LISC NYC Applauds Governor Spitzer’s Landmark Commitment to Affordable Housing

Bold initiative in Governor’s State of the State address seeks to create a $400 million Housing Opportunity Fund  

FOR IMMEDIATE RELEASE                   

Contact: Sarah Hovde, Research and Policy Analyst
             LISC NYC
             (212) 455-9375
             shovde@lisc.org

NEW YORK, NY (January 9, 2008) – Today, New York State Governor Eliot Spitzer announced that his office will seek the creation of a $400 million dollar Housing Opportunity Fund (HOF).  The historic initiative, unveiled during the Governor’ annual State of the State address in Albany, would represent the largest commitment by New York State to affordable housing in a generation.

LISC NYC applauds this landmark investment, which will support the creation of affordable and supportive housing units in communities across the state.  While the HOF must still make its way through Albany’s annual budget process, and housing advocates continue to seek multi-year funding commitments to affordable housing from the State, the Governor’s announcement heralds a dramatic shift in priority for the State budget. 

As studies have shown, public, private and philanthropic resources for affordable housing provide a greater return on investment than almost any other expenditure.  This commitment by the state shows an understanding of affordable housing investment as good economic development policy – one that can respond to the diverse needs of high-cost communities in NYC and other downstate areas, as well as distressed urban and rural areas upstate.

“The Governor has stepped up in the biggest way possible”, said Denise Scott, Managing Director for LISC NYC.  “As everybody knows, preserving and creating affordable housing in New York has become an increasingly difficult challenge,”  Ms. Scott continued, “this commitment proves that it is indeed a new day in Albany”.

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About LISC New York

LISC combines corporate, government and philanthropic resources to help revitalize neighborhoods. For more information, visit www.lisc.org/nyc

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