NEW YORK – December 14, 2007 – The boards of the State of New York Mortgage Agency (SONYMA) and the New York State Affordable Housing Corporation (AHC) approved $32.2 million in financing and commitments yesterday that will result in the renovation of 484 affordable housing units in Monroe County.
“Access to affordable housing is a critical component in sustaining the economic security of our state’s working families,” said Governor Spitzer. “Through the remarkable accomplishments of our state housing agencies, more people can afford to live and work here—boosting our economy and creating stable neighborhoods throughout the state.”
“These actions demonstrate our commitment to affordable housing in Monroe County,” said Priscilla Almodovar, President and Chief Executive Officer of SONYMA and AHC. “Preserving and upgrading existing housing is a top priority for our agencies. I’m proud that these approvals will improve the lives of hundreds of residents in the City of Rochester and Monroe County.”
With this grant and other financings approved at the December meeting, AHC and its parent organization, the NYS Housing Finance Agency (HFA), have now approved financing for 6,061 units of affordable housing since January 1, 2007.
Yesterday’s actions provided financing for two projects: Rochester Civic Housing and the MHA Purchase Rehabilitation Program.
Rochester Civic Housing
SONYMA’s Mortgage Insurance Fund approved mortgage insurance for three projects known collectively as Rochester Civic Housing, where a major renovation at three locations in the City of Rochester will upgrade 464 affordable units. The New York State Housing Finance Agency (HFA), SONYMA’s sister agency, had earlier approved a $31.5 million mortgage for the project.
Rochester Civic Housing includes Norton Village in northeast Rochester, Fernwood Park in northeast Rochester and Ramona Park in northwest Rochester.
The projects include 516 units in 50 townhouse or garden-style buildings. Ninety percent, or 464 units, will be rented to tenants with incomes at or below 60% of Rochester’s AMI, or $38,460 for a family of four. During the renovations, current tenants will be relocated for five weeks to furnished hospitality suites within their buildings.
The renovations include new windows, kitchens, appliances, cabinets, bathrooms, roofs, electrical systems, plumbing systems and energy efficient boilers.
The project is being acquired by Rochester Civic Housing LLC, which is owned jointly by Rochester Civic Housing Inc., a non-profit that currently owns the developments, and an affiliate of Cornerstone Group Ltd., which will develop the project.
The total cost of the project is nearly $61.6 million. HFA approved a $31.5 million mortgage and a $5.2 million subsidy loan. The project will also receive an annual allocation of $1,771,444 in Federal Low-Income Housing Tax Credits and benefits from a real estate tax exemption from the City or Rochester.
MHA Purchase Rehabilitation Program
AHC approved a $700,000 grant to the Marketview Heights Association, Inc. to help acquire and renovate 20 single-family homes located at scattered sites in Monroe County. The homes will be marketed to families earning no more than $57,456 for a family of four. Successful applicants will purchase the homes before renovations are made. The total cost of the program is $2.1 million. Homeowner mortgages and equity will also provide resources for the program.
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SONYMA was created in 1970 with the mission of helping low- and moderate- income families become homeowners. It offers a variety of low down payment mortgages that provide below-market fixed interest rates, as well as closing cost assistance through a network of participating lenders across the state.
AHC, a subsidiary of HFA, 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
212-688-4000 ext. 679
plentz (at) nyhomes (dot) org
