This will help jumpstart a five-year plan to combat homelessness in the state
New York Governor Andrew Cuomo signed Thursday an ambitious legislation for affordable housing in the state.
The $20bn five-year plan, pegged as the “largest investment in the creation and preservation of affordable housing and efforts to end homelessness in the history of New York,” was made possible by the $2.5bn capital funding included in the FY 2018 budget. It will help create more than 110,000 units of affordable and 6,000 supportive housing units over the next five years.
"This legislation is a major step forward for New York as we strengthen our efforts to combat homelessness and expand access to quality, affordable housing for our most vulnerable men, women and children," said Cuomo. "By making significant investments in rehabilitating, preserving and constructing safe and affordable housing, we will open doors for low-income residents and support hard-working New Yorkers in every region of the state."
$10bn will be committed for the creation of 110,000 units across New York including 12,000 units through the “Affordable New York” program (formerly known as 421-a) and another $10bn for 6,000 new supportive housing beds, including $7.5bn to fund shelter costs, rental subsidies and housing programs against homelessness in the state.
"Providing New Yorkers with truly affordable housing has long been a cornerstone for the New York State Assembly Majority’s Families First agenda," said Assembly Speaker Carl Heastie (D-New York). "The cost of living in New York has left many of our most vulnerable residents homeless or in jeopardy of homelessness and this legislation will help us stem the tide and make meaningful change in our communities.”
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The $20bn five-year plan, pegged as the “largest investment in the creation and preservation of affordable housing and efforts to end homelessness in the history of New York,” was made possible by the $2.5bn capital funding included in the FY 2018 budget. It will help create more than 110,000 units of affordable and 6,000 supportive housing units over the next five years.
"This legislation is a major step forward for New York as we strengthen our efforts to combat homelessness and expand access to quality, affordable housing for our most vulnerable men, women and children," said Cuomo. "By making significant investments in rehabilitating, preserving and constructing safe and affordable housing, we will open doors for low-income residents and support hard-working New Yorkers in every region of the state."
$10bn will be committed for the creation of 110,000 units across New York including 12,000 units through the “Affordable New York” program (formerly known as 421-a) and another $10bn for 6,000 new supportive housing beds, including $7.5bn to fund shelter costs, rental subsidies and housing programs against homelessness in the state.
"Providing New Yorkers with truly affordable housing has long been a cornerstone for the New York State Assembly Majority’s Families First agenda," said Assembly Speaker Carl Heastie (D-New York). "The cost of living in New York has left many of our most vulnerable residents homeless or in jeopardy of homelessness and this legislation will help us stem the tide and make meaningful change in our communities.”
Related stories:
Fannie, Freddie release three-year plan on serving underserved markets
Where affordable housing and good jobs intersect
