Summary

• Governor George Pataki recently announced $17 million in state aid to leverage more than $52 million in private investment for affordable housing and new ownership opportunities in Western New York.

Goal

Cost

• Governor George Pataki recently announced $17 million in state aid to leverage more than $52 million in private investment for affordable housing and new ownership opportunities in Western New York.

Means

• The state will use tax credits and subsidies, administered through the State Low Income Housing Trust Fund, the HOME Program and the RESTORE program.
• The aid will produce more than 706 new units, add construction jobs and aid local economies. Among projects approved under this partnership are 58 units of transitional housing for formerly homeless women and their children. Very low- and moderate-income elderly households in Buffalo will be served by 74 units created by converting two buildings.
• The State Low Income Housing Trust Fund provides tax credits for construction of new housing or rehabilitation vacant or under-utilized property for residential use. The HOME programs utilize federal funds to subsidize expansion and preservation of the supply of safe and affordable housing. The RESTORE program helps seniors make repairs that they are unable to afford themselves.

Implementation

Evaluation

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