Senator Smith Applauds $480k In Affordable Housing Funding
The money is part of a $39.6 million approval of funds by the New York State Housing Finance Agency (HFA) and the New York State Affordable Housing Corporation (AHC) for the construction and preservation of affordable housing units in Brooklyn, Manhattan, and Queens.
“The approval of nearly $40 million in funding for affordable housing by the HFA and the AHC is the strongest signal yet that New York State is committed to providing and preserving more housing units in New York City. Affordable housing is critical to keeping working families in the area,” Senator Smith said. “With funding to construct and renovate 609 units throughout New York City, these families will be able to attain or remain in housing without sacrificing quality and safety. I commend the Governor, the HFA, and the AHC for their efforts to help more families afford to live comfortably.”
Senator Smith said the $480,000 Affordable Housing Corporation grant will help finance the construction of six two-family homes at two Far Rockaway locations. Families with incomes of up to $73,640 -- 112% of the Department of Housing and Urban Development’s (HUD) low income limits for a family of six--will be eligible to purchase the homes. Total development cost of the project is $3.3 million.
“To some, six homes may not sound like a lot,” Senator Smith said. “But to twelve families in Far Rockaway, it it’s an answer to their prayers. Those twelve families, and nearly 600 others all over the City, will have clean, safe housing that is within their means. We’re not going to solve the housing crisis overnight, but every penny devoted to affordable housing, every unit built or restored means more 9-to-5 families being able to live, work, and stay in the city they love.”