NEW YORK – December 14, 2007 – Governor Spitzer today announced that more than 800 affordable housing units will be constructed or renovated across the state through the financing of $43.9 million from two state housing agencies.
The financing was approved by the boards of the New York State Housing Finance Agency (HFA) and the New York State Affordable Housing Corporation (AHC). With today’s actions HFA and AHC have 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.”
Priscilla Almodovar, President and Chief Executive Officer of HFA and AHC, said: “These approvals demonstrate our commitment to creating a wide range of affordable housing in every community of New York, whether it’s preservation, new homeownership or new rental housing.”
Assemblyman Vito J. Lopez, Chair of the Assembly Housing Committee, said: “It is only through such housing initiatives that we can address the affordable housing crisis that we are facing in New York State.”
Senator John J. Bonacic, Chairman of the Senate Housing Committee, said: “There is an insatiable need for affordable housing throughout New York State, and in particular Ellenville and Sidney in the 42nd Senate District. This funding will certainly help fill that void. I am pleased to work closely with Governor Spitzer and Housing Finance President and CEO, Priscilla Almodovar, to address the State’s housing needs.”
The projects are as follows:
New York City – AHC approved four grants to the New York City Housing Partnership for:
- the 30-unit Jackson Bronx Condominiums in the Bronx ($975,000);
- the 50-unit Foxx-Leggett co-ops in the Bronx ($1.683 million);
- the 48-unit Washington Bridge View Co-op in the Bronx ($1.56 million);
- 11 three-family homes in the Bedford-Stuyvesant section of Brooklyn ($1.185 million).
Westchester County – HFA approved $4.9 million in financing to rehabilitate 112 affordable housing units in Children’s Village Residence, a Mitchell Lama in Dobbs Ferry. AHC approved a $300,000 grant to the Family Resource Center of Peekskill to renovate 20 homes throughout the county.
Ulster County – AHC approved a $600,000 grant to the Rural Ulster Preservation Company, Inc. to build 15 condominiums in the Village of Ellenville.
Rensselaer County – AHC approved a $300,000 grant to Rensselaer County Housing Resources to renovate 30 homes throughout the county.
Delaware County – AHC approved a $240,000 grant to the Village of Sidney to build six homes in Phase II of the Sherwood Heights Redevelopment Project, which is designed to revive a blighted neighborhood.
Monroe County – The State of New York’s Mortgage Authority’s Mortgage Insurance Fund approved mortgage insurance for three projects known collectively as Rochester Civic Housing, where a major renovation at three locations in the City of Rochester will upgrade 464 affordable units. HFA had earlier approved a $31.5 mortgage for the project. Also, AHC approved a grant of $700,000 to the Marketview Heights Association to renovate 20 single-family homes throughout Monroe County.
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HFA was created in 1960 to sell bonds to finance the construction and rehabilitation of multifamily affordable rental housing in New York State.
AHC, a subsidy 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: Errol Cockfield
Errol.cockfield (at) chamber.state.ny (dot) us
212.681.4640
518.474.8418
