Economic Downturn is Bad News for NY Affordable Housing

By Rong Xiaoqing, Sing Tao Daily, December 5, 2008
Translated from Chinese by Austin Woerner

December 26, 2008

NEW YORK—(U.S. ASIAN WIRE)— With the economic downturn, the construction and preservation of affordable housing has fallen into shadow. This year, the funds that the New York State Department of Housing Preservation and Development receives from Low Income Housing Tax Credits stand to drop by $60 million, making many affordable housing plans feel an unprecedented degree of pressure.

At a hearing yesterday held by the New York State House of Representatives, Deborah Van Amerongen, head of the Department of Housing and Urban Development, and Shaun Donovan, director of the Department of Housing Preservation and Development, said that the economic crisis will cause funding for affordable housing to decrease. Some Chinese-American representatives emphasized the importance of preserving already-existing affordable housing.

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