May 7, 2008 – Governor David A. Paterson today announced $25.5 million in grants and financing to build and renovate 396 units of affordable housing in New York State. The grants–to neighborhoods in New York City and Western New York–reinforce the Governor’s commitment to the creation and preservation of affordable housing throughout the state.
Today’s grants were approved by the boards of the New York State Housing Finance Agency (HFA) and its subsidiary, the New York State Affordable Housing Corporation (AHC), which make grants to not-for-profit housing organizations around the state to help subsidize the cost of newly constructed homes and the renovation of existing housing.
“My administration is dedicated to improving our existing housing stock and building new affordable housing–and that’s what we are doing today,” said Governor Paterson. “These grants also include $2 million for a new program to help buy and renovate foreclosed homes in New York City, which will help stabilize neighborhoods and keep communities strong.”
Senator John Bonacic, Chair of the Senate Housing Committee, said: “The need for affordable housing in New York is insatiable. I am pleased to work with Governor Paterson who has made this issue a priority. Investing in affordable housing is in the best interest of all New Yorkers. We need diverse and stable communities and renovating existing housing stock and building new housing will help to meet that need.”
Senator Liz Krueger said: “I am pleased that the Paterson administration is taking a proactive approach to New York State’s affordable housing crisis. These grants will help address the desperate need for quality affordable housing in New York communities.”
Assemblyman Vito J. Lopez, Chair of the Assembly Housing Committee, said: “I would like to commend The Affordable Housing Corporation and the NYC Housing Partnership for the initiative. The value of this program is manifold in that it provides affordable housing for those who need it, while it also protects neighborhoods for the current homeowners. Safe, modernized homes provide a strong foundation from which a neighborhood can thrive, and thriving neighborhoods are what New York City needs right now. The Neighborhood Stabilization Initiative is a promising and admirable project that I am proud and happy to support.”
Assemblyman Mike Fitzpatrick said: “Governor Paterson is off to a fast start regarding the housing issue in New York State. Today’s announcement will bring much needed help to Buffalo, New York City and Erie, Wyoming and Cattaraugus counties. Solid vibrant neighborhoods are the foundation of a growing economy. I thank the Governor for his leadership and his diligence on this issue.”
Priscilla Almodovar, President and Chief Executive Officer of HFA and AHC, said: “These approvals demonstrate our commitment to be responsive to the different housing needs throughout the state. Whether it’s building new homes or upgrading existing ones, HFA creates housing opportunities for low- and moderate-income New Yorkers. I’m particularly proud that we are able to help finance a new initiative that will reclaim foreclosed homes and protect neighborhoods from the ravages of the subprime mortgage crisis.”
The projects are as follows:
HFA approved $18 million in financing to rehabilitate the 125-unit Caroline Apartments, a Section 8 apartment building in the Inwood section of Manhattan.
AHC approved four grants for the Housing Partnership Development Corporation:
- A $2 million grant to fund the Neighborhood Stabilization Initiative, which will buy and renovate up to 50 foreclosed homes to help neighborhoods at risk due to an increase in foreclosures;
- A $1.59 million grant to build 53 condominium units in the Melrose section of the Bronx;
- A $720,000 grant to build 18 units in six three-family homes in the Bushwick section of Brooklyn; and
- A $2.625 million grant to build 87 co-op units in a 13-story, mixed-use building in East Harlem in Manhattan.
Western New York:
AHC approved two grants to renovate existing homes:
- A $225,000 grant to Fillmore-Leroy Area Residents, Inc.(FLARE) to renovate 23 homes in the City of Buffalo; and
- A $300,000 grant to NeighborWorks Home Resources to renovate 40 homes in Cattaraugus, Wyoming and southern Erie counties.
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 investments, is used for the construction, acquisition, rehabilitation and improvement of owner-occupied housing.
Governor’s Office Contacts:
Errol Cockfield
Errol.Cockfield (at) chamber.state.ny (dot) us
212.681.4640 | 518.474.8418
Jordan Isenstadt
Jordan.Isenstadt (at) chamber.state.ny (dot) us
212.681.4640
AHC Contact:
Phil Lentz
PLentz (at) nyhomes (dot) org
212.688.4000 x679
