ROCHESTER, NY (WXXI) – New York Attorney General Letitia James made a stop in Rochester on Saturday to announce a new program to support mission-based institutions to plan and develop affordable housing throughout New York State.
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The Mission-Based Affordable Housing Partnership will offer up to $1.4 million to assist mission-based institutions, including faith-based religious institutions and nonprofit civic and charitable organizations, that are considering repurposing property for affordable housing development.
Officials say this partnership will connect these institutions – particularly those with limited resources – with development experts to help inform and guide them through the affordable housing development process.
“New York is experiencing a true crisis in affordable housing and we must use every tool at our disposal to protect and expand our housing stock,” said James. “Mission-based organizations have a long history of providing affordable housing in their communities, but navigating the complex legal and regulatory development process can be challenging and cost-prohibitive. These grants will go a long way in supporting these organizations and making good on our commitment to provide all New Yorkers with a safe and decent home.”
Selected organizations will support mission-based institutions in three regions across New York State, including Western NY, Central NY and the Capital Region and Hudson Valley.
The state expects to award up to $1.4 million to organizations over a 2-year period.
Officials say the money for these grants are a result of the 2013 Residential Mortgage-Backed Securities Working Group’s $13 billion settlement with JPMorgan Chase for their role in the mortgage crisis. New York received more than $1 billion as part of that settlement.