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Gov. Andrew Cuomo has advanced a memorandum of understanding to release $2B in funding to create 100,000 units of affordable and supporting housing over the next five years.
Executed by the state’s budget division yesterday, the controversial MOU is now waiting on the state legislature's signature. Given the resistance from Senate Republicans, however, this seems unlikely, The Real Deal says.
“This is a one-way MOU,” Senate majority leader John Flanagan’s spokesperson, Scott Reif, said. “This has not been agreed to. There have been negotiations, but no agreement.”
Despite pressure from housing advocates, Cuomo and the Senate failed to reach an agreement before the end of the last session as well, agreeing to only release $150M.
The New York State Association for Affordable Housing—which claimed not signing an MOU was imperiling nearly 3,000 affordable and supportive housing units—applauded Cuomo for taking action.
In the past, Cuomo has said the funds earmarked for affordable housing will be distributed next year. [TRD]
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