NEW YORK, NY – January 29, 2009 – (RealEstateRama) – New York State today approved $38.9 million in financing to preserve and create 301 units of affordable housing throughout the state. The approvals were made by the NYS Housing Finance Agency (HFA) and the NYS Affordable Housing Corporation (AHC).
“These projects will increase our housing stock and improve the quality of life for working families across the state,” said Governor David A. Paterson. “These approvals demonstrate that we are continuing to make New York a better place to live and work in the face of difficult fiscal challenges.”
Assemblyman Vito Lopez, Chairman of the Assembly Housing Committee, said, “The Assembly Majority knows that hardworking New Yorkers must have the ability to find decent, reasonably priced housing in their communities. These projects will preserve as much affordable housing as possible, as well as build new housing. Keeping this issue in the forefront will also help us fight the loss of critical affordable housing units during these tough economic times. It is imperative that we continue to work hard to resolve the issue of affordable housing for the residents of New York State.”
Senator Pedro Espada, Jr., Chairman of the Senate Committee on Housing, Construction and Community Development, said, “This investment is a testament to our ongoing commitment to affordable housing units during this time of great economic need for all New Yorkers.”
State Senator John J. Bonacic, Ranking Member of the Senate Committee on Housing, Construction and Community Development, stated, “The need for affordable housing in New York is insatiable. I am pleased to work with Governor Paterson who has made this issue a priority. The State’s investment in preserving and creating affordable housing will improve the quality of life for all New Yorkers. We need diverse and stable communities and renovating existing housing stock, building new housing will help to meet that need, as well as create much-needed jobs.”
Assemblyman Michael Fitzpatrick, Ranking Member of the Assembly Housing Committee, said, “Again thanks go to Governor Paterson and AHC for release of these vital funds to help New York families in a difficult economic climate. These funds will help deserving families get the housing they need.”
Priscilla Almodovar, HFA and AHC President and Chief Executive Officer, said, ” ‘nyhomes’ is dedicated to improving and expanding our state’s housing stock in these turbulent economic times. Our approvals today will benefit low- and moderate-income families from New York City to the North Country to Western New York.”
The projects follow:
New York City:
HFA approved $35.25 million in financing to build 106 affordable housing units–including 55 units for households with special needs–in the Morris Heights section of the Bronx.
Westchester County:
AHC approved a $1.4 million grant to the Village of Port Chester to finance the construction of 35 single-family condominium units.
Fulton County:
AHC approved a $459,000 grant to the Community Development Agency of the City of Gloversville for the construction of 12 single-family modular units.
North Country:
AHC approved a $700,000 grant to North Country Affordable Housing, Inc. for the construction of 20 single-family homes in Jefferson, Lewis, Oneida and St. Lawrence counties.
Onondaga County:
AHC approved a $300,000 grant to the Onondaga County Community Development Division to finance improvements for 50 single-family homes in the county.
Monroe County:
AHC approved:
–A $500,000 grant to the City of Rochester to finance improvements for 40 single-family homes on scattered sites throughout the city.
–A $300,000 grant to NeighborWorks Rochester, Inc. to finance improvements for 38 single-family homes on scattered sites throughout the city.
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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.
Contact: Philip Lentz
Director of Communications
212-872-0679
plentz (at) nyhomes (dot) org
