Bonacic: $21.6 Million In Housing Aid Headed To Region



Developments and Initiatives in Delaware, Orange, Sullivan, Ulster,

Greene, & Dutchess Counties Will Share Aid

State Senator John J. Bonacic, Chairman of the Senate Committee on Housing, Construction, and Community Development, today announced more than $21.6 in assistance for projects which will improve the quality of housing for the region’s seniors and workforce.

“As Chairman of the Senate Committee on Housing, Construction, and Community Development, I was pleased to advocate for the funds our region needs to enhance the quality of housing. The housing funds announced today will create new housing opportunities and also upgrade the quality of existing housing across the region,” Bonacic said.

The funding is typically used to either construct new rental housing for senior citizens and low to moderate income families or assist in the rehabilitation of existing housing stock – including single family, multi-family, and apartment housing.

Senator Bonacic is in his 7th year as Chairman of the Senate Housing, Construction, and Community Development Committee and has taken a leadership role in expanding State housing policy.

Initiatives undertaken by the State as a result of the efforts of Senator Bonacic, Governor Pataki, and Assembly Housing Chairman Vito Lopez (D – Brooklyn), include the first in the nation State Housing Tax Credit initiative – to create affordable housing for those earning up to 90% of area median income, the creation of the State’s Homes for Working Families Program – which provides affordable rental opportunities, and the 2005 Access to Homes Initiative – which provides funding to make housing accessible to individuals with disabilities.

In addition, Senator Bonacic has successfully worked to secure significant increases under the State’s SONYMA program – increasing both the purchase price and income limitations which can be used. These increases have opened SONYMA’s programs up to more working families in regions such as the Hudson Valley - where home prices have dramatically escalated. SONYMA’s programs include the low interest mortgage rate program – which offers mortgage rates below market rates to first time homebuyers.

“Housing assistance, particularly in our region, is critically important. In a time of escalating land and housing prices, this funding will improve the quality of housing – and therefore the quality of life, for hundreds of working families and seniors. I will continue to work in support of funding for housing across our Senate District.”