New York State Homes and Community Renewal to Set Aside $15 Million in Federal 9% Low Income Housing Tax Credits to Finance 1,000 Affordable Homes
Tax Credits Will Finance 100% Affordable Housing Developments in Central Brooklyn on Underutilized Land Owned by NYCHA for NYCHA Residents and Other Seniors Who Are 62 Years Old or Older
Supports Governor's $1.4 Billion Vital Brooklyn Initiative Which Advances Critical Open Space and Recreation, Healthy Food, Education, Economic Empowerment, Violence Prevention, Healthcare, and Resiliency Initiatives Based on a Robust Community-Based Planning Effort
Governor Andrew M. Cuomo today announced that New York State Homes and Community Renewal will finance 1,000 affordable homes for seniors on underutilized land owned by the New York City Housing Authority in Central Brooklyn as part of his $1.4 billion Vital Brooklyn Initiative. The newly constructed, 100 percent affordable housing developments will be made available to NYCHA residents and other seniors, and financed with up to $15 million in Federal 9 percent Low Income Housing Tax Credits.
The $15 million set aside tax credits builds on the Governor's $563 million commitment to create 3,000 units of affordable housing in Central Brooklyn as part of his Vital Brooklyn Initiative. In April, Governor Cuomo launched phase two of Vital Brooklyn and announced five RFPs to construct more than 2,000 affordable homes and advance the initiative's $563 million commitment to build 3,000 units of affordable housing in Central Brooklyn. Earlier this summer, Governor Cuomo announced a $3.1 million investment to renovate and transform eight community gardens and deliver a much-needed direct water connection to 14 others, to be completed by fall of 2019. Prior to that, the Governor also announced flagship ambulatory care sites and partnerships with six Brooklyn-based federally qualified health centers to form the foundation of its $210 million, 32-site ambulatory care network.
Earlier this month, as the next step of the comprehensive initiative, Governor Cuomo announced new actions to increase access to nutritious foods and address chronic food insecurity and health disparities in Central Brooklyn communities.
This month, the Governor also announced a $1.825 million investment in new mobile markets, food insecurity screening for seniors, youth run farmers markets, community gardens, and a food distribution hub siting study, to help ensure local communities have the ability to purchase fresh, local foods, and have the support they need for healthier lifestyles.
"Every New Yorker deserves access to safe, affordable, clean housing -- it is the foundation of our comprehensive efforts to address chronic disparities in Central Brooklyn," Governor Cuomo said. "This investment will seize the potential of vacant properties and help 1,000 seniors move into quality living environments and support our efforts to improve wellness and opportunities in these communities."
"Our state's Vital Brooklyn Initiative continues to move forward with innovative solutions to boost affordable housing in Central Brooklyn," said Lieutenant Governor Kathy Hochul. "Affordable housing is an integral part of our strategy to improve the quality of life for all New Yorkers and especially senior citizens. Today's announcement is an important investment to ensure a stronger future for Brooklyn."
The Governor's investment builds off of and credits decades of community-led development efforts in Central Brooklyn to preserve affordable housing and increase homeownership. Community-based organizations like the East Brooklyn Congregations bring together congregations, schools, homeowners associations, and local residents in the Bedford-Stuyvesant, Brownsville/Ocean-Hill, Bushwick, Crown Heights and East New York neighborhoods. This local leadership provides an opportunity for residents to have a voice in decision making about what happens in their community.
The 1,000 affordable senior apartments announced by the Governor today, proposed for the underutilized NYCHA property in Central Brooklyn will be reviewed on a rolling basis by HCR as NYCHA makes properties available through its disposition process. Federal regulations require NYCHA to get tenant feedback, and publish disposition plans annually before allowing for development.
After a development is selected by NYCHA for a site in Central Brooklyn and it has received public input and been reviewed, it will be able to apply to HCR for the $15 million set aside of federal 9 percent federal low-income housing tax credits. Tax credits are the primary tool used to lower the financing costs for housing developments to make them affordable.
Since 2011, HCR has provided financing to create or preserve 14,600 affordable homes in Brooklyn with an investment of almost $2 billion in HCR resources.
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "Thanks to Governor Cuomo's leadership, New York State is delivering much-needed resources to Central Brooklyn communities to help ensure all members of our New York family have the opportunity to excel. Affordable housing for seniors will strengthen Central Brooklyn and help grow its economy."
Senator Roxanne Persaud said, "From affordable homes for our seniors, to healthy food and community gardens, Governor Cuomo is tackling every angle of community revitalization. I look forward to seeing Central Brooklyn grow and prosper as these investments deliver for our community."
Senator Kevin Parker said, "Vital Brooklyn's comprehensive approach - from health care to healthy food to housing - is paving the way for Central Brooklyn's revival. With the investment in affordable housing for seniors on underused NYCHA land, we taking another step forward to a brighter future."
Senator Betty Little said, "Affordable housing plays a powerful role in making our communities thrive, and when we create it for our seniors we are making it possible for them to live among their neighbors and the resources that form the fabric of their lives. I am pleased to partner with Governor Cuomo and my legislative colleagues to help meet the housing needs of all New York's communities."
Assemblywoman Latrice Walker said, "Our seniors are essential members of our community and helping them move to safe, affordable homes is certain to help them, and all of our neighbors, prosper. I am thankful that in Governor Cuomo we have a leader who understands how we must approach community revitalization from every angle."
Assemblyman Joseph Lentol said, "Access to affordable housing is a basic right, yet countless older Brooklynites suffer from housing insecurity or homelessness across our borough. 100 percent affordable housing can be difficult to provide, but through his Vital Brooklyn initiative, Governor Cuomo has found a way to provide 1,000 homes for elderly New Yorkers with the greatest need. Thanks to this funding, at least 1,000 Brooklynites will no longer have to worry about losing their homes or struggling to find a place to live ever again."
Assemblyman Walter T. Mosley said, "I applaud Governor Cuomo for his leadership and dedication to making affordable housing a reality for all residents of Brooklyn. With these affordable homes, we are making sure every senior citizen has a safe and healthy living environment, and continue to make progress towards a stronger economy and healthier community in Brooklyn."
New York City Public Advocate Letitia James said, "This Vital Brooklyn initiative represents the largest single investment in Central Brooklyn ever and is exactly what this community needs to move forward. With this unprecedented commitment to affordable housing, we are building a stronger, fairer society and ensuring New Yorkers, including seniors, are welcome in our community. I thank Governor Cuomo for his extraordinary commitment to Brooklyn."
New York City Councilmember Robert Cornegy said, "Under Governor Cuomo's leadership, New York State is listening to the needs of the community and taking action. This unprecedented investment in affordable housing addresses a critical challenge in Brooklyn and will pave the way for a better future for generations to come. Together we will ensure that all New Yorkers have access to quality and affordable housing."
New York City Councilmember Laurie Cumbo said, "I commend Governor Cuomo for his commitment to our communities, with the historic, comprehensive Vital Brooklyn initiative and this latest step in that investment. These new housing units will vastly improve the quality of life for seniors in need. Thank you, Governor."
New York City Councilmember Ritchie Torres said, "Governor Cuomo's commitment to affordable housing and standing up for NYCHA tenants is unparalleled. I applaud this announcement and thank the Governor for all his work to help New Yorkers have quality housing."
New York City Councilmember Alicka Ampry-Samuel said, "Addressing the needs of New York's most vulnerable residents requires dedication, commitment and direct financial investment. Governor Cuomo has proven to be a leader, committed to NYCHA residents and our seniors. I'm glad to see dedicated funding for the development of 1,000 units of senior housing, in Brooklyn, with Low Income Tax Credits and I look forward to identifying the appropriate land with the support, voice and vision of the community."
About New York State Homes and Community Renewal
NYS Homes and Community Renewal's (HCR) housing and community development agencies work to create, preserve and improve affordable homes and vibrant communities, in keeping with Governor Andrew M. Cuomo's vision of a more inclusive, affordable, sustainable, and resilient New York. Since the start of Governor Cuomo's first term, HCR has created or preserved more than 98,000 homes across the state. This includes more than 69,000 affordable multifamily homes totaling more than $27 billion in economic activity, 11,200 SONYMA mortgages for first-time homeowners totaling more than $2 billion, and approximately 18,250 homes improved and repaired through grant programs totaling approximately $388 million. The Governor has charged HCR with delivering his unprecedented $20 billion, five-year housing plan, which makes housing accessible and combats homelessness by creating or preserving more than 100,000 affordable homes with 6,000 accompanied by supportive services. The plan is a comprehensive approach to statewide housing issues and includes multifamily and single-family housing, community development, and rent stabilization.