Last week we reported a few of the press release housing highlights from NYC’s $92.8 billion FY 2020 budget deal. They included: new funding for 800 additional affordable apartments for seniors, $40 million in 2020 Census outreach funding, $60 million for NYC Green New Deal’s energy efficiency retrofitting costs, and $14 million in social service and academic support funding for students in shelters. Since then, we have analyzed the budget and have found that the City also:
- Consolidated foreclosure prevention programs under one initiative and enhanced this initiative by $1 million for a total of $3.25 million. Funding will aid programs such as the purchase of distressed mortgage notes, foreclosure prevention counseling and referral services, legal assistance, outreach, education, and advocacy around sub-prime lending and mortgage foreclosures.
- Bolstered its commitment to homeowners with a $1 million enhancement to the Home Loan Program. This funding will provide emergency repair loans to correct health and safety related emergency situations such as roof leaks, water main breaks or heating system repairs in one-to-four-family owner occupied buildings.
- Funded a new initiative to develop and expand the Community Land Trust (CLT) model citywide. CLTs create and preserve permanently affordable housing through nonprofit ownership of land. The Administration allocated $750 million to fund the following associated activities: tenant organizing; CLT advocacy; technical, legal and financial assistance to establish and build capacity for CLTs; and other CLT-related public education. This action builds upon recent legislation passed by the Council codifying CLT’s and allowing the City to enter into regulatory agreements with them.
- The Department of Finance will have an additional $250,000 baselined to hire an additional four property tax assessors.
- Male defendants with mental illness will benefit from a $5 million investment to create 100 new transitional housing beds.