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New York MOU Would Make Available $2 Billion for Affordable Housing

Wednesday, September 14, 2016 - 11:45AM

New York Gov. Andrew Cuomo today instructed the state’s budget director to execute a memorandum of understanding (MOU) to release $2 billion in funding toward the creation of more than 100,000 units of affordable and supportive housing over the next five years. The MOU, which legislative leaders noted must be negotiated among Cuomo and the leaders of the Assembly and the Senate, will ultimately go before the state Senate and Assembly. The MOU would make available $1.4 billion for construction of new affordable housing, up to $565 million to extend the affordability of existing apartments, more than $50 million for opportunities for new and continued homeownership and up to $10 million for continued investments in downtowns and villages. 

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