Part of a $1 billion settlement received by New York from the mortgage crisis will come back to mission-based organizations to create affordable housing.
The state announced a new program May 20 to award $1.4 million over two years through its Mission-Based Affordable Housing Partnership to help mission-based institutions, including faith-based religious institutions and nonprofit civic and charitable organizations to repurpose property for affordable housing development.
Funding for the grants comes from a $1 billion settlement received by New York through the 2013 Residential Mortgage-Backed Securities Working Group’s $13 billion settlement with JPMorgan Chase for its role in the mortgage crisis.
The program, open to organizations in Erie County and 10 other New York counties, will provide funds to connect institutions, especially those with limited resources, to development experts to guide them through the development process.
The program is intended to address what state Attorney General Letitia James calls “a crisis” in affordable housing.
“We must use every tool at our disposal to protect and expand our housing stock,” she said.
Participants will get help in three specific areas: outreach support and regional education events; consultation services on regulatory issues and site specific market studies; and predevelopment technical assistance. They’ll also get legal assistance to review deeds and contracts.
Applications through the request for applications will be acceptedthrough June 28, with awards to be announced in mid-July.