New York State Homes and Community Renewal (HCR) recently awarded $78 million in low-interest loans and low-income housing tax credits (LIHTCs) to 35 housing developments.
The awards “represent optimized energy efficiency and unprecedented accessibility for persons with disabilities, in according with HCR’s overhaul of housing capital programs,” according to the agency.
In a unified process, applicants competed for low-interest loans through the Low-Income Housing Trust Fund Program, HOME program, and federal and state LIHTCs. The funding will help build or preserve 2,200 affordable housing units.
"HCR is very proud to align its awards with Gov. Andrew M. Cuomo's vision for affordable housing and economic development initiatives,” said Darryl C. Towns, HCR commissioner and CEO, in a statement. “The awards, made to projects in 21 different New York counties, are a testament to how important governmental, public, and private partnerships are to making sure that funding streams are effectively coordinated and awarded. With these awards, HCR reinforces its commitment to enhancing the quality of life of all low-income New Yorkers by providing quality work force housing, revitalizing downtown communities and contributing to neighborhood growth."
Among the notable achievements in these Unified Funding awards: 10 awards will provide 329 units of fully integrated supportive housing for persons with special needs; two projects will provide 46 units for veterans who will receive subsidies through the Department of Housing and Urban Development's Veterans Affairs Supportive Housing Program; and two preservation projects will prevent the loss of existing affordable housing threatened by market forces or disrepair.
