NEW YORK – December 14, 2007 – The boards of the New York State Housing Finance Agency (HFA) and its subsidiary, the New York State Affordable Housing Corporation (AHC), approved up to $5.2 million in financing yesterday to renovate 132 affordable housing units in Westchester County.
HFA approved $4.9 million in financing to renovate the 112-unit Children’s Village Residence, a Mitchell Lama rental project located in Dobbs Ferry. AHC approved a $300,000 grant to the Family Resource Center of Peekskill to renovate 20 homes throughout Westchester County.
With this grant and other financings approved at the December meeting, HFA and AHC have now approved financing for 6,061 units of affordable housing since January 1, 2007.
“Access to affordable housing is a critical component in sustaining the economic security of our state’s working families,” said Governor Spitzer. “Through the remarkable accomplishments of our state housing agencies, more people can afford to live and work here—boosting our economy and creating stable neighborhoods throughout the state.”
“These approvals reinforce our commitment to preserve affordable housing in Westchester County,” said Priscilla Almodovar, President and Chief Executive Officer of HFA and AHC. “It’s a privilege to work with a venerable organization like Children’s Village to ensure that its employees have decent and affordable homes. And I’m glad we can partner with the Family Resource Center of Peekskill to improve the quality of the housing stock of Westchester County.”
Children’s Village Residence
HFA approved a $1.9 million mortgage and a $3 million subsidy loan to the Joseph M. D’Assern Housing Corporation, a not-for-profit company that owns Children’s Village Inc. in Dobbs Ferry. Children’s Village Residence consists of 14 two-story buildings located on the campus of Children’s Village, which educates and counsels troubled and disadvantaged children.
The units of the renovated project will be reserved for low-income tenants with household incomes at or below $57,900 for a family of four and will be set aside for employees of Children’s Village.
The scope of the rehabilitation includes replacement of roofs, installation of new windows, new sidewalks and driveways, new boilers, new kitchens and bath fixtures and electrical wiring. Tenants will not be relocated during the renovation.
Family Resource Center
AHC approved a $300,000 grant for The Family Resource Center of Peekskill, a not-for-profit housing organization. Awards will be made to families with incomes of up to $86,464 for a family of four.
The grant is part of a $500,000 program to provide roof replacement, siding, insulation and installation of heating, water and septic systems for compliance with building and fire safety codes. AHC funds will be matched by homeowner bank loans or grants from Westchester County’s lead abatement or weatherization programs.
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HFA was created as a public benefit corporation in 1960 to finance low-income housing by raising funds through the issuance of housing revenue bonds and by making mortgage loans to eligible borrowers.
AHC, a subsidiary of HFA, 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
212-688-4000 x679
plentz (at) nyhomes (dot) org
