Governor Spitzer Announces $17.6 Million in Grants, Loans and Tax Credits for Western New York

ALBANY, NY (08/09/2007)(readMedia)-- Western New York will receive more than $17.6 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 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 and rejuvenate the Upstate economy.”

VanAmerongen said the HTFC approved funding for 643 units in Western New York, including the renovation and adaptive reuse of the Packard Building in the City of Buffalo. This historic building will be reconfigured to create 40 units of housing for low-income families and persons with disabilities. In addition to $1.3 million in HTF funds, federal and state housing tax credits worth $5.3 million in private equity, and an Urban Initiative grant of $100,000, the project will receive Historic Tax Credits and City HOME funds.

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 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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