Gov. Cuomo Grants City $300M For Affordable Construction
Gov. Andrew Cuomo has been doing his part to solve NYC’s affordable housing crisis in the last few weeks.
On Friday, the governor signed off on $300M in bonding authority, bringing the total value of tax exempt bond capacity the state has granted the city to $771M on the year, the New York Daily News reports.
State control of bond capacity has been an ongoing source of friction between the governor and Mayor Bill de Blasio. Last year, de Blasio wasn’t pleased to find that Cuomo granted him $694M in bond capacity, much less than the mayor expected and, he claimed, stalled affordable housing development.
But with this grant, alongside the recent clarification between Cuomo’s office and REBNY on the 421-a, the city, the governor and the development community finally seem to be on the same page. [NYDN]
