New York, November 2, 2007 — Governor Eliot Spitzer today announced $510 million in financing for the construction and renovation of 1,182 affordable housing units across the state.
The projects and their financing were approved by the boards of the New York State Housing Finance Agency (HFA) and the New York State Affordable Housing Corporation (AHC). With these actions, the agencies have now approved financing to create and preserve 4,739 units of affordable housing in New York State since January 1, 2007.
“Establishing a foundation for economic security starts with expanding access to basic necessities such as affordable housing,” said Governor Spitzer. “Expanding access to affordable housing helps revitalize struggling communities and grow our economy. If people cannot afford to live in New York, then businesses cannot afford to locate here.”
Assemblyman Vito Lopez, Chair of the Assembly Housing Committee, said: “I would like to congratulate Governor Spitzer and Priscilla Almodovar for their renewed commitment to the construction and rehabilitation of affordable housing. New York State is becoming a leader in the development of affordable housing with the financing of over 4,000 units since January.”
State Senator John J. Bonacic, Chairman of the Senate’s Housing Committee, said: “Quality housing strengthens families, neighborhoods, and entire communities. I am pleased to work with our Governor and the State Housing Finance agency, along with the private sector in an effort to make the funding available to allow these housing units to be built and improved.”
Priscilla Almodovar, President and Chief Executive Office of HFA and AHC, said: “These approvals demonstrate Governor Spitzer’s commitment to turning HFA into a lender that creates and preserves affordable housing throughout the State. I am particularly proud that with these projects, we are reinforcing our role in preserving the state’s affordable housing stock, as well as building and integrating into our larger projects units for populations with special needs.”
The projects are as follows:
New York City: HFA approved financing for:
- 189-unit Brook Avenue Apartments in the Bronx, including 120 units of supportive housing ($23.6 million);
- 117-unit 2271 Washington Avenue Apartments in the Bronx, which includes 30 units of supportive housing ($22.3 million); and
- 42d Street and Dyer Avenue Apartments, a mixed-use development in Manhattan that includes 163 affordable rental units ($405 million).
Rochester: HFA approved financing for:
- Ridgeview Special Needs Apartments to create 64 units of supportive housing ($7.9 million); and
- The Mills at High Falls Apartments to create 67 units ($12.1 million).
Ithaca: HFA approved financing for major capital improvements at the West Village Apartments, a 235-unit Mitchell Lama project ($15.5 million).
Rockland County: HFA approved financing for the 28-unit Pine Street Homes in the Village of Nyack ($4.25 million).
Westchester County: AHC approved two grants to the Housing Action Council in Westchester County:
- to convert a former bank building into 12 affordable condominium units in the Village of Ossining ($480,000); and
- for home improvements throughout Westchester County ($300,000).
Orange County: HFA approved a mortgage for capital improvements to preserve the 100-unit Overlook Apartments in Middletown, Orange County ($6 million).
Ulster County: HFA approved financing to build The Birches, an 81-unit senior independent living apartment complex in Esopus, Ulster County ($12 million).
Finger Lakes/Rochester: AHC approved a grant to the Bishop Sheen Ecumenical Housing Foundation, a Rochester-based not-for-profit, to repair 56 homes of low-income seniors located in 13 counties in Western New York. The counties include: Monroe, Allegany, Chemung, Schuyler, Steuben, Tioga, Tompkins, Cayuga, Livingston, Seneca, Wayne, Ontario and Yates ($300,000).
Long Island: AHC approved a grant to the Community Development Corporation of Long Island (CDCLI) to finance renovations of 50 homes in Nassau and Suffolk Counties ($300,000).
HFA was created in 1960 to sell bonds to finance the construction and rehabilitation of multi-family affordable rental housing in New York State.
AHC, a subsidiary of the NYS Housing Finance Agency, 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.
Additional information on these financing approvals is available at www.nyhomes.org.
