Governor Spitzer Announces $14.5 Million in Grants, Loans and Tax Credits for Central New York

ALBANY, NY (08/09/2007)(readMedia)-- Central New York will receive more than $14.5 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 developers 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 563 units will receive funding in Central New York, including several collaborative efforts with the City of Syracuse in support of the Syracuse Neighborhood Initiative, and Forest View at Fayette, which will provide service-enriched housing for frail elderly residents.

In the City of Binghamton, $2.8 million in awards will go to the Historic Dwightsville Gateway Apartments to rehabilitate four two-story buildings (13 residential/2 commercial units) in the City’s gateway neighborhood for low-income families and persons with physical disabilities. The project developer is First Ward Action Council, a DHCR-funded neighborhood preservation company.

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

The HTFC and DHCR 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.

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