NEW YORK – November 14, 2008 – November 13, 2008 – (RealEstateRama) – New York State approved $66.8 million in financing to preserve and create 1,059 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 financings demonstrate our resolve to both preserve and create affordable housing even in these difficult times,” Governor David A. Paterson said. “Promoting affordable housing makes communities stronger and makes New York State a better place to live and work.”
Assemblyman Vito Lopez, Chairman of the Assembly Housing Committee, said, “Today’s announcement is great news for working families and communities throughout our Empire State. The nearly $67 million in financing will not only help in constructing and preserving affordable housing units, but is also a prudent investment in our cities and rural areas. Even in these tough economic times, it is crucial that the state continue to make this historic investment in its communities. I thank Governor Paterson and HFA President Almodovar for their commitment to rebuilding communities throughout New York.”
Assemblyman Michael Fitzpatrick, