Housing First! Hails Budget’s Record $485 Million Capital Investment in State’s Housing Needs

NEW YORK, NY (04/10/2008)(readMedia)-- “With the nation’s economic downturn getting worse and with New York state having lost 6,800 private-sector jobs in February, the state’s new, record-breaking $485-million budget for capital investment in affordable, supportive and mental health housing is especially timely now to stimulate the state’s economy and create jobs while simultaneously addressing the essential housing needs of its families and local communities,” said Housing First!’s co-chair Denise Scott, the director of the Local Initiatives Support Corporation’s New York Program.

“The governor, legislators, budget bureau, and agency heads deserve substantial credit for their leadership in recognizing that investment in affordable residential infrastructure has become a critical instrument for promoting the state’s economic growth,” added Housing First!’s coordinator David Muchnick. “It is no longer just a matter of discretionary spending for disadvantaged populations and distressed areas that can be disbursed only in bountiful budget years.”

The $485-million includes a $200 million increase in funds available for affordable and homeless housing. “That the $200 million increase includes $100 million from the SONYMA’s Mortgage Insurance Fund establishes a significant and equitable precedent that revenues from housing taxes should be used to create and preserve housing opportunities,” Scott said.

The $485-million sets a new annual benchmark and gives the state’s housing agencies much greater flexibility and resources for responding to the diverse needs of upstate and downstate cities, suburbs, and rural areas. There’s $181.5 million for housing those with mental health, mental retardation and developmental disability needs, $36.5 million for homeless housing, and $267.4 million for production and preservation of affordable homes and apartments. “Notwithstanding this diversity, housing providers from across the state deserve credit for remaining united in their advocacy for the increased capital investment,” Muchnick said.

Housing First! is a broad alliance of more than 300 diverse organizations who are united by their dedication to developing and sustaining affordable housing for all New Yorkers. Our state platform calls for $1.3 billion in new state investment annually for ten years, including an affordable housing investment fund with $500 million dollars in dedicated annual revenues.

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