STATEMENT OF CPC PRESIDENT RAFAEL CESTERO ON $2 BILLION FUNDING AGREEMENT FOR HOUSING PRIORITIES IN STATE BUDGET

“With massive cuts proposed to federal programs that have historically sustained the affordable housing industry, the agreement reached today on the $2 billion housing spending plan in the State budget could not have come at a more critical time.

“This plan will help guard against the loss of federal dollars and enable us preserve our state’s small multifamily buildings, continue the development of affordable and supportive housing, and maintain to our Public Housing stock. It also puts a functional 421-a program into action to jumpstart development of low- and moderate-income rental housing in working-class communities throughout New York City’s boroughs.

“I applaud Governor Cuomo, Assembly Speaker Heastie, and Senate Majority Leader Flanagan for their work and deliberation in handing us a thoughtful spending plan that provides the resources to address the unique housing and community revitalization needs of cities large and small throughout New York.”

- Rafael E. Cestero, President & CEO, The Community Preservation Corporation