New York State Receives More Than $34 Million from National Housing Trust Fund
On May 3rd, the U.S. Department of Housing and Urban Development (HUD) allocated $382 million to states for the production and operation of housing for households with extremely low incomes via the National Housing Trust Fund, including more than $34 million granted to the New York State Housing Finance Agency (HFA).
Resources from the National Housing Trust Fund can be used for real property acquisition, site improvements and development hard costs, related soft costs, demolition, financing costs, relocation assistance, operating cost assistance for rental housing, and reasonable administrative and planning costs. The funds are often paired with other state-generated or state-controlled housing resources.
The HFA is a public benefit corporation created in 1960 to finance low- and moderate-income rental housing via the issuance of taxable and tax-exempt bonds to provide mortgage loans to developers of affordable multifamily rental housing, including Mitchell-Lama developments.
A breakdown of 2023 National Housing Trust Fund, HOME Investment Partnerships Program (HOME), and Community Development Block Grant (CDBG) allocations to New York State is available here.
Contact: Annalyse Komoroske Denio, akomoroskedenio@leadingageny.org, 518-867-8866