NEW YORK, September 17, 2008 – (RealEstateRama) — The boards of the New York State Housing Finance Agency (HFA) and its subsidiary, the New York State Affordable Housing Corporation (AHC), today approved $7 million in financing to renovate and build 141 units of affordable housing in Westchester and Rockland counties.
HFA approved a $4.5 million mortgage to rehabilitate 51 units in Rockland County. AHC approved two grants for $2.5 million to finance home improvements and new construction of 90 affordable units in Westchester County.
“Our actions today will provide new and renovated affordable housing in three Hudson Valley communities—the Hamlet of Nanuet, the City of White Plains and the Village of Ossining,” said Priscilla Almodovar, HFA and AHC President and Chief Executive Officer. “Our financings further the Paterson Administration’s goal of creating and preserving affordable housing so New York State remains an attractive place to live and work.”
Rockland County
HFA approved $4.5 million in financing for capital improvements at the 51-unit Maplewood Gardens located in the Hamlet of Nanuet.
Maplewood Gardens is a Section 8 multifamily rental project that consists of eight two-story and two-and-one-half story buildings. The improvements include new windows, new appliances, siding, state-of-the-art security, landscaping, floor replacement and refurbished kitchens and bathrooms. Tenants will not be relocated during the renovations.
The borrower, Clarkstown Preservation, L.P., is controlled by The Related Companies. Forty-seven of the units will be reserved for tenants with incomes up to $46,440 for a family of two.
The total cost of the project is $6.1 million. In addition to HFA’s $4.5 million loan, the borrower will receive an annual allocation of $204,000 in Federal Low Income Housing Tax Credits and a Section 8 project-based subsidy from the U.S. Department of Housing and Urban Development (HUD).
City of White Plains
AHC approved a $500,000 grant to the City of White Plains through its Community Development Rehabilitation Program to finance improvements for 40 single-family homes in 10 Neighborhood Strategy Areas in White Plains.
The grant will be used to bring the homes up to code compliance and increase energy efficiency. Repairs will include roof, window, and door replacements, application of insulating siding, and upgrades to electrical, heating, and plumbing systems. The grant awards will be limited to households earning up to $91,034 for a family of four.
The total cost of the project is $1 million. In addition to the AHC grant, the project will receive $425,000 in Community Development Block Grant funds from HUD and $75,000 in NYS Division of Housing and Community Renewal RESTORE funds provided by the City of White Plains.
Academy Place Homes
AHC approved a $2 million grant to the Housing Action Council to finance the construction of 50 condominium units in the Village of Ossining.
The condominiums will be located two blocks from the business district of Ossining and will consist of 12 one-bedroom and 38 two-bedroom units. They will be made available to households earning up to $91,034 for a family of four. Eligible applicants will be chosen via a lottery with preferences given to residents of the Village, employees of the Village, Ossining school district employees, unpaid members of the Ossining Fire Department or Ambulance Corps, relatives of current residents of the Village, and people employed in the Village.
Lionheart Group, LLC is the proposed developer for the project, and Phoenix Building Corporation is the proposed builder.
The total cost of the project is nearly $13.6 million. In addition to the AHC grant, the project will receive $1.35 million in New Homes Land Acquisition funds, $270,000 in Housing Infrastructure Funds, and $440,000 in HOME Program funds provided by the City of White Plains.
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The NYS Housing Finance Agency was created in 1960 to sell bonds to finance the construction and rehabilitation of multi-family affordable rental housing in New York State.
AHC 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
