Governor Spitzer Announces $15.7 Million in Grants, Loans and Tax Credits for New York City and Long Island

ALBANY, NY (08/09/2007)(readMedia)-- Governor Eliot Spitzer announced today that more than $15.7 million in new funding for affordable housing projects in New York City and Long Island has been 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 and DHCR “approved more than $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.”

VanAmerongen said the HTFC and DHCR approved funding for 737 units in New York City and Long Island, including the new construction of Surf Gardens in Brooklyn, a New York Foundation for Senior Citizens project which will provide 77 units for very low-income elderly and frail elderly people. All units will feature Energy Star rated appliances and light fixtures. Funding is provided by federal and state housing tax credits worth over $10.8 million.

Projects on Long Island receiving funding include the rehabilitation of Spinney Hill Homes in North Hempstead, five two-story buildings containing 54 rental units for low and very low-income residents. Funding includes federal and state credits worth over $9.3 million.

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 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.