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The State Housing Law of 1926 created the State Board of Housing. [5] [6] The law was reenacted in 1927 to create the Bureau of Housing. [7] Article XVIII on housing was added to the New York Constitution effective 1 January 1939. [8] The Division of Housing was continued in 1939 with the enactment of the Public Housing Law.
The New York State Housing Finance Agency (HFA) is a New York State public-benefit corporation created in 1960 to increase the supply of rental housing for low-income people by issuing bonds and providing low-interest mortgage loans to regulated housing companies. [1]
Oldest public housing development out of all of the boroughs in the city. Fort Washington Avenue Rehab: Washington Heights: 1 7 226 September 30, 1984: Senior-Only Housing Frederick Douglass Addition: Upper West Side: 1 16 135 June 30, 1965: Frederick Douglass Houses: Upper West Side: 17 5, 9, 12, 17, 18 and 20 2,054 May 31, 1958: Frederick E ...
Each city in the state chooses whether to participate. As of 2007, 51 municipalities participated in the program, including Albany, Buffalo, and New York City, where over one million apartments are regulated. Other rent-controlled municipalities include Nassau, Westchester, Rensselaer, Schenectady, and Erie counties.
The federal government, through its Low-Income Housing Tax Credit program (which in 2012 paid for construction of 90% of all subsidized rental housing in the US), spends $6 billion per year to finance 50,000 low-income rental units annually, with median costs per unit for new construction (2011–2015) ranging from $126,000 in Texas to $326,000 ...
The LIHTC provides funding for the development costs of low-income housing by allowing an investor (usually the partners of a partnership that owns the housing) to take a federal tax credit equal to a percentage (either 4% or 9%, for 10 years, depending on the credit type) of the cost incurred for development of the low-income units in a rental housing project.
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The New York City Housing Authority's goal is to increase opportunities for low- and moderate-income New Yorkers by providing affordable housing and facilitating access to public service and community services. [4] More than 360,000 New Yorkers reside in NYCHA's 335 public housing developments across the city's five boroughs. [5]