NYS Affordable Housing Corporation Approves $275,000 Grant to Finance New Homes in Suffolk County

NEW YORK - September 17, 2008 - (RealEstateRama) — The board of the New York State Affordable Housing Corporation (AHC) today approved a $275,000 grant to Habitat for Humanity of Suffolk to finance the construction of 11 single-family homes in Suffolk County.

“This grant will create new and affordable homes where they are needed most—on Long Island,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “AHC is proud to partner with Habitat for Humanity, which requires its homeowners to provide ‘sweat equity’ and help build their own homes as part of their program. Our grant reinforces the Paterson Administration’s goal of creating affordable housing so New York State will remain an attractive place to live and work.”

Dan Walker, Executive Director of Habitat Suffolk, said, “Habitat for Humanity of Suffolk is thankful to the New York State Affordable Housing Corporation for this grant, which enables us to continue to help bring affordable housing to deserving low-income, working families in Suffolk County. This funding will assist potential homeowners to realize their dreams and own their own affordable home. Together, Habitat Suffolk and New York State’s Affordable Housing Corporation are building homes and hope!”

The homes funded by the AHC grant will be built on land donated by Suffolk County and will consist of three or four bedrooms, a living room and an eat-in kitchen. The homes will be available to households earning up to $47,000 for a family of four. Homeowners will be required to donate 300 hours of sweat equity to help build their own and other Habitat homes.

The total cost of the project is $1.1 million. In addition to the AHC grant, the project will receive $110,000 in Affordable Housing Program funds provided by the Federal Home Loan Bank of New York.

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AHC, a subsidiary of the NYS Housing Finance Agency, 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

Tagged as: Suffolk County

 

 

 

 

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