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

TRD 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

The purge continues: WeWork’s head of real estate is leaving

Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)

Owners of some residential properties can’t hide behind
LLCs anymore

Margaret Streicker Porres and 101 West 78th Street (Credit: Linkedin, Corcoran, iStock)

Newcastle Realty was repeatedly accused of violating New York’s old rent laws. Now it says it’s leaving New York because of the new rent law.

The lights of The Hard Rock Cafes marquee are out during Midtown’s Saturday blackout (Credit: Getty Images)

Broadway shows, restaurants see major losses from Midtown’s Saturday blackout

The blackout impacted a 42-block stretch of Manhattan between the Hudson River and Fifth Avenue (Credit: Getty Images)

Con Ed still searching for answers in Manhattan blackout

Governor Andrew Cuomo and 538 Johnson Avenue in Brooklyn (Credit: Google Maps and Getty Images)

Landlords take another hit: Cuomo signs expanded Loft Law

Governor Andrew Cuomo (Credit: Getty Images)

Cuomo wants to exempt NYC from prevailing wage bill

From left: RSA president Joseph Strasburg, REBNY president John Banks and Community Housing Improvement Program director Jay Martin (Credit: Getty Images, LinkedIn, and iStock)

Get me Gov. Cuomo: Real estate mobilizes before “disastrous” rent bills are signed

arrow_forward_ios