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NEW YORK GOVERNOR PROPOSES HOUSING BUDGET CUTS

Thursday, February 3, 2011 - 8:00AM

New York Gov. Andrew Cuomo yesterday revealed his 2011-2012 Executive Budget, a plan that he says will eliminate a $10 billion deficit without tax increases or borrowing. The proposed budget’s highlights include $307.8 million for the Division of Housing and Community Renewal, a figure that represents a nearly $157 million reduction from last year’s budget; Cuomo said the decrease in part reflects the expiration of one-time American Recovery and Reinvestment Act funds and various program reductions. Funding for the state low-income housing tax credit program will remain at $4 million under the proposal. The budget also recommended consolidating the Neighborhood and Rural Preservation programs into a single program and cutting the programs’ funding by half.

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