NYS Affordable Housing Corporation Approves $700,000 in Grants to Renovate 50 Housing Units in Erie County

NEW YORK, NY – June 4, 2009 – (RealEstateRama) — The board of the New York State Affordable Housing Corporation (AHC) today approved $700,000 in grants to finance renovations for 50 housing units in Cheektowaga and Lackawanna in Erie County.

“These grants will help improve the aging housing stock in western New York,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “It also reinforces Governor David A. Paterson’s mission to make New York State a better place to live and work.”

Cheektowaga

AHC approved a $500,000 grant to the Town of Cheektowaga’s Community and Economic Development Office (CEDO) to finance home improvements for 17 units.

The AHC grant will be used to renovate 11 single-family homes and three two-family homes located on scattered sites in the Town of Cheektowaga. The housing stock in the targeted area is more than 50 years old and in some case more than 100 years old.

The grant will be used to correct basic structural defects or foundation problems, replace roofs, doors, windows, siding, upgrade electrical, heating and plumbing systems, and replace deficient water and septic systems. In addition, a lead assessment and abatement will be conducted and performed, if necessary, on each home.

Qualified applicants will be selected on a first-come, first-served basis with priority given to applicants whose housing poses a serious health, safety, or structural threat. The grant will help bring renovated homes into compliance with local and state building codes and laws. The grant awards will be limited to households earning up to $56,896 for a family of four.

The total cost of the project is $833,000. In addition to the AHC grant, the project will receive $200,000 in Community Development Block Grant (CDBG) funds and $133,000 in HOME funds, both provided by the Town of Cheektowaga.

Lackawanna

AHC also today approved a $200,000 grant to the Lackawanna Housing Development Corporation (LHDC) to finance home improvements for 33 units in single and two-family homes on scattered sites in the City of Lackawanna.

The grant will be used to correct basic structural defects or foundation problems, replace roofs, doors, windows, siding, upgrade electrical, heating, and plumbing systems and replace deficient water systems. Eligible applicants will be chosen on a first-come, first-served basis.

Nearly 80% of the housing stock in the targeted area is more than 59 years old and 22% of the homes are in need of major rehabilitation. This project will help bring renovated homes into compliance with local and state building codes and laws. Grant awards will be limited to households earning up to $56,896 for a family of four.

The total cost of the project is $334,000, which will be funded by the AHC grant and homeowner equity.

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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

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