DHCR Announces $6.4 Million to Create 381 Units of Affordable Housing in the Capital Region

The New York State Division of Housing and Community Renewal (DHCR) today announced more than $6.4 million in federal Low Income Housing Tax Credits (LIHC) and subsidies that will help construct and rehabilitate 381units of affordable housing in counties throughout the Capital Region. The funding is part of $48 million in awards that will create more than 2,100 affordable housing units and 2,000 new construction jobs statewide. Approximately 350 jobs are expected to be created in the Capital Region.

$955,000 will go toward filling the need for affordable senior housing in the Town of Clifton Park in Saratoga County, one of the fastest maturing counties in the Capital District. Clifton Park Senior Apartments will consist of 70 units for low and very low-income elderly. Units will be energy-efficient and residents will have access to an outdoor recreation area, laundry facilities, and computer lab.

The housing developments announced today will also be eligible for additional funding through the federal American Reinvestment and Recovery Act (ARRA). New York is eligible for approximately $250 million in Tax Credit Assistance Program stimulus funding, which helps affordable housing projects bridge potential financing gaps in the wake of the current difficult real estate market.

Governor Paterson said, "This critical funding will not only improve access to quality, affordable housing, but also help put New York back to work by creating nearly 2,000 new jobs. In these difficult economic times, it is especially important that we do everything we can to help return our State to prosperity and improve the lives of everyday New York families."

DHCR Commissioner Deborah VanAmerongen said, "The need for tax credits to encourage the development and preservation of affordable housing for low and moderate-income people is high in New York, but the value of these tax credits in shrinking due to the volatility of the financial markets. Governor Paterson's leadership has helped keep the creation of affordable housing a priority, even in these turbulent economic times, and this commitment will result in quality, decent housing for thousands of New Yorkers."

A full list of projects is attached and can be found on DHCR's web site at www.nysdhcr.gov.