NEW YORK, NY – May 13, 2010 – (RealEstateRama) — Thursday, May 13, 2010–The boards of the New York State Housing Finance Agency (HFA) and the New York State Affordable Housing Corporation (AHC) today approved $57.6 million in financing to build and renovate 670 affordable housing units in the state.
“These projects will create and preserve affordable housing across New York State,” Governor David A. Paterson said. “Our financings are also significant because they will create jobs, stimulate our state’s economy and generate tax revenue for both the state and local governments.”
Assembly Speaker Sheldon Silver said, “The financing of these units will undoubtedly help families who may otherwise be unable to afford rent or mortgages. I commend the boards of the New York State Housing Finance Agency and the New York State Affordable Housing Corporation for recognizing the importance of accessible, affordable housing. ”
Senate Majority Conference Leader John L. Sampson said, “The importance of safe and affordable housing across New York State cannot be overstated. With $57.6 million in new financing, we will continue our commitment to providing affordable housing in New York City and upstate. These communities will benefit from the development of new homes, as well as capital improvement projects, which will ensure that more individuals have a roof over their heads, while creating new jobs and economic opportunity.”
Assembly Housing Chair Vito Lopez said, “Families across the state — including those in my district — will benefit from the creation of these affordable housing units. It’s crucial that we continue looking for ways to ease the fiscal burden on low- and middle-income New Yorkers, who have suffered disproportionately at the hand of this recession.”
“These financings reinforce our efforts to protect affordable housing and upgrade our housing stock, particularly upstate,” said Brian E. Lawlor, President and CEO of HFA and AHC. “I am also proud that we are continuing to work with the nonprofit community to build much-needed supportive housing in New York City.”
The projects follow:
New York City
HFA approved:
- $14.8 million in financing to help build the 65-unit Concern MacDougal Apartments in the Bushwick section of Brooklyn, which will provide fully furnished studio apartments for chronically homeless individuals with serious mental illness.
- $12.16 million in financing to help build the Hughes House Apartments in the East Tremont section of the Bronx, which will provide 55 fully furnished efficiency apartments for individuals with serious and persistent mental illness who also have chemical addictions.
Rockland County
AHC approved a $1.44 million grant to the Ramapo Local Development Corporation to build 36 affordable new homes in Rockland County.
Warren County
HFA approved $10 million in financing to undertake major capital improvements at the 227-unit Montcalm Apartments in the Town of Queensbury.
Onondaga County
HFA approved more than $12.5 million in financing to undertake major renovations of the 186-unit Bayshore Apartments in the Town of Cicero.
Monroe County
HFA approved $6.7 million in financing to undertake major capital improvements at the 101-unit Westfall Heights Apartments in the City of Rochester.
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HFA 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
