March 31, 2014

Final State Budget Increases Funding for Affordable Housing

Assembly Speaker Sheldon Silver and Housing Committee Chair Keith Wright announced today that the final 2014-15 State budget restores funding to the Neighborhood Preservation Program (NPP), Rural Preservation Program (RPP), and provides support for several other affordable housing components.

"The final state budget includes critical funding to support the many programs that help working families address one of their most basic needs - a roof over their head," Speaker Silver said. "The Assembly has always fought for programs that aid New Yorkers in finding and keeping reasonably priced housing. As the cost of living continues to rise, it is more important than ever that we work to protect families throughout New York by guaranteeing the availability of safe, quality and affordable housing programs and resources."

"Even as the state economy bounces back, there is a persistent lack of affordable housing in New York," Wright said. "Expanding not only the availability, but the quality, of affordable housing throughout the state is imperative, which is why we fought to preserve crucial housing resources in this year's state budget."

The 2014-15 State budget makes key investments in protecting programs that help keep quality housing affordable and provides support for New York communities, including a $2.2 million addition to preserve the NPP and RPP programs. This year's budget also includes $200,000 for a grandparent housing study and a $742,000 restoration for the NYCHA Tenant Watch Program.

The budget also includes significant increases to the following housing programs and initiatives:

Additionally, the budget allocates $312.4 million in funding received from the mortgage foreclosure settlement against JPMorgan Chase through the Attorney General's Office. These funds will be distributed over multiple years for a variety of purposes, including: