State Assemblywoman Grace Meng (D−Flushing) announced with Gov. David Paterson Tuesday that $21.7 million has been set aside for affordable housing projects in Flushing as part of President Barack Obama’s economic stimulus plan.
“Queens needs desperately to preserve its affordable and middle−income housing which maintains New York City’s vibrancy by keeping working families as neighbors rather than commuters,” Meng said. “Our president and our governor know this and have put money behind it.”
Meng said the funding will go directly to rehabilitating SelfHelp Kissena I and II, which consist of 425 senior housing units at 43−25 Kissena Blvd.
Meng said the project will be recommended for $8.9 million in Low Income Housing Tax Credits, a $5.7 million first mortgage from the New York Housing Finance Agency and $7.2 million in Tax Credit Assistance Program funds, which are needed because there is not enough demand for the low−income housing tax credits typically used to finance affordable housing.
— Stephen Stirling
©2009 Community News Group
By submitting this comment, you agree to the following terms:
You agree that you, and not TimesLedger.com or its affiliates, are fully responsible for the content that you post. You agree not to post any abusive, obscene, vulgar, slanderous, hateful, threatening or sexually-oriented material or any material that may violate applicable law; doing so may lead to the removal of your post and to your being permanently banned from posting to the site. You grant to TimesLedger.com the royalty-free, irrevocable, perpetual and fully sublicensable license to use, reproduce, modify, adapt, publish, translate, create derivative works from, distribute, perform and display such content in whole or in part world-wide and to incorporate it in other works in any form, media or technology now known or later developed.