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State Budget Increases New York’s Investment in Affordable Housing

June 12, 2008

Investing in and maintaining affordable housing are some of the most important things that I fight for in Albany. I am proud that New York’s 2008-09 state budget includes more than $300 million in capital funding for affordable, supportive, and workforce housing opportunities across the state.

This number includes $54 million in funds for the Mitchell-Lama Rehabilitation and Preservation (RAP) and All Affordable programs. RAP offers flexible, low-cost debt service financing to help the owners of Mitchell-Lama housing make needed improvements to their properties or restructure their debt in return for committing to remain in the program and keep rents affordable. All Affordable loans support the construction of housing in which every unit is affordable to low- and moderate-income tenants.

The budget also includes capital funds for other housing programs, including $60 million to the Low Income Housing Trust Fund, $45 million for the Affordable Housing Corporation, and $36.5 million to the Homeless Housing Assistance program.

The Assembly worked successfully to ensure that the state’s total capital investment in affordable housing was increased by $200 million over the executive budget proposal - dramatically strengthening New York’s investment in initiatives that help residents find affordable housing, create housing opportunities for homeless New Yorkers, and help communities restore and revitalize existing buildings.

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Written by Micah · Filed Under Albany Report, Blogroll, Budget 

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