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MEMORANDUM OF UNDERSTANDING

THIS MEMORANDUM OF UNDERSTANDING (Agreement), is entered into by


and among Robert Mujica, Director of the Budget; Carl Heastie, Speaker of the Assembly;
and John J. Flanagan, Temporary President of the Senate (the Parties).
WHEREAS, Chapter 55 of the Laws of 2016 enacted appropriations in the
amount of $2.023 billion in support of a comprehensive Statewide housing program in
accordance with a Memorandum of Understanding to be executed between the Director
of the Budget, the Speaker of the Assembly, and the Temporary President of the
Senate (the Housing Funds); and
WHEREAS, the Housing Funds are comprised of three appropriations: $590
million from the Housing Program Dedicated Infrastructure Investment Fund; $50 million
from the New York State Special Infrastructure Account Dedicated Infrastructure
Investment Fund and $1.383 billion from the Housing Program Capital Projects Fund;
and
WHEREAS, the Housing Funds shall be expended to, among other things,
support the development and preservation of affordable housing units and supportive
housing units; and
NOW THEREFORE, in consideration of the mutual covenants contained herein,
the parties hereto agree as follows:

1.

For the period on and after April 1, 2016, in addition to the amounts
previously authorized pursuant to the duly executed prior Memoranda of

Understanding dated June 18, 2016, up to $500 million shall be made


available to the Division of Housing and Community Renewal or other
appropriate State agencies or authorities for the purpose of providing
capital and operating subsidies for the development of up to 6,000
supportive housing units throughout the State over the next five years, as
determined by a competitive selection process. Such funds shall be made
available from the $590 million Housing Program Dedicated Infrastructure
Investment Fund (DIIF) appropriation, the $50 million New York State
Special Infrastructure Account Dedicated Infrastructure Investment Fund
and from the $1.383 billion Housing Program Capital Projects Fund (CPF)
appropriation; upon approval by the Director of the Division of the Budget.
2.

For the period on and after April 1, 2016, up to $424.5 million shall be
made available to the Division of Housing and Community Renewal or
other appropriate State agencies or authorities for the purpose of
providing capital subsidies for the new construction or adaptive reuse of
rental housing affordable to households that earn up to 60% of AMI and
that advance one or more of the specific housing priorities of New York
State. Such funds shall be made available from both the $590 million DIIF
appropriation and the $1.383 billion CPF appropriation; upon approval by
the Director of the Division of the Budget.

3.

For the period on and after April 1, 2016, up to $125 million shall be made
available to the Division of Housing and Community Renewal or other
appropriate State agencies or authorities for the purpose of developing or

rehabilitating affordable housing targeted to low-income seniors, aged 55


and above. Such funds shall be made available from both the $590 million
DIIF appropriation and the $1.383 billion CPF appropriation; upon
approval by the Director of the Division of the Budget.
4.

For the period on and after April 1, 2016, up to $45 million shall be made
available to the Division of Housing and Community Renewal or other
appropriate State agencies or authorities for purposes of the rural and
urban community investment fund program created pursuant to article
XXVII of the private housing finance law. Such funds shall be made
available from both the $590 million DIIF appropriation and the $1.383
billion CPF appropriation; upon approval by the Director of the Division of
the Budget.

5.

For the period on and after April 1, 2016, up to $150 million shall be made
available to the Division of Housing and Community Renewal or other
appropriate State agencies or authorities for the purpose of providing
capital subsidies for the new construction, adaptive reuse, or
reconstruction of rental housing affordable to households that earn up to
130% of AMI and that advance one or more of the specific housing
priorities of New York State. Such funds shall be made available from both
the $590 million DIIF appropriation and the $1.383 billion CPF
appropriation; upon approval by the Director of the Division of the Budget.

6.

For the period on and after April 1, 2016, up to $177 million shall be made
available to the Division of Housing and Community Renewal or other

appropriate State agencies or authorities for the purpose of substantial or


moderate rehabilitation of site-specific multi-family rental housing currently
under a regulatory agreement or extended use agreement with HCR or
another State, Federal or local housing agency. Such funds shall be made
available from both the $590 million DIIF appropriation and the $1.383
billion CPF appropriation; upon approval by the Director of the Division of
the Budget.
7.

