Updated: Jan 19
ALBANY, NY – 1/18/22 – Community Development Financial Institutions (CDFIs) help lower-income New Yorkers keep a roof over their heads, whether through affordable rental housing or by building pathways to homeownership.
CDFI leaders were inspired by NYS Governor Kathy Hochul’s first Executive Budget address, which included an ambitious new $25 billion five-year housing plan. The plan would create and preserve 100,000 affordable units statewide, increase construction of new homes, and tackle inequities in the housing market.
“The Community Loan Fund has financed more than 1,569 affordable housing units in 11 counties around the Capital District,” said Linda MacFarlane, Executive Director of the Community Loan Fund of the Capital Region. “We’re also working with local partners to help people build family wealth through homeownership, while building a community-controlled base for affordable housing in the future. We’re glad that Governor Hochul understands the importance of investing in housing in New York State.”
“Last summer, the Leviticus Fund delivered a Housing Report to the City of Newburgh, but many of the findings apply across the state,” said Greg Maher, Executive Director of the Leviticus Fund, based in Tarrytown. “Equity, livability and vitality should be building blocks for any successful housing policy. We applaud Governor Hochul for taking an integrated approach to housing in New York State.”
John Felton, CEO of Southern Chautauqua Federal Credit Union, hopes that Governor Hochul will include “grants for CDFIs that have the capacity to start new programs. So many of our members are financially fragile. They need an institution that supports them, even if they are high risk or have low credit scores.”
“Habitat for Humanity is founded on the belief that access to affordable home ownership strengthens communities and families. Home ownership is equity,” says Karen Haycox, CEO of Habitat for Humanity New York City and Westchester County, and President of the Habitat NYC Community Fund. “We are tremendously grateful that Governor Hochul’s Executive Budget shares that vision and will catalyze development of home ownership, provide for long term affordability, and support an equitable New York State for generations to come.”
The nonprofit NYS CDFI Coalition represents the institutions that make innovative financing possible, foster financially vibrant and healthy communities, and strengthen all regions of New York State. For more information, visit www.nyscdfi.org.