NEW YORK, NY – August 13, 2009 – (RealEstateRama) — The boards of the New York State Housing Finance Agency (HFA) and the New York State Affordable Housing Corporation (AHC) today approved $113.4 million in financing to build and renovate 1,481 units of affordable housing.
“The projects approved today will enable us to build new homes and improve existing homes for New Yorkers throughout the state,” Governor David A. Paterson said. “I’m particularly proud that several of these projects include grants from the American Recovery and Reinvestment Act that will help revive our economy as well as provide decent housing for our citizens.”
Assemblyman Vito Lopez, Chairman of the Assembly Housing Committee, said, “I would like to thank Governor Paterson and Priscilla Almodovar for their continued commitment of preserving affordable housing. With their help, we have been able to not only renovate existing affordable housing units, but expand by building more supportive housing apartments also. These grants will help improve many people’s lives and in turn make New York a better place to live and work.”
State Senate Majority Leader Pedro Espada, Jr., who also serves as Chairman of the Senate Standing Committee on Housing, Construction and Community Development, said, “This new financing underscores the combined efforts of the HFA, AHC, Governor Paterson and the Senate Democratic leadership in addressing in a meaningful way the affordable housing crisis in New York City’s five boroughs and throughout the state. While addressing affordable housing needs, this financing will also create new jobs for community residents, provide business to local contracting companies, and generate new tax revenue streams for the state and local economies.”
Priscilla Almodovar, HFA and AHC President and Chief Executive Officer, said, “These grants and financings will improve the aging housing stock in many regions of the state as well as provide new housing for many needy citizens. These projects also take advantage of Federal stimulus funds to ensure that our housing projects are able to go forward in these difficult economic times.”
The projects are listed below:
New York City
HFA approved:
–$24.2 million in financing for major capital improvements at Selfhelp Kissena I and II, two senior Mitchell Lama housing developments in Queens that contain 424 units.
–Up to $15.6 million in financing to build an 80-unit supportive housing rental apartment building at 2240 Washington Avenue in the Bronx.
AHC approved:
— A $3.6 million grant to the Housing Partnership Development Corporation to buy a 106-unit rental property at 320 Sterling Street in the Crown Heights section of Brooklyn and renovate it into a cooperative; 90 of the co-op units will be set aside for affordable purchasers.
–A $500,000 grant to the Housing Partnership Development Corporation to build 25 affordable condos in a 164-unit Shorehaven Homes project in the Clason Point section of the Bronx.
–A $37,500 grant to Rebuilding Together New York City to renovate five single-family homes in the Bronx, Brooklyn and Queens.
Rockland County
AHC approved a $120,000 grant to the Rural Housing Action Coalition, Inc. (RHAC) to build three homes in the Village of Nyack.
Hudson Valley
AHC approved:
–A $300,000 grant to the Catskill Mountain Housing Development Corporation (CMHDC) for the rehab of 15 units in Greene County.
–A $500,000 grant to the Rural Ulster Preservation Company for the acquisition and rehabilitation of 25 homes in Ulster County.
Oneida County
HFA approved $12.35 million in financing for major capital improvements at the 127-unit Madison Plaza Apartments, a Mitchell Lama at 100 North Madison Street, in the City of Rome.
AHC approved a $300,000 grant to Rebuild Mohawk Valley, Inc. to renovate 14 homes in the City of Utica.
Onondaga County
AHC approved a $300,000 grant to the Onondaga County Community Development Division to renovate 50 homes in the county.
Southern Tier
AHC approved a $300,000 grant to the Near Westside Neighborhood Association, Inc. for the rehabilitation of 20 homes in the City of Elmira.
Rochester area
HFA approved:
–Up to $20.6 million to finance major capital improvements at the 188-unit Stonewood Village Apartments, located at 3410 East Henrietta Road in Henrietta, Monroe County.
–$7.9 million in financing for the construction of the Farmington Senior Apartments, an 88-unit garden apartment-style development on Route 332 in the Town of Farmington, Ontario County.
–$25.3 million in financing to create a 113-unit rental project with supportive housing units at 774 West Main Street in the City of Rochester.
AHC approved:
–A $200,000 grant to Community Action of Orleans & Genesee to help finance home improvements for 30 units in Orleans and Genesee Counties.
–A $600,000 grant to the Bishop Sheen Ecumenical Housing Foundation for the rehabilitation of 112 single-family homes in 12 counties in Western New York, including Monroe, Ontario, Yates, Wayne, Allegany, Chemung, Schuyler, Tioga, Tompkins, Cayuga, Livingston, Seneca Counties.
Erie County
AHC approved a $247,250 grant to the University Heights Community Development Association, Inc. to finance improvements for 22 homes the City of Buffalo.
Chautauqua County
AHC approved:
–A $220,000 grant to the Core Area Preservation Company, Inc. to finance renovations for 20 single-family homes in northern Chautauqua County.
–A $300,000 grant to Chautauqua Home Rehabilitation and Improvement Corporation to finance improvements for 30 homes in Chautauqua County.
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The NYS Housing Finance Agency was created in 1960 to sell bonds to finance the construction and rehabilitation of multifamily affordable rental housing in New York State.
AHC, an HFA subsidiary, 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.
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Contact: Philip Lentz
Director of Communications
212-872-0679
plentz (at) nyhomes (dot) org
