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January 30, 2009

Low-Cost Housing Groups Displeased by New York Budget Proposal

Several advocates and nonprofit developers of low-cost housing are opposed to plans by David A. Paterson, governor of New York, to use some surplus money from the Battery Park City Authority to shore up the state’s budget deficit, instead of using all of it to pay for low-priced and moderately priced housing in some of the city’s poorest neighborhoods, as Mayor Michael Bloomberg had intended, reports The New York Times.

The surplus was the main source of financing for the Affordable Housing Trust Fund, created in 2007. Jeffrey Gordon, a spokesman for the state budget director, said the governor’s office does not intend to take surplus money away from the city but said the budget proposal entailed raising a total of $540-million by letting the authority issue up to $500-million in bonds. The other $40-million would come from the Battery Park City Authority surplus, and the state and the city would each receive $270-million to use as they see fit.

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