For the period on and after April 1, 2016, up to $100 million shall be made
available to the Division of Housing and Community Renewal or other
appropriate State agencies or authorities to provide capital subsidies to
preserve and improve Mitchell-Lama properties in New York State. Such
funds shall be made available from both the $590 million DIIF
appropriation and the $1.383 billion CPF appropriation; upon approval by
the Director of the Division of the Budget.

8.

For the period on and after April 1, 2016, up to $125 million shall be made
available to the Division of Housing and Community Renewal or other
appropriate State agencies or authorities for the purpose of substantial or
moderate rehabilitation and/or the demolition and replacement through
new construction of site-specific multi-family rental housing currently
owned by public housing authorities outside of New York City. Such funds
shall be made available from both the $590 million DIIF appropriation and
the $1.383 billion CPF appropriation; upon approval by the Director of the
Division of the Budget.

9.

For the period on and after April 1, 2016, up to $62.5 million shall be made
available to the Division of Housing and Community Renewal or other
appropriate State agencies or authorities for the purpose of substantial or
moderate rehabilitation and/or the demolition and replacement through
new construction of buildings of 5 to 40 units. Such funds shall be made
available from both the $590 million DIIF appropriation and the $1.383
billion CPF appropriation; upon approval by the Director of the Division of
the Budget.

10.

For the period on and after April 1, 2016, up to $41.475 million shall be
made available to the Division of Housing and Community Renewal or
other appropriate State agencies or authorities for the purpose of
promoting home ownership among families of low and moderate income
for whom there are few affordable home ownership alternatives in the
private market, and to stimulate the development, stabilization and
preservation of New York communities. Such funds shall be made
available from both the $590 million DIIF appropriation and the $1.383
billion CPF appropriation; upon approval by the Director of the Division of
the Budget.

11.

For the period on and after April 1, 2016, up to $13 million shall be made
available to the Division of Housing and Community Renewal or other
appropriate State agencies or authorities for the purposes of mobile and
manufactured home programs. Such funds shall be made available from

both the $590 million DIIF appropriation and the $1.383 billion CPF
appropriation; upon approval by the Director of the Division of the Budget.
12.

For the period on and after April 1, 2016, up to $10 million shall be made
available to the Division of Housing and Community Renewal or other
appropriate State agencies or authorities to stimulate reinvestment in
properties located within mixed-use commercial districts located in urban,
small town, and rural areas of New York State. Such funds shall be made
available from both the $590 million DIIF appropriation and the $1.383
billion CPF appropriation; upon approval by the Director of the Division of
the Budget.

13.

For the period on and after April 1, 2016, up to $100 million shall be made
available to the Division of Housing and Community Renewal or other
appropriate State agencies or authorities for state-approved projects and
other improvements related to housing developments owned or operated
by the New York City housing authority, provided however that none of
this funding may be obligated until the $100 million that was provided to
the New York City housing authority from the mortgage settlement
proceeds trust fund account originally appropriated by chapter 53 of the
laws of 2015 is fully obligated as determined by the Director of the Budget.
Such funds shall be made available from both the $590 million DIIF
appropriation and the $1.383 billion CPF appropriation; upon approval by
the Director of the Division of the Budget.

14.

With respect to the geographic location of any housing units developed


with funding made available pursuant to this agreement, New York State
Homes and Community Renewal shall make all reasonable efforts to
achieve balanced production between the City of New York and the
remainder of New York State.

15.

The Commissioner of New York State Homes and Community Renewal


shall provide an annual report on or before July 1 of each year that
summarizes the activities undertaken pursuant to the funding made
pursuant to this agreement. Such annual report shall continue to be
provided until such time as the final disbursement of funds governed by
this agreement has occurred.

16.

This Agreement may be amended only by written agreement of all parties.

/ 4th
Dated: __________________,
2016
September

Athos

_________________
Robert Mujica
Director of the Budget
.

_________________
John J. Flanagan
Temporary President of the Senate

_________________
Carl Heastie
Speaker of the Assembly

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