable apartments, to simple energy conservation upgrades in single-family homes."

VanAmerongen said the HTFC had several priorities in awarding the grants, including:

• Preservation of Affordable Housing - a top priority of the Spitzer administration, affordable housing is essential to the State's efforts to rebuild neighborhoods and create new jobs;
• Community Renewal - the HTFC sought out projects that would contribute to the renewal of upstate cities and economically depressed areas;
• Green Buildings - funding will be used to encourage development of energy efficient residential buildings, in keeping with Governor Spitzer's plan to reduce electricity use by 15 percent by the year 2015; and
• Collaboration - most of the projects represent collaborative efforts between the DHCR, local governments, the development community, and other State agencies.

Senator John Bonacic (R/I/C Mount Hope), Chair of the Senate's Housing, Construction, and Community Development Committee, said "The funding and tax credits approved today are an important part of local community renewal efforts. They will aid in our ability to attract jobs, retain workers, and help our local economy grow".

Assemblyman Vito Lopez (D-Brooklyn), Chair of the Assembly Committee on Housing, said "Today's announcement of $106 million will provide a significant funding stream to address the affordable housing crisis that New York State residents are confronted with. DHCR and the Governor should be complimented for the timeliness and diversity of this allocation."

VanAmerongen said the projects will benefit every region of the State. Among the grants, loans, and tax credits approved today by HTFC and DHCR:

• $34 million distributed through the New York State HOME Program and used to expand the supply of safe and affordable housing in more than sixty communities. The HOME Program partners with local governments, private developers and community-based non-profit housing organizations, providing funds to acquire, rehabilitate, or construct housing, or to provide assistance to low-income home-buyers and renters.
• $6.8 million for the rehabilitation of the Packard Building in the City of Buffalo, an historic three-story building identified by the City as an important component in the redevelopment of the city's Midtown area.
• $9.4 million for the preservation of the North Hempstead Housing Authority's Spinney Hill Homes project in Great Neck, which includes 54 affordable units for low-income families.
• $5 million will be distributed to 21 counties around the State through DHCR's Access to Home Program. The funds will be used to make homes accessible for frail elderly and low-income persons with disabilities, allowing them to remain in their homes and avoid institutionalization.
• $13.75 million for the preservation of Embury Apartments in the City of Saratoga Springs, which will rehabilitate 200 units of affordable housing for elderly tenants for another thirty years.
• $10 million for the rehabilitation of historic row houses, and new construction, resulting in 44 housing units for low income families pursuant to the City of Albany South End Revitalization Plan.
• $5 million will be distributed through the DHCR's NY Main Street program, and used to renovate buildings, restore facades and revitalize the state's traditional Main Streets and downtown business districts.
• $4.5 million for the rehabilitation of 14 multi-family buildings containing 193 units of rental housing in Beacon in Dutchess County.
• $1.1 million for construction of the Washington Avenue Residence in the Bronx, providing affordable housing for formerly homeless persons.
• $2.9 million for the development of the Dwightsville Gateway Apartments in Binghamton, including renovation of the historic Marlboro Building. The project also includes the restoration of four houses on Front Street, part of the historic Dwightsville neighborhood, which dates back to the late 1800s.

VanAmerongen said the DHCR has also placed an unprecedented amount of information about each of the projects approved today on the agency's website: www.nysdhcr.gov.

Last Updated: 11/01/07