Adjusted     Executive
                             Appropriation       Request               Percent
                                   2001-02       2002-03        Change  Change


AGENCY SUMMARY
  General Fund                     700,000       665,000      (35,000)  -5.00%
  Total for AGENCY SUMMARY:        700,000       665,000      (35,000)  -5.00%


AID TO LOCALITIES
  General Fund                     700,000       665,000      (35,000)  -5.00%
  Total for AID TO LOCALITIES:     700,000       665,000      (35,000)  -5.00%

Capital Grant/Low Rent Lease
  General Fund                     700,000       665,000      (35,000)  -5.00%
  Total for Program:               700,000       665,000      (35,000)  -5.00%

                                                                    
                                                                    
      

                          BUDGET HIGHLIGHTS
                   (Executive Budget: pp. 193-194)

The Housing Finance Agency (HFA) is a public benefit corporation that
finances low and moderate income rental housing.  HFA issues taxable
and tax-exempt bonds to provide mortgage loans to developers of mixed
income and affordable rental projects.  HFA also plays a role in
administering housing programs supported by State and Federal
appropriations.

The Agency is included in the Transportation and Economic Development
appropriation bill.

Aid to Localities

The Executive recommends an appropriation of $665,000, a decrease of
$35,000 from State Fiscal Year (SFY) 2001-2002.  The $665,000
appropriation funds the Capital Grant - Low Rent Lease Subsidy Program
and will provide rental subsidies for approximately 204 low to
moderate income individuals.

Article VII Proposals

The Executive proposes to sweep $50 million from HFA to the General
Fund.