This weekend, the New York State Legislature passed a $153 billion spending plan for 2017-2018. In addition to affordable housing programs funded through annual appropriations and the Mortgage Insurance Fund, the budget includes $2.5 billion for a 5-year statewide housing plan proposed by Governor Cuomo.
Making good on a year-old promise to launch a new 100,000-unit affordable housing and homeless plan, this budget will have a real impact on affordable housing and homelessness in a wide variety of programs across New York State. Given our record number of 88,000 homeless New Yorkers and the threat of $1 billion in federal housing cuts, we commend Governor Cuomo and the Legislature for passing a budget to address affordable housing solutions.
NYHC has been working in a coalition with other housing organizations to press Albany leaders to release funding for a comprehensive statewide affordable housing plan for the past year. We thank our partners for great team work and perseverance! Our joint statement on the budget is linked here.
NYHC commends Governor Cuomo, Speaker Heastie and Senate Leader Flanagan for a budget investing in affordable housing solutions. We need these vital resources more than ever, which will help fight homelessness, prepare for our growing senior population, help restore decent living conditions in public housing, support home ownership and address many other pressing housing issues across New York State.
Here is a breakdown of housing plan funds and uses. Some of these programs will receive additional appropriations though the ordinary capital budget or Mortgage Insurance Fund. A new annual reporting requirement is also mandated through the budget legislation. NYHC comprehensive budget analysis is forthcoming.