NEW YORK, NY (RealEstateRama) July 23, 2008 – The board of the New York State Affordable Housing Corporation (AHC) today approved a $240,000 grant to the Town of Hempstead to finance the construction of six single-family affordable homes in the Hamlet of Roosevelt.
The new construction is part of Hempstead’s plan to redevelop Roosevelt through acquisition, blight removal and commercial development. So far, more than 200 affordable homes have been built as part of this economic development initiative.
“The Affordable Housing Corporation is proud to support the Town of Hempstead’s redevelopment efforts in the Hamlet of Roosevelt,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “This grant will provide affordable new homes to worthy families and make it more affordable for our families to live and stay in New York State.
“The Paterson Administration understands that affordable housing that is decent and in good repair makes our communities stronger, businesses healthier and neighborhoods more diverse. That is why we approved these financings today and why the Paterson Administration and the State Legislature made an historic commitment to housing in this year’s budget.”
All six homes will be 1,600-square-foot, two-story colonials with three bedrooms. The homes will be made available to households that earn no more than $87,002 for a family of four. Eligible applicants will be chosen via a lottery with preferences given to first-time homebuyers in Roosevelt and residents of the Roosevelt school district.
Anray Custom Home Builders, Inc. is the proposed builder/developer for the project. Butt, Otruba and O’Connor is the proposed architect and construction monitor, and Carman Dunne Consulting PC is the proposed engineer.
The total cost of the project is $1.6 million. In addition to the AHC grant, the project will receive $258,750 in Community Development Block Grant funds from the Town of Hempstead and $228,000 in HOME funds provided by Nassau County.
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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
