HCR Announces $78M in Low-Interest Loans and Tax Credits to Build and Preserve 2,200 Affordable Housing Units

Awards to 35 Multi-Family Projects Leverage $510 Million in Grants, Loans, and Private Equity

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NEW YORK, NY (09/23/2011)(readMedia)-- New York State Homes & Community Renewal (HCR) Commissioner/CEO Darryl C. Towns today announced 35 awards under HCR's competitive Unified Funding Awards. The awards represent optimized energy efficiency and unprecedented accessibility for persons with disabilities, in accordance with HCR's overhaul of housing capital programs.

In a unified process, applicants competed for: low-interest loans through the Low-Income Housing Trust Fund Program (HTF); the HOME Program; Federal Low-Income Housing Tax Credits (LIHTC); and State Low-Income Housing Tax Credits (SLIHC). The awards were made with substantial collaboration – including with State, Federal or local agencies and private resources -- leveraging a total of $510 million.

HCR Commissioner/CEO Towns said, "HCR is very proud to align its awards with Governor Andrew M. Cuomo's vision for affordable housing and economic development initiatives. The awards, made to projects in 21 different New York counties, are a testament to how important governmental, public and private partnerships are to making sure that funding streams are effectively coordinated and awarded. With these awards, HCR reinforces its commitment to enhancing the quality of life of all low-income New Yorkers by providing quality work force housing, revitalizing downtown communities and contributing to neighborhood growth."

Significantly, the awards are distributed in each of the state's ten Economic Development Regions. This will provide for a smooth transition to Governor Andrew M. Cuomo's transformative plan for a strategic economic development model in the Regional Councils for future funding rounds. HCR is dedicating up to $169 million in resources to affordable housing and community revitalization projects through the Consolidated Funding Application (CFA) announced by Governor Cuomo on September 2nd.

Among the notable achievements in these Unified Funding awards: ten awards will provide 329 units of fully integrated supportive housing for persons with special needs; two projects will provide 46 units for veterans who will receive subsidies through HUD's Veterans Affairs Supportive Housing Program (VASH); and two preservation projects will prevent the loss of existing affordable housing threatened by market forces or disrepair.

The full list of funding awards is attached.