NEW YORK, NY – September 10, 2009 – (RealEstateRama) — The boards of the New York State Housing Finance Agency (HFA) and the New York State Affordable Housing Corporation (AHC) approved $181.6 million in financing today to build and preserve 2,060 units of affordable housing throughout New York State.
“My administration is committed to providing safe, affordable housing for all of our residents even in these difficult economic times,” said Governor David A. Paterson. “I am particularly proud that these projects include up to $31 million in Tax Credit Assistance Program (TCAP) funds provided in the Federal stimulus bill so we can help revitalize our economy and create jobs as well as provide better housing for New Yorkers.”
Assembly Speaker Sheldon Silver said, “The funding announced today is a comprehensive and historic investment in the quality of New York’s communities. The HFA/AHC financing is a continuation of our commitment to increase the availability of affordable housing for working New Yorkers and those with immediate housing needs including the homeless and armed forces veterans. The funds will preserve, create and renovate more than 2,000 affordable housing units in areas where there is significant need. As I have said before, during this recession it is critical that we remain committed to increasing access to housing throughout New York.”
Senate President Malcolm A. Smith said, “The development and preservation of quality affordable housing is a priority of communities from every region of our state. With this funding we can start to ensure that every New Yorker has access to a safe and affordable home, while also taking advantage of the construction projects that this funding creates in order to rebuild our economy. I congratulate our members who have dedicated themselves to this cause, as well as the Governor, HFA and AHC, for targeting these projects so effectively.”
Assemblyman Vito Lopez, Chairman of the Assembly Housing Committee, said, “Over $56 million dollars in funding will be directed to construct 280 affordable housing units in Brooklyn for people with immediate need, including veterans, mentally residents and people living with HIV/AIDS. Not only does Brooklyn benefit from this financing but communities stretching from Western New York to Long Island will benefit from the state’s support for organizations devoted to providing affordable housing. During this economic recession, it is important that we not forget that there is a tremendous need for quality, low-cost housing for working people and those with disabilities. I thank Governor Paterson and President Almodovar again for their dedication this cause.”
Senate Majority Leader Pedro Espada, Jr., who also serves as Chairman of the Senate Standing Committee on Housing, Construction and Community Development, said, “This funding will go a long way toward addressing the affordable housing crisis that plagues communities across the state, but equally important it will stimulate local economies by creating new jobs and tax revenues.”
Priscilla Almodovar, HFA and AHC President and Chief Executive Officer, said, “These projects will create new housing, preserve existing housing and provide much-needed supportive housing for veterans and the homeless in our state. Whether it”s rehabilitating a Mitchell Lama project in Buffalo, renovating single-family homes in Albany or creating special needs housing in New York City, we are dedicated to creating and preserving affordable housing for all New Yorkers.”
The projects are listed below:
New York City
HFA approved:
— $26.26 million in financing to build a nine-story 119-unit development at 332-340 Snediker Avenue in the East New York section of Brooklyn. Forty-nine units will be reserved for veterans with special needs.
— $30.75 million in financing to build a five-story 161-unit supportive rental housing project at 39 Hegeman Avenue in the Brownsville section of Brooklyn. One hundred units will be set aside for formerly homeless adults who have been diagnosed with HIV/AIDS or mental illness.
Long Island
HFA approved $24.6 million in financing for the renovation of Bedell Terrace, a 244-unit rental development located in the Village of Hempstead.
AHC approved:
–A $60,000 grant to East Hampton”s Office of Housing and Community Development to renovate 10 homes owned by low-income families in the town.
–A $240,000 grant to the Nassau/Suffolk Partnership Housing Development Fund Corporation, Inc., an affiliate of the Long Island Housing Partnership, to build four single-family homes and one two-family home in the Town of Hempstead.
–A $580,000 grant to Community Housing Innovations, Inc. (CHI) for the acquisition and rehab of 10 single-family and three two-family homes in Nassau and Suffolk Counties.
Westchester
HFA approved $24.2 million in financing to build the Grant Park Apartments, a 100-unit low-income apartment complex in the City of Yonkers.
Hudson Valley
AHC approved a $300,000 grant to The Hunter Foundation to renovate 15 homes in Greene County.
Albany
AHC approved a $300,000 grant to the Albany Community Development Agency to renovate 30 homes in the City of Albany.
Washington County
AHC approved a $165,600 grant to the Village of Hudson Falls to renovate 12 housing units.
North Country
AHC approved a $150,000 grant to the Frontier Housing Corporation to renovate 12 single-family homes in several towns in Jefferson County.
Onondaga County
HFA approved $16.2 million in financing to renovate Parkside Commons, a 393-unit Mitchell Lama project located at 1935-2005 East Fayette Street in the City of Syracuse.
AHC approved a $300,000 grant to the Onondaga County Community Development Division to acquire and rehab 10 single-family homes Onondaga County.
Southern Tier
AHC approved:
–A $600,000 grant to Opportunities for Chenango, Inc. to help finance renovations for 40 single-family homes in Broome and Chenango Counties.
–A $280,000 grant to the Ithaca Neighborhood Housing Services, Inc. to build six single-family duplex style houses and one two-family duplex style house in the City of Ithaca in Tompkins County.
Western New York
HFA approved:
–$17.1 million in financing to renovate the F.I.G.H.T. Village Apartments, a 245-unit low-income multifamily rental development located at 186 Ward Street in the City of Rochester.
–$7.8 million in financing to build an 89-unit senior rental apartment complex at 2539 Spencerport Road (Route 31) in the Town of Ogden, Monroe County.
AHC approved:
–A $250,000 grant to the Genesee Valley Preservation Corporation to renovate 23 single-family homes located in Livingston County.
–A $250,000 grant to Genesee Valley Rural Preservation Corporation to finance repairs on 23 single-family homes in Genesee County.
Buffalo
HFA approved:
— $13.5 million in financing to renovate Pine Harbor Apartments, a low-income 206-unit Mitchell Lama multifamily rental development located at 10 Seventh Street in Buffalo.
–$17 million in financing to renovate The Gardens Apartments, a 276-unit rental apartment complex located at 1, 2 & 3 West Cleveland Drive in Buffalo.
Statewide
AHC approved a $748,000 grant to Habitat for Humanity of New York State to build 22 single-family homes in nine counties across the state: Erie, Niagara, Monroe, Ontario, Onondaga, Tompkins, Columbia, Jefferson and Nassau Counties. The homes will be built on land donated by the local municipalities.
____
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.
###
Contact: Philip Lentz
Director of Communications
212-872-0679
plentz (at) nyhomes (dot) org
