Governor Releases Executive Budget for the State

RPC Program- The Executive Budget includes $4.597 million for Rural Preservation Companies. This would be enough to fund all RPCs at $65,000. It’s disappointing that last year’s final budget amount did not hold, but it’s no surprise, since this depended on a legislative add. So the Exective Budget kept the program whole as far as they are concerned. At least we start at a level we can add to and not restore a deep cut.  Again, it’s “cash” in the budget and easy to whack.

New Capital: As anticipated, there is $400 million in NEW capital proposed along with a capital budget based on last year’s budget for the various existing programs. The new money promises $100 million from SONYMA reserves for upstate, if passed by the legislature. We anticipate that this will be a negotiated process and we all need to work to see if we can make it happen. Rural
Advocates has taken a position that these funds would best be channeled Upstate through the existing programs: HTF small projects and seed money, RARP, Main Street, RESTORE and
other programs that have worked well for us. Although Administered by HFA, they will work in partnership with our other State Agencies involved with housing.

Rural Rent will return for another year.  Managers of older projects will want to note the budget language.  We began that conversation with the DHCR Commissioner at our annual meeting. To be continued for sure!

More updates as it unfolds-

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