HCR Awards $91 Million to Build Affordable Housing

The low-interest loans and tax credits will build and preserve 2,060 units of affordable housing and are expected to leverage more than $485 million in grants, loans and private resources.

"By streamlining the application process, New York State is removing barriers that held back economic development for too long and made government inefficient. These funds will leverage hundreds of millions of dollars in private resources, creating valuable partnerships as we work to rebuild communities and create jobs in all corners of the state" Governor Cuomo said.

The funds were available through New York State Homes & Community Renewal (HCR)'s Unified Funding Application, a single-source process to apply for several funding streams for affordable, multifamily developments, part of the Governor's efforts to break down the inefficient and duplicative silos that had previously governed state funding.

In this round of funding, applicants competed for: low-interest loans through the Low-Income Housing Trust Fund Program (HTF); Federal Low-Income Housing Tax Credits (LIHTC); the HOME Capital Program; and State Low-Income Housing Tax Credits (SLIHC).

Included in the awards was $4.44 million to Winn Development Company for Livingston Apartments. This project will use adaptive reuse of the vacant Livingston Middle School in Albany, transforming it into 103 units of housing for the elderly, including 16 supportive units for the frail elderly. The City of Albany is an investment partner.

Contact: Ken Harris, kharris@leadingageny.org, 518-867-8383, ext. 139.