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The New York State Division of Housing and Community Renewal (DHCR) is an agency of the New York state government [1] responsible for administering housing and community development programs to promote affordable housing, community revitalization, and economic growth. Its primary functions include supervising rent regulations through the State ...
Its mission is to expand affordable housing opportunities for low- and moderate-income New Yorkers. HCR consists of several state agencies and corporations: the New York State Division of Housing and Community Renewal (DHCR), the New York State Housing Finance Agency (HFA), the State of New York Mortgage Agency (SONYMA).
It was sponsored by New York State Senator MacNeil Mitchell and Assemblyman Alfred A. Lama and signed into law in 1955. [2] [3] The program's publicly stated purpose was the development and building of affordable housing, both rental and co-operatively owned, for middle-income residents.
These include the All Affordable Housing Program for developments in which 100% of the units are affordable; the Mitchell Lama Rehabilitation and Preservation (RAP) program, which helps renovate state-financed Mitchell Lama projects; and the 80/20 New Construction Housing Program, which provides financing for rental projects where at least 20% ...
New York City has a shortage of affordable housing resulting in overcrowding and homelessness. New York City attracts thousands of new residents each year and housing prices continue to climb. Finding affordable housing affects a large portion of the city's population including low-income, moderate-income, and even median income families. [62]
The State of New York Mortgage Agency (SONYMA or Sonny Mae) is a New York State public-benefit corporation created in 1970 by the state government of New York to provide affordable homeownership to low-and moderate-income New Yorkers. [1] [2] It offers affordably priced fixed-rate mortgages through several mortgage programs
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New York City's 80/20 housing program was created in 1985 and has financed developments in New York that meet the parameters ever since. Compared to market rate units in the same area, the affordable units in 80/20 developments had a disproportionately high number of women, single parent households, households with multiple children and minorities.
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