Governor Spitzer Announces $12.7 Million in Grants, Loans and Tax Credits for the Capital District

ALBANY, NY (08/09/2007)(readMedia)-- The Capital District will receive more than $12.7 million in new funding to revitalize communities and increase affordable housing opportunities throughout the region. The projects to develop and preserve affordable housing were approved recently by the State Housing Trust Fund Corporation (HTFC) and Division of Housing & Community Renewal (DHCR).

"Creating affordable housing is essential to our efforts to rebuild neighborhoods and create jobs," said Governor Spitzer. "Ensuring that reasonably priced units are available to working families is critical to spur economic growth and stem the out-migration of New Yorkers to other areas of the country.  This funding is the latest step in a continued effort to improve both the economic climate and the quality of life for all New Yorkers."

DHCR Commissioner Deborah VanAmerongen said in all, the HTFC “approved $106 million in funding for projects across the State, which will help leverage an additional $420 million from various public and private sources. This is exactly the kind of commitment and investment the State needs to address our affordable housing shortage and rejuvenate the Upstate economy.”

VanAmerongen said the HTFC approved funding for 712 units in the Capital District, including South End Revitalization 2, a project developed in conjunction with Albany Housing Authority and Omni Housing Development, that will rehabilitate six buildings (16 units) and construct seven new buildings (28 units), all equipped with high-speed internet access.

DHCR has placed an unprecedented amount of information about each of the projects approved today on the agency’s website at www.dhcr.state.ny.us

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, other State agencies and community based and not-for-profit partners.