More than $95 million in funding has been approved for affordable housing developments across New York.
In the latest funding round, applicants competed for low-interest loans through the Low-Income Housing Trust Fund Program (HTF); federal low-income housing tax credits; the HOME Capital Program; state low-income housing tax credits; and the state’s new Urban and Rural Community Investment Fund. The awards are made through New York State Homes & Community Renewal.
The funding will help build and preserve nearly 2,100 affordable housing units and leverage about $435 million in grants, loans, and private resources.
Projects receiving funding include Ballston Reserve in the Town of Ballston in Saratoga County. About $3.3 million was awarded to The NRP Group for the construction of 52 units of workforce housing near a technology park that’s an area of economic activity in the region.
In Rochester, about $3.6 million was awarded to Home Leasing for the adaptive re-use of the historic Eastman Dental Dispensary into 57 units of mixed-income housing with 43 units affordable to households with incomes up to 60 percent of the area median income. Constructed in 1917 and listed on the National Register of Historic Places, the Landmark Society of Western New York recently identified the Eastman Dental Dispensary as one of five irreplaceable historic resources that are endangered and in need of reinvestment.