The Governor released his proposed NYS Budget with a significant commitment to affordable housing for the 2014-15 FY. However, “flat funding” was proposed for Preservation with The Rural Preservation Program (RPC) funded at $3,539,000 or $59,000 per group using Mortgage Insurance Fund (MIF). Funding for the Coalition and additional funding for RPC will be subject to negotiation between the Governor and the Legislature. The Neighborhood Preservation Program (NPC) is funded at $8,479,000. These are the same levels of funding proposed by Governor Cuomo for the current year. The Rural Rental Assistance program, which supports many RD Section 515 multi family rental housing units, is funded from the Mortgage Insurance Fund again this year at $20,400,000 with an additional $ 612,000 for Rental Assistance proposed in the Aid to Localities budget. These amounts should be sufficient to cover the program’s needs.
The New York State Housing Trust Fund (HTF) is provided an increase. $44,200,000 is proposed in bonded capital and an additional $2,500,000 from the MIF. This year the Governor proposed to provide some administrative funds to the Housing Trust Fund Corp for administration. We support this recognition of the challenges of program administration and will encourage a set aside for small projects.
The Affordable Housing Corporation (AHC) is funded at $25 Million. We encourage allocating an additional $25 Million from the general fund allocation for housing from the recent JPMorgan Chase settlement
The New York Main Street program is funded at $4.2 Million. Rural Advocates would like to see a new base line established for NY Main Street at $12 million
Access to Home is proposed at $1 million, RESTORE is proposed at $1.4 Million. Housing Development Fund $8,227,000 and Homes for Working Families $ 1,750,000 both from bonded capital funds. The Rural/Urban Community Investment Fund is proposed to be funded at $6,750,000 from the Mortgage Insurance Fund. The split in this program is 60/40 Urban to Rural so the rural side of the program should see about $2.7 million.
Last but certainly not least, Homeless Housing and Assistance Program (HHAP) is proposed to be funded at 63,000,000 or more than double its usual funding level.