April 1, 2009

Assembly: Budget Reflects Commitment to Affordable Housing, Neighborhood Preservation
$502 Million in Federal Stimulus Dollars Dedicated for Public Housing Initiatives, $141 Million for Homeless Prevention Services

Assembly Speaker Sheldon Silver and Ways and Means Committee Chair Herman D. Farrell, Jr. today announced that the SFY 2009-2010 budget includes $502 million for the Public Housing Capital Fund to rehabilitate, modernize and develop public housing as well as $141 million for the Homelessness Prevention Program to fund homelessness prevention services on a county-by-county and statewide basis.

Silver and Farrell said the state budget restores $48.5 million in critical funds to programs that help community-based organizations preserve and restore housing in depressed areas. In these times of economic difficulty, the Assembly leaders fought for vital housing-related funding and stretched the federal stimulus assistance of more than $1 billion to create and protect affordable housing in the state.

"The Assembly Majority remains committed to creating and preserving housing for working families statewide," Silver (D-Manhattan) said. "We applaud Governor Paterson's foresight in expanding the State Low-Income Housing Tax Credit Program, and are happy to see the state budget goes beyond that to provide more funding to ensure New Yorkers can maintain a safe and affordable place to live."

"We needed to make difficult decisions during this budget process. During a time when we are seeing high unemployment rates and rising homelessness it is crucial that we support and create programs to protect affordable housing. This funding will help stabilize housing markets and give our New York families the chance they need to get back on their feet," said Farrell (D- Manhattan).

Among the housing-related programs included in SFY 2009-2010 budget are: The budget also directs more than $1.3 billion in federal stimulus money to housing assistance incentives, including: