November 9, 2010 – (RealEstateRama) — New York State Homes and Community Renewal (HCR) which consists of the all the state’s newly-integrated housing and community renewal agencies, launched a new $25,000,000 Preservation Initiative Program that uses existing funds and leverages multiple program resources to preserve and upgrade New York’s existing stock of affordable housing. The program will provide financing to upgrade the physical conditions of this aging portfolio.
A Physical Needs Assessment identified 53 affordable housing projects (see list below) funded by the HCR’s Turnkey, Housing Trust Fund, and HOME programs that currently have physical needs such as roofs, windows, accessibility and building code issues that must be addressed immediately or in the near future.
The program also focuses on improvements that will reduce overall operational costs, such as reducing building maintenance and improving energy efficiency. Eligible projects will be invited to apply for Low Income Housing Tax Credits (LIHC) through a Notice of Funding Availability.
Brian Lawlor, Commissioner and CEO of HCR said, “Leveraging Housing Trust Fund, HOME and Turnkey dollars with LIHC is an innovative way to address a need that would otherwise be unattainable in the current economic climate where resources are scarce. By placing all the State’s housing programs under one roof, HCR is better equipped to ensure our programs are working together to meet the affordable housing and community development needs of New York. This new initiative is an example of we are using resources more efficiently, effectively, and wisely to meet the affordable housing and community renewal needs of New York.”
Funding is limited to the Housing Trust Fund per unit cap of $125,000. HTF funds previously awarded. HOME funded projects are eligible; the previously awarded HOME funds are not included in the dollar cap. Awardees, other than Turnkey Projects, must enter into an additional 30 year compliance period. Proposed improvements and replacements are to comply with the agency’s Design Handbook and utilize our Green Criteria, if applicable or practical.
Physical Needs Assessment:
| NYS County | Development |
|---|---|
| Albany | DE PAUL RESIDENCE |
| Albany | CIVILL SENIOR HOUSING |
| Albany | WALDORF RESIDENCE |
| Albany | BARN RAISERS FAMILY HOUSING |
| Albany | GOOD SAMARITAN |
| Fulton | PETOFF GARDEN APARTMENTS |
| Fulton | KINGSBOROUGH APARTMENTS |
| Orange | WALLKILL SENIOR HOUSING |
| Rensselaer | BROOKSIDE SENIOR CITIZEN HOUSING |
| Ulster | JACOB BREDE |
| Ulster | BLAIR ROAD |
| Warren | LAKE COUNTRY HOUSING |
| Allegany | TALL PINES APARTMENTS |
| Cattaraugus | HINSDALE APARTMENTS |
| Chemung | ST. JOSEPH’S APARTMENTS |
| Erie | THOMAS J. WOJNAR PARK VIEW APARTMENTS |
| Erie | ST ANN’S APARTMENTS |
| Erie | 2318 MAIN STREET |
| Erie | CHRISTINE APARTMENTS |
| Erie | 1006-08 KENSINGTON |
| Erie | MANHATTAN SQUARE APARTMENTS |
| Erie | STRATFORD ARMS APARTMENTS |
| Erie | ST. PATRICK VILLAGE |
| Niagara | MID CITY PHASE II |
| Niagara | 1150 ONTARIO AVENUE PROJECT |
| Niagara | MID CITY PHASE I |
| Niagara | UNICORN APARTMENTS |
| Steuben | SENECA STREET STATION |
| Yates | RUSHVILLE FAMILY HOUSING |
| Bronx | BELMONT ARTHUR AVENUE LDC |
| Bronx | 1437 SHAKESPEARE |
| Bronx | CROTONA TERRACE |
| Bronx | EJ MITCHELL TERRACE |
| Kings | THE WOODRUFF PROJECT |
| Kings | BERRY STREET |
| Kings | HEWITT HOUSE |
| Kings | BRIDGE COMMUNITY/NEW DESTINY |
| Nassau | MAIN STREET SCHOOL |
| New York | CUBE BUILDING |
| New York | JERICHO PROJECT |
| New York | HCCI PLAZA I |
| New York | CONVENT AVENUE APARTMENT |
| Rockland | NEW SQUARE FAMILY HOUSING II |
| Suffolk | GREENPORT REVITALIZATION |
| Cayuga | CAYUGA ELDERLY APTS – SALATO GARDENS |
| Franklin | CHATEAUGAY HOUSING |
| Lewis | PIGEON MANOR |
| Oneida | ACADEMY SQUARE PROJECT |
| Onondaga | HOUSING VISIONS III |
| Onondaga | OSWEGO ST. TOWNHOUSES |
| Onondaga | HOUSING VISIONS |
| Onondaga | CAROL THOMAS APARTMENTS |
| Onondaga | THELENA TOWNHOUSES |
