The Governor’s Office of Storm Recovery (GOSR) developed ARO to restore and replace affordable rental housing placed out of service by Superstorm Sandy, Hurricane Irene, or Tropical Storm Lee (Covered Storms). ARO offers property owners incentives to sustain the creation of affordable rental housing.
Governor Cuomo established GOSR to maximize the coordination of recovery and rebuilding efforts in storm-affected counties throughout the State of New York. GOSR operates within the New York State Housing Trust Fund Corporation (HTFC). HTFC is a component of New York State Homes and Community Renewal (HCR), a unified leadership platform, encompassing a variety of State agencies and public benefit corporations involved in the provision of housing and community renewal. GOSR was formed to direct the administration of the federal Community Development Block Grant - Disaster Recovery (CDBG-DR) funds.
Residential rental property owners who provide housing opportunities to low- and moderate- income (LMI) households.
ARO offers reimbursement assistance for eligible work completed prior to application to the program and offers repair and reconstruction for prospective work. ARO and the NY Rising Rental Properties program offer substantially similar property rehabilitation and resilience-related benefits. Once construction is completed and once leased to an LMI tenant, ARO offers an incentive for up to two years to cover compliance with the affordability requirement.
To participate in ARO you must commit to rent at an affordable rate to a tenant who earns less than 80% of the area’s median income once construction is complete. (As of March 2015, 80% of the median income was $75,700 for a family of four on Long Island.) An affordable rate is defined as no more than 30% of an eligible tenant’s income.
in economic output from the new jobs