Nonprofit proposes $1B state fund for affordable housing

Developer would receive credit enhancement or loans

New York /
Nov.November 26, 2014 02:07 PM

The nonprofit New York Housing Conference has proposed that New York Governor Andrew Cuomo create a $1 billion fund for affordable-housing capital.

The fund, under the aegis of the state Homes and Community Renewal Agency, would offer credit enhancement or loans to developers. The fund would serve as a one-time expense, but all low-interest loans could go back into the fund for upcoming affordable-housing investments.

“We feel really strongly that there is an affordable-housing crisis, and we have to think more broadly about how it impacts our economy,” Rachel Fee of the New York Housing Conference told Crain’s. “The capital fund could be used to build on existing [state and local] affordable-housing programs, which leverage private investment.”

Blackstone Group exec William Murrow serves as chair of the Homes and Community Renewal Agency.

Cuomo has vowed to spend a $5.1 billion windfall from settlements with financial institutions and banks as a one-time expenditure. [Crain’s]Mark Maurer


Related Articles

arrow_forward_ios
Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)
Owners of some residential properties can’t hide behind LLCs anymore
Owners of some residential properties can’t hide behind LLCs anymore
Governor Andrew Cuomo and 538 Johnson Avenue in Brooklyn (Credit: Google Maps and Getty Images)
Landlords take another hit: Cuomo signs expanded Loft Law
Landlords take another hit: Cuomo signs expanded Loft Law
Governor Andrew Cuomo (Credit: Getty Images)
Cuomo wants to exempt NYC from prevailing wage bill
Cuomo wants to exempt NYC from prevailing wage bill
All in all, the $212 billion budget is a mixed bag for the industry. (Getty/Illustration by Kevin Rebong for The Real Deal)
Real estate’s wins and losses in new state budget
Real estate’s wins and losses in new state budget
Gov. Andrew Cuomo (Getty, iStock)
Cuomo’s $1.3B for Penn Station work can’t go to towers
Cuomo’s $1.3B for Penn Station work can’t go to towers
Gov. Andrew Cuomo, Senate Majority Leader Andrea Stewart-Cousins and Assembly Speaker Carl Heastie (Getty; iStock/Illustration by Kevin Rebong for The Real Deal)
NY lawmakers near deal to hike income tax for top earners
NY lawmakers near deal to hike income tax for top earners
Gov. Andrew Cuomo, Andrea Stewart-Cousins and Carl Heastie (Getty; iStock/Illustration by Kevin Rebong for The Real Deal)
Landlords’ building emissions workaround is dead
Landlords’ building emissions workaround is dead
Gov. Andrew Cuomo and an aerial view of the Empire Station Complex site (Getty, Empire State Development)
Towers planned around Penn Station face backlash
Towers planned around Penn Station face backlash
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...