NEW YORK, NY – January 29, 2009 – (RealEstateRama) – The board of the New York State Affordable Housing Corporation (AHC) today approved a $459,000 grant to the Community Development Agency of the City of Gloversville for the construction of twelve single-family modular units.
“This grant will provide affordable homeownership for working families in Fulton County,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “Our financing demonstrates that Governor Paterson is dedicated to increasing the state’s supply of housing even in these difficult economic times.”
The AHC grant will be used to build three-bedroom ranch-style homes on scattered sites in Gloversville. The homes will be equipped with energy efficient appliances, windows and furnaces, and will be built on land donated by the City of Gloversville. The homes will be sold to pre-qualified purchasers on a first-come, first-serviced basis.
Grant awards will be limited to households earning up to $47,208 for a family of four. The maximum award for each household will be either $32,500 or $40,000, depending on household income.
The proposed developer for the project is Red Carpet Housing Corporation. The total cost of the project is $1,444,800. Permanent financing will be provided by the AHC grant and homeowner mortgages.
____
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
