Morgan Stanley settlement means $550 million for NY

The settlement… includes $400 million in relief for New York consumers and $150 million in cash. The relief includes loan reductions to help New Yorkers avoid foreclosure and money to help build more affordable housing…. Morgan Stanley will be required to provide a minimum of $400 million in creditable consumer relief directly to struggling families and communities across the state. The settlement includes a menu of options for consumer relief to be provided, and different categories of relief are credited at different rates toward the bank’s $400 million obligation. Creditable dollars will go toward the creation and preservation of affordable rental housing, land banks, code enforcement, communities purchasing distressed properties, and principal reductions for homeowners.” (source: Albany Times Union)

M/WBE Compliance

Meeting your M/WBE contract obligations, reporting, and waiver requests will be covered in a webinar presented by the Office of Economic Opportunity in partnership with NYS Affordable Housing Corporation, NYS Rural Housing Coalition and NYS Rural Advocates, scheduled for Wednesday, Feb 24, 2016 at 10 AM. Watch your email for details.

Sebastian testifies at budget hearing

Both Senate and Assembly seemed receptive to the budget and program needs of rural areas of New York in the Q&A during the 2.1.16 joint legislative hearing on the Executive Budget.   Even before Advocates testimony was presented,  mention was made of the need to address funding for smaller scale rental units, replacement of deteriorated mobile homes, adding rental housing with Main Street revitalization and more funding addressing home ownership through the AHC program. Advocates testimony Budget Testimony 2_1_2016-2

First Look at Executive Budget Numbers

NOTE: As we reconstruct the narrative, we find conflicting information  so will continue to update and add to the chart below

With a noteworthy commitment to housing the homeless we expect a significant amount of funding for the Housing Trust Fund and HHAP. Nearly 2 billion is proposed for 100,000 units along with $44,2000,000 for the Housing Trust Fund.  Here is part of the Executive Proposal we see in State Budget Documents:

RPC $   3,539,000 + Year 2 JP Morgan Chase funds
NPC    8,479,000  +Year 2 JP Morgan Chase funds
Rural Rental Assistance   22,292,000
Rural Community Investment Fund  35,250,000
AHC 26,000,000
Access to Home 1,000,000
HHAP 78,700,000
RESTORE 1,400,000

Additional housing funds include $4,200,000Main Street with additional money allocated as part of the JP Morgan Chase fund plan

Watch the Governor Speak

$7 billion in proposals for upstate, including transportation, energy and agriculture projects have already been announced. Also planned are ” $100 million for water infrastructure investments, a $100 million “Downtown NY” revitalization initiative in which 10 cities will win $10 million apiece in a similar vein to his annual Regional Economic Development Council competition, and a tax cut program for small businesses (defined as those with less than 100 employees)”


A link to the Governor’s State of the State and Budget Address, live here