NYS Affordable Housing Corporation Approves $247,000 Grant to Renovate 22 Homes in Buffalo

August 14, 2009
by New York RealEstateRama

Category: News || Grants, Housing & Development | No Comments

NEW YORK, NY - August 13, 2009 - (RealEstateRama) — The board of the New York State Affordable Housing Corporation (AHC) today approved a $247,250 grant to the University Heights Community Development Association, Inc. (UHCDA) to finance improvements for 22 homes in the City of Buffalo.

“This grant will improve the housing stock in Western New York and the quality of life for Buffalo residents,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “It reinforces the Paterson administration’s goal of making New York State a better place to live and work.”

The AHC grant will help finance the renovations of 22 homes in the University Heights Council District in Buffalo. The rehab projects will address basic deficiencies that may affect the health and safety of the occupants as well as structural improvements. This includes replacing windows and doors, heating systems and insulation, plumbing, electrical systems, roofing, as well as lead removal. Grant eligibility will be limited to households earning no more than $56,896 for a family of four.

The total cost of the project is $472,250. In addition to the AHC grant, financing includes $115,000 in Federal Community Development Block Grant (CDBG) funds and $110,000 in Federal Home Loan Bank of New York Affordable Housing Program (FHLB) funds.

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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.

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

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