NEW YORK, NY – January 29, 2009 – (RealEstateRama) – The board of the New York State Affordable Housing Corporation (AHC) today approved a $1.4 million grant to the Village of Port Chester to finance the construction of 35 single-family condominium units.
“This grant will finance much needed affordable housing for working families in Westchester County,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “Our financing demonstrates that Governor Paterson is dedicated to increasing the supply of affordable housing even in these difficult economic times.”
The AHC grant will be used to build the Fox Island Townhouses–modular, townhouse-style condominiums on a 2.7 acre site bounded by Fox Island Road and Alto Avenue in Port Chester located in the Town of Rye. The two-story townhouses will be in clusters, with each house containing three bedrooms, two and one-half bathrooms, and a garage. Potential homebuyers will be limited to household incomes of up to $91,034 for a family of four.
The average subsidized sales price for the homes will be $198,153, with 31% of the purchase price subsidized by government resources. Homeowners will be required to provide at least a 5 per cent down payment.
The total cost of the project is nearly $12.2 million. In addition to the AHC grant, the Westchester County Department of Planning is providing $415,000 in New Homes Land Acquisition funds, $2.2 million in HOME funds and more than $1 million in Housing Infrastructure Funds.
The Village of Port Chester is also expected to receive a grant of $175,000 from the State’s Infrastructure Development Demonstration Program (IDDP) for infrastructure costs.
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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
