Affordable housing projects receive $4 million boost


AMSTERDAM, N.Y. (NEWS10) – Housing projects supporting low-income families in Albany and Schenectady are set to receive a $4 million boost. The federal grants will be used to fund a range of projects, from the renovation of emergency shelter beds to new home construction.

Around half of the money will help fund construction costs for hundreds of low-income households, while an additional $90,000 will help construct six low-income homeownership units in downtown Albany through the Ida III Homeownership Project.

Cara House will receive $1,000,000 to fund renovation of emergency shelter beds, permanent studio units, administrative offices and other facilities for homeless and/or special needs households.

Cornerstone Housing will also receive just under $1,000,000 to finance the demolition, construction and renovation of dozens of units available for mixed-income households.

While announcing the funding, Congressman Paul Tonko expressed his gratitude to all involved and described the support for the region’s housing programs as “vital”.

“Our Capital Region communities are stronger and more resilient when affordable housing is available that offers a safe place to live, work and raise a family.

The staggering financial toll of this pandemic has made it all the more vital that we lift up our Capital Region’s affordable housing programs so that those affected by this crisis are given the support they need.

My sincere gratitude to all involved in these worthy ventures and for their dedication to bettering the lives of our neighbors, friends and loved ones. I will keep fighting for federal investments to ensure that American families always have a safe, secure and affordable place to call home.”

Congressman Paul Tonko

The funding will be administered through the Federal Home Loan Bank of New York’s 2020 round of Affordable Housing Program grants.


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