Governor Spitzer Announces Grants, Loans and Tax Credits worth Over $27 Million for North Country Region

ALBANY, NY (08/09/2007)(readMedia)-- The North Country region will receive more than $6 million in new funding to revitalize communities and increase affordable housing opportunities throughout the region.

The projects to assist and preserve 275 affordable housing opportunities were approved recently by the State Housing Trust Fund Corporation (HTFC) and Division of Housing & Community Renewal (DHCR). These funds will leverage in excess of $27 million for North Country affordable housing.

"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 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.”

VanAmerongen said the HTFC awards approved for the North Country include funding for Creek Wood, a 100-unit development comprised of 15 buildings of new construction in the City of Watertown. The project received state and federal tax credits worth more than $9.4 million. Creek Wood, which will provide critical housing within the Ft. Drum impact area, has a total project cost of $15.8 million

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.

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