Whole lotta moola, not a lot of details about state’s $2B for housing

Officials are finally hinting at how the funding will be spent

New York /
Apr.April 21, 2016 05:40 PM

Earlier this month, the state allocated a huge chunk of money — $2 billion — for housing, but nearly three weeks on, the details on how it would be doled out are scant.

The lack of specifics about the funding, which was included in the final state budget passed this month, raised the alarm of affordable housing advocates who worry that negotiating over details could delay future projects.

Gov. Andrew Cuomo and the leaders of the state Senate and Assembly must hammer out an agreement — a memorandum of understanding — on how the funding will be allocated over the next five years, Crain’s reported.

“There are enough barriers to building affordable housing,” said Rachel Fee, head of the New York Housing Conference. “And we don’t want a [memorandum of understanding] to be one of them.”

There are some hints as to how the money will be spent, including expanding a program focused on building housing for middle-income households and possibly creating a new program to create senior housing, according to Crain’s. Over the next five years, the state plans to preserve 50,000 affordable units and build 50,000 new ones.

Rumors that Cuomo would tie the agreement to the lapsed tax abatement 421a, delaying the funding’s release caused a stir, but James Rubin, the commissioner of NYS Homes and Community Renewal, said at a panel Wednesday there was no connection, according to Crain’s. [Crain’s]Dusica Sue Malesevic


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
Gary LaBarbera now leads the New York City and New York State councils. (Getty)
Gary LaBarbera quietly takes helm of building trades statewide
Gary LaBarbera quietly takes helm of building trades statewide
House of Yes in Brooklyn (Getty)
New York’s venues operators say reopening isn’t “financially viable”
New York’s venues operators say reopening isn’t “financially viable”
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
arrow_forward_ios

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

Loading...