NYS Affordable Housing Corporation Approves $105,000 Grant to Rehab Vacant Homes in Jamestown

NEW YORK, NY (RealEstateRama) July 23, 2008 - The board of the New York State Affordable Housing Corporation (AHC) today approved a $105,000 grant to the Chautauqua Home Rehabilitation and Improvement Corporation (CHRIC) to acquire and rehabilitate three vacant single-family homes located in the Northside neighborhood in the City of Jamestown.

“The Affordable Housing Corporation is dedicated to improving the aging housing stock in upstate New York,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “This grant will bring three vacant homes back to life, benefitting the Northside community and the economy of Jamestown. The Paterson Administration understands that affordable housing that is decent and in good repair makes our communities stronger, businesses healthier and neighborhoods more diverse. That is why we approved these financings today and why the Paterson Administration and the State Legislature made an historic commitment to housing in this year’s budget.”

Jamestown Mayor Sam Teresi said, “This is another positive step in bringing new investment into Jamestown neighborhoods, and the city is pleased to be partnering with CHRIC to leverage these important grant funds from the Affordable Housing Corporation to substantially rehabilitate vacant houses, and create homeownership opportunities. These types of city government/non-profit/public partnerships work to maximize our neighborhood revitalization efforts for the entire city’s benefit.”

John Murphy, Executive Director of Chautauqua Home Rehabilitation and Improvement Corporation, stated, “This is wonderful news for CHRIC’s Buy Northside! Initiative, which is seeking to support this neighborhood in a very concrete way by addressing vacant housing units.  The city of Jamestown deserves much of the credit for bringing in these leveraged funds by committing funding to have maximum impact in a targeted area.”

Under the grant, successful applicants will purchase homes on the open market and CHRIC will then provide support obtaining a mortgage and renovating the properties. Eligible applicants will be chosen on a first-come, first-served basis.

The scope of renovation work includes roofing, heating, windows, electrical system replacement and plumbing upgrades, including septic system, foundation repair and insulation. Grant awards will be limited to households earning up to $47,208 for a family of four.

The total cost of the project is $415,350. In addition to the AHC grant, the project will receive $105,000 in HOME funds from the City of Jamestown and $6,159 in revolving loan funds from CHRIC.

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AHC was established in 1985 to promote homeownership by low- and moderate-income households. Financial assistance approved annually by the New York State Legislature, combined with other private and public investment, is used for the construction, acquisition, rehabilitation and improvement of owner-occupied housing.

Contact: Philip Lentz
Director of Communications
212-872-0679
plentz (at) nyhomes (dot) org

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