New York Governor David Paterson has announced $253 million in affordable housing grants through the American Recovery and Reinvestment Act. These nine New York projects are the first in the U.S. to receive funding through the Tax Credit Assistance Program (TCAP), one of the housing relief provisions contained in ARRA. Details on the awarded projects are available through the New York State Division of Housing and Community Renewal (DHCR).
The ARRA provides $2.25 billion in TCAP funds to help State housing agencies kick-start the production of the stalled projects that rely on low-income housing tax credits. New York’s share will be $253 million and will be administered by DHCR. read more…
