NEW YORK, NY – January 28, 2010 – (RealEstateRama) — The boards of the New York State Affordable Housing Corporation (AHC) and the State of New York Mortgage Agency (SONYMA) today approved $38.9 million in grants and mortgage insurance commitments to preserve 296 units of housing in New York State.
“The projects approved today will protect New York State’s housing stock and stabilize neighborhoods put at risk by the recession,” said Governor David A. Paterson. “They demonstrate that my administration is committed to providing affordable housing to New Yorkers in need even as we work to put our state on the road to economic recovery.”
Assembly Speaker Sheldon Silver said, “At a time when many New Yorkers are struggling to pay rent or make mortgage payments, the revitalization and renovation of homes and apartment buildings across the state will give families greater access to adequate and affordable housing. The $38.9 million in grants and commitments approved by the New York State Affordable Housing Corporation and the State of New York Mortgage Agency are an important step in rebuilding our communities and helping to restoring fiscal stability to the Empire State.”
Senate Majority Conference Leader John L. Sampson, said, “Creating and sustaining affordable housing is critical to the economic health and future of our state. The Senate majority will continue to fight for the rights of moderate- and low-income families to remain in safe affordable housing. I commend the Governor for his commitment to ensure quality housing for all New Yorkers.”
Assembly Housing Committee Chair Vito Lopez said, “Affordable housing for constituents in Brooklyn and throughout the state has always been one of my top priorities. In the wake of this recession, it’s especially crucial that we provide low- and middle-income residents with assistance. These grants will help to preserve our communities and aid struggling neighborhoods.”
State Senate Majority Leader Pedro Espada, Jr., who also serves as Chairman of the Senate Standing Committee on Housing, Construction and Community Development, said, “Placing the state back on sound financial ground is largely dependent on our ability to maintain quality, affordable housing, which has always been the foundation of working and middle class urban neighborhoods and suburban and rural communities. This funding is an important lifeline for residents across the state who are most in need of assistance during these difficult economic times.”
Judd S. Levy, Chairman of AHC and SONYMA, said, “The projects we approved today will help provide better homes for New Yorkers from Erie County to New York City. They also demonstrate that we are working with our partners in the affordable housing community to address the issue of unsold condominiums that is affecting many neighborhoods in New York City.”
The projects follow:
New York City
SONYMA approved a commitment to insure a $37.5 million mortgage on a 144-unit rental apartment building in Brooklyn that was originally built to be sold as condominium units.
Westchester County
AHC approved an $80,000 grant to Apropos Housing Opportunities and Management Enterprises, Inc. (A-HOME) to acquire a single-family home and convert it into a two-family house.
Columbia County
AHC approved a $240,000 grant to Housing Resources of Columbia County (HRCC) to finance improvements for 12 homes in Columbia County.
Onondaga County
AHC approved a $300,000 grant to Home HeadQuarters, Inc. to renovate 30 single-family homes in Onondaga County.
Wyoming County
AHC approved a $300,000 grant to the Wyoming County Community Action, Inc. to renovate 35 single-family homes in Wyoming County.
Erie County
AHC approved:
— a $300,000 grant to the Southtowns Rural Preservation Company, Inc. to finance improvements for 50 owner-occupied homes located in southern Erie County.
— a $225,000 grant to Fillmore-Leroy Area Residents Inc. (FLARE) to rehab seven single-family and eight two-family homes in the Masten District of the City of Buffalo.
____
The SONYMA Mortgage Insurance Fund promotes the preservation and revitalization of communities across the State of New York by providing insurance on mortgage loans that encourages investment of capital by commercial and public lenders.
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
