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Gov. Cuomo puts $190M on the table for apartment builders
Real Estate Weekly


(Francisco Kjolseth | Tribune file photo) Bicyclists make their way through Salt Lake City traffic. Officials are pushing to promote more walking and biking as the Wasatch Front population is predicted to double in coming decades.

Governor Andrew M. Cuomo announced $190 million for both building and preserving affordable housing, available by application to groups with shovel-ready projects.


“Everyone deserves a safe, affordable place to live, and this funding will help get more New Yorkers into a place to call home,” Governor Cuomo said. “These funds will not only get housing projects off the ground, but are also an important step to creating stable, healthy communities. We will continue working with local partners and organizations to support affordable housing alternatives.”


The funding, available through Homes and Community Renewal, makes resources from a variety of programs available to eligible organizations.

Applicants with shovel-ready projects that support state housing goals of revitalization and economic development, mixed-income and mixed-use development, workforce housing, and affordable housing preservation may apply for an Early Award and receive an accelerated application review.


Interested applicants are encouraged to complete the Homes and Community Renewal’s Unified Funding Application, a single-source, streamlined process to apply for several funding streams for affordable, multifamily developments.


New to the Unified Funding in 2014 will be the inclusion of Community Development Block Grant Disaster Recovery program resources, making up to $50 million available to assist communities affected by Superstorm Sandy, Hurricane Irene, and Tropical Storm Lee.


The funding round also establishes a funding priority for projects that will serve communities impacted by the Summer 2013 severe storms and floods.

In addition, up to $25 million is available this year to support the Governor’s Medicaid Redesign Team initiative and increase supportive housing options.


Darryl C. Towns, Commissioner and CEO of New York State Homes and Community Renewal said, “Under Governor Cuomo’s leadership, HCR has been coordinating State resources, providing incentives for projects ready to break-ground, and setting high standards for the use of State housing funds.

“The result is quality housing that addresses needs in communities around the State and will be an asset for years to come. I look forward to working with our partners and to seeing the thousands of homes that will be created with this funding.”


Early Award preference will be given to projects that, among other things, help rebuild communities affected by natural disasters; Create family housing opportunities to support active military bases; Create supportive housing for veterans with special needs and; Develop workforce housing close to transportation options (Transit-Oriented Development).


There is also money for the redevelopment or preservation of he state’s 8,600 Mitchell Lama Housing units and projects in New York City that support the goals of the Governor’s Medicaid Redesign Team initiative.


Funds announced today are expected to leverage hundreds of millions of dollars in public and private resources. In 2013, $95.7 million was awarded to assist 2,092 units. The projects leveraged $435 million in grants, loans and private resources.