New York, May 11 – “The New York Housing Conference applauds the federal Department of Housing and Urban Development for its commitment of an additional 7% in funding over 2009 in support of affordable housing programs.  Housing Secretary Shaun Donovan clearly understands that the increased spending is targeted to programs, new and old, that will help to stimulate the economy. 

 

Infused with $1 billion in capital, the brand new Affordable Housing Trust will make targeted investments to help rebuild the economy through reinvigorating housing construction for low- and moderate-income families.  Likewise, the 2010 budget includes a $550 million increase in funding for the $4.5 billion Community Development Block Grant program, one the most versatile housing development tools available to local governments. 

 

At the individual household level, the tenant-based Section 8 rent voucher program has been increased by $1 billion, which will be sufficient to renew all vouchers in use at the end of last year.  On the affordable housing developer’s behalf, the project-based Section 8 program has also been increased by $1 billion.

 

At a time when the national economy is in recession, it is gratifying to know that in the coming months, the Administration will not only make great strides in its response to the single-family home ownership housing crisis, but will also recognize the lasting need for the preservation and development of affordable rental housing.”

 

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Founded in 1973, the New York Housing Conference (NYHC) joined the National Housing Conference as its first regional affiliate in 1976.  NYHC advocates for the housing needs of New Yorkers through affordable housing legislation with adequate funding and workable regulations.  The organization also promotes increased public awareness of the need for and benefit of affordable housing in New York.  www.thenyhc.org