Stimulus Bill to Help NY Housing

We have been given the following estimates

  • $5 billion nationwide for the Weatherization Assistance Program to help make the homes of low income households more energy efficient. DHCR will receive and administer about $404 million of this total;

  • $2.25 billion nationally for the HOME and Low Income Housing Tax Credit programs. These funds will help fill financing gaps caused by the economic downturn and get stalled housing development projects moving.  In New York, DHCR will receive approximately $245 million;

  • $1 billion nationwide for the Community Development Block Grant program for community and economic development projects including housing and services for those hit hard by tough economic times. This will mean $13 million for DHCR-administered funding for New York State, and approximately $90 million that will be distributed directly to local municipalities in the State;

  • $2 billion nationally for the Neighborhood Stabilization Program to redevelop abandoned and foreclosed homes.  This will mean about $49 million for New York — $27 million to our sister agency, NYHomes, and (assuming the prior distribution formula remains in place) $22 million to six direct grantees;

  • $1.5 billion nation-wide for homeless prevention activities. Using the Emergency Shelter Grant formula, this will bring a total of $142 million for the state and local governments. New York State’s program, which is administered by the Office of Temporary Disabilities and Assistance (OTDA) will receive approximately $29.8 million;

  • The stimulus bill also includes $4 billion for much-needed capital repairs to public housing across the nation, and $2 billion for the country’s Section 8 project-based rental assistance program, with $250 million of that amount going toward energy retrofitting and green housing. These funds will be administered by the federal Department of Housing and Urban Development (HUD) and will greatly benefit both public and assisted housing in New York State.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s