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HFA and SONYMA are self-funded and do not rely on taxpayer funds. Both agencies issue tax-exempt bonds to provide for their financing. AHC funds are appropriated as part of the State’s annual budget. Funds for SONYMA’s Mortgage Insurance Fund are generated from a portion of the state’s mortgage recording tax surcharge.
The MIF also provides mortgage pool and primary insurance for single-family mortgages purchased by SONYMA. The MIF is funded from a surtax on the recording of mortgages in New York State. SONYMA was created in 1970 to stabilize the supply of residential mortgage funding. [4] SONYMA is a subsidiary of New York State Homes and Community Renewal. [5]
The original 421-a program also required that rents in buildings receiving the tax exemption be at least 15% less than the rents of comparable units nearby. 421-a housing units were also subject to all local rent stabilization laws that were passed for a period of ten years or however long the rent stabilization laws lasted, whichever period ...
The Homeless Housing and Assistance Corporation (HHAC) is a subsidiary of the HFA that administers the Homeless Housing Assistance Program that was formerly administered by the New York State Department of Social Services. Funding received by the Corporation is used for the purpose of expanding the availability of housing for homeless persons ...
This is often called the "Small Cities" program, because it includes many small cities and rural counties. [21] Other programs include the CDBG Insular Area Program (for American Samoa, Guam, the Northern Mariana Islands, and the U.S. Virgin Islands), the CDBG Program Colonias Set-Aside, and the Neighborhood Stabilization Program. [22]
$2 billion for the Neighborhood Stabilization Program to purchase and repair foreclosed vacant housing; $1.5 billion for rental assistance to prevent homelessness; $1 billion in community development block grants for state and local governments; $555 million in mortgage assistance for wounded service members (Army Corps of Engineers)
The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.
Drop-off porch; Covered linkways; Playground; Footpath/Jogging track; Fitness corner; Street soccer pitch; Pavilion/Shelter; Landscaping; Where feasible, other improvement works or upgrading programmes with separate funding may also be carried out in tandem with NRP to minimise inconvenience to the residents, e.g. Revitalization of Shops Scheme (ROS), upgrading of neighbourhood park and works ...