Senator Malcolm Smith Applauds Affordable Housing Fund
State Senator Malcolm A. Smith said the recent allocation of $480,000 in state funding for planned affordable housing units in Far Rockaway, is another important step in the ongoing efforts to provide more housing for working families.
The money is part of a $39.6 million approval of funds by the New York State Housing Finance Agency (HFA) and the New York State Affordable Housing Corporation (AHC), for the construction and preservation of affordable housing units in Brooklyn, Manhattan, and Queens.
Senator Smith said the $480,000 AHC grant will help finance the construction of six two-family homes at two Far Rockaway locations. Families with incomes of up to $73,640 -112% of the Department of Housing and Urban Development's (HUD) low-income limits for a family of six - will be eligible to purchase the homes.
"To some, six homes may not sound like a lot," Senator Smith said. "But to twelve families in Far Rockaway, it's an answer to their prayers. Those twelve families, and nearly 600 others all over the city, will have clean, safe housing that is within their means. We're not going to solve the housing crisis overnight, but every penny devoted to affordable housing, every unit built or restored, means more 9-to-5 families being able to live, work, and stay in the city they love."