NEW YORK, NY – December 3, 2008 – (RealEstateRama) – New York State today approved $64.2 million in financing to preserve and create 426 affordable housing units throughout the state. The approvals were made by the New York State Housing Finance Agency (HFA) and its subsidiary, the New York State Affordable Housing Corporation (AHC).
“These projects will provide affordable homes all across New York State for working families and seniors,” Governor David A. Paterson said. “These financings demonstrate that we are making New York State a better place to live and work despite the economic challenges our state faces.”
Assemblyman Vito J. Lopez, Chairman of the Housing Committee, said, “Governor Paterson and President Almodovar should be commended for the continued support of the development of affordable housing. These projects will result in both an economic stimulus as well as a neighborhood stabilization tool for these communities.”
State Senator John J. Bonacic, Chairman of the Senate Housing, Construction, and Community Development Committee, stated, “I am pleased to work with the Governor and the Housing Finance Agency to create affordable housing opportunities throughout New York State. These new housing units improve the quality of life and enhance economic stability in our communities.”
State Senator Liz Krueger, Ranking Member of the Senate Housing, Construction, and Community Development Committee, said, “I am pleased that the New York State Housing Finance Agency is taking such a proactive approach to New York State’s affordable housing crisis. These financings will help address the State’s desperate need for quality affordable housing which is essential to the revitalization of New York’s communities.”
Assemblyman Michael Fitzpatrick, Ranking Member of the Assembly Housing Committee, said, “Thanks, again, go to Governor Paterson for staying focused on the future with today’s announcement. The seeds sown with these grants today will grow into stronger communities tomorrow. When our economy turns the corner, these neighborhoods will be in a much stronger position thanks to today’s action.”
Priscilla Almodovar, President and Chief Executive Officer of HFA and AHC, said, “I am proud that we are able to continue financing affordable housing in these difficult economic times. Our projects will help create and preserve homes and improve communities all over our state, from New York City to Buffalo.”
The projects follow:
AHC approved two grants to the New York City Housing Partnership Development Corporation:
— A $720,000 grant to build 18 affordable condominium units in Harlem in Manhattan;
— A $1.32 million grant to construct 11 three-family homes in the Ocean Hill/Brownsville section of Brooklyn.
HFA approved:
–$37.7 million in financing to build a 152-unit mixed-income rental apartment building in the City of Yonkers;
–$13.5 million in financing for major capital improvements at Wesley Hall, a senior citizen Mitchell Lama project in the City of Peekskill.
HFA approved $10.3 million in financing for the construction of the Birches at Chambers, a 67-unit affordable senior citizen housing development in the Town of Ulster.
AHC approved a $300,000 grant to the Friends of the North Country, Inc. for the construction of eight single-family homes in Clinton County.
AHC approved a $336,000 grant to the Old 1st Ward Community Association Inc. to finance improvements for 30 affordable housing units in Buffalo.
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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 was established in 1985 to promote homeownership by low- and moderate-income households by providing financial assistance approved by the State Legislature 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
