2005 Budget Update
|Sheldon Silver, Speaker • Vito J. Lopez, Chair • May 2005|
Neighborhood and Rural Preservation Companies provide a wide array of services across New York State, including but not limited to: housing rehabilitation, home buyer counseling, tenant counseling, landlord/tenant mediation, community rehabilitation and renewal, crime watch programs, employment programs and legal assistance. Some preservation companies also plan and develop capital projects, including new construction and/or rehabilitation of older housing stock.
For the second straight year, the Executive Budget proposed cutting funding to the Neighborhood and Rural Preservation Programs by approximately fifty percent. As a result of Committee Chair Vito Lopez’s successful negotiations with the Senate through the conference committee process, funding has been restored to these invaluable programs. As it has done in the past, the Committee has specified that this additional funding is unrestricted and companies may use it for operational expenses at their discretion.
The successful efforts to restore $7,411,500 to the Neighborhood and Rural Preservation Programs should bring each of the 160 neighborhood preservation companies and the 70 rural preservation companies up to an annual contract award of $65,000 and provide an increased contract award for the respective coalitions.
New York State Low-Income Housing Tax Credit (SLIHC)
The joint Assembly and Senate conference committee agreed with the Governor’s proposal to add $2 million to the SLIHC. This funding will result in an additional $20 million being invested in affordable housing in New York State over the next ten years. The tax credit serves to assist low-income elderly and working households where home ownership is not a practical alternative and the rents of conventionally financed dwellings are not affordable.
For the first time in many years, the enacted budget for 2005-06 contains additional funding for housing capital programs. The Committee is pleased to report that the conference committee process resulted in an additional $25 million to various capital programs. This increased production money is much needed to help address the ongoing affordable housing crisis that exists all across New York State. The $25 million has been added to the following programs:
Affordable Housing Corporation
Housing Trust Fund Program
Housing Opportunities Program for the Elderly/RESTORE
Housing Assistance Fund
Rural Area Revitalization
New York State Assembly Housing Committee
Room 943 LOB • Albany, New York 12248
New York State Assembly
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