Affordable Housing Program

The Development Authority administers two of its own affordable housing programs.  The Housing Revolving Loan Fund was created in 1987 with $750,000 from New York State and the Affordable Rental Housing Program was created in 1988 with an additional $12 million from the state.  Since inception, $36 million has been lent to projects totaling over $144 million to create or assist in the development of 1,993 affordable housing units in the three counties.

Affordable Rental Housing Program guidelines:

  • Funding is for apartments and single-family rental homes;
  • It must be permanent housing; no seasonal or transient housing can be assisted;
  • Rehabilitation of existing residential space is preferred.  New construction or conversion of vacant or nonresidential property to residential use is eligible and will be considered based on its overall impact on the community and;
  • Mixed-use projects where funds are used to assist in the development of affordable rental units may qualify.

Projects funded through the Affordable Housing Programs will be regulated for a minimum of 15 years through a Regulatory Agreement.  Housing units that receive assistance under this program may only be made available to families earning no more than 100% of the statewide median income, with rent limits adjusted annually.  In certain instances, funds through the Housing Revolving Loan Fund may be used for market rate housing.  For more information on this loan program contact Michelle Capone at .