The New York State Housing Finance Agency last week approved $177.4 million of bonds to finance nine affordable housing projects throughout the state.
Five of the projects are renovations, the remainder are new construction.
In New York City, $26.3 million of bond proceeds will finance a nine-story, 119-unit development in the East New York, Brooklyn. Another $30.8 million will finance construction of a five-story, 161-unit housing project in the Brownsville section of Brooklyn for formerly homeless adults who have been diagnosed with HIV/AIDS or mental illness. Other financings were approved for projects in Long Island, Westchester, Syracuse, Rochester, Ogden, and Buffalo.
The projects will include up to $31 million of Tax-Credit Assistance Program funds. The program was created under the federal stimulus to fill a financing gap for affordable housing projects caused by the depressed market for federal low-income housing tax credits.