NEW YORK, NY (RealEstateRama) July 23, 2008 – The boards of the New York State Housing Finance Agency (HFA) and the New York State Affordable Housing Corporation (AHC) approved $12 million in financing today to renovate 186 affordable housing units in Westchester County.
“Our agencies are dedicated to improving the affordable housing stock throughout New York State, particularly in high cost areas like Westchester County,” said Priscilla Almodovar, President and Chief Executive Officer of AHC and HFA. “The Paterson Administration understands that affordable housing that is decent and in good repair makes our communities stronger, businesses healthier and neighborhoods more diverse. That is why we approved these financings today and why the Paterson Administration and the State Legislature made an historic commitment to housing in this year’s budget.”
College Arms Apartments
HFA approved the issuance of tax-exempt bonds to fund a $11.75 million mortgage that will finance capital improvements at the College Arms Apartments, a 164-unit Federally-financed affordable apartment building located in the Village of Sleepy Hollow.
The HFA financing will enable the borrower, an entity controlled by Marathon Development Group LLC, to purchase the College Arms Apartments and undertake renovations of the 10-story apartment building. Improvements will include repairing boilers, modernizing elevators and ventilation systems, installing new appliances and fixtures in individual apartments and improvements to common areas.
Tenants will be able to remain in their apartments during the renovations. The units will be reserved for tenants with household incomes under $60,960 for a family of four.
The total development cost is $21.1 million. In addition to the HFA financing, the project will receive project-based Section 8 payments; an annual allocation of $730,140 in Federal Low Income Housing Tax Credits; and subordination of a Department of Housing and Urban Development capital loan of nearly $2 million.
In addition, the project, which was built in 1972, expects to reach a payment-in-lieu-of-taxes agreement with the Town of Mount Pleasant, where the Village of Sleepy Hollow is located.
Housing Action Council
AHC approved a $300,000 grant to the Housing Action Council for home improvements on 22 homes throughout Westchester County. The assistance will go to owners of single-family and two-family homes as well as co-ops and condos.
The grant will finance improvements to bring the properties up to code compliance and increase energy efficiency, such as replacing roofs, doors, windows, and siding, and upgrading electrical, heating, and plumbing systems. The grant awards are limited to households earning up to $91,034 for a family of four. Eligible applicants will be chosen on a first-come, first-served basis.
The total cost of the home improvement program will be $500,000. In addition to the AHC grant and the individual homeowners’ share, the project will be financed with $60,000 from the New York State Energy and Research Development Authority (NYSERDA) provided by the Community Environmental Center and $112,220 in Lead Safe Westchester funds provided by the Westchester County Department of Planning.
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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, a subsidiary 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: Philip Lentz
Director of Communications
212-872-0679
plentz (at) nyhomes (dot) org
