NEW YORK, NY – April 2, 2009 – (RealEstateRama) — The board of the New York State Affordable Housing Corporation (AHC) today approved a $600,000 grant to Home HeadQuarters, Inc. to finance the construction of 15 affordable single-family homes in the City of Syracuse.
“Our grant will help create new homes for working families in Syracuse,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “Our funding reinforces the Paterson administration’s mission of generating affordable housing even in these difficult economic times.”
“This AHC funding is the critical component to insuring the development of new single-family affordable home construction in Syracuse,” said Kerry Quaglia, Executive Director of Home HeadQuarters. “Home HeadQuarters and our housing partners on this project are excited to begin construction and are honored to have received this funding.”
The AHC grant will be used to build three- and four-bedroom homes on scattered sites throughout Syracuse. The homes will be well insulated, tightly sealed and include high efficiency gas-fired furnaces and hot water heaters as well as energy-efficient windows and doors. Potential homebuyers will be limited to household incomes of up to $50,950 for a family of four.
The total cost of the project is $2.8 million. In addition to the AHC grant, the project will be financed with more than $1 million in City HOME funds, a construction loan of $1.87 million from Home HeadQuarters’ Revolving Loan Fund, a $935,000 community development loan from the City of Syracuse, and homeowner mortgages and equity.
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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
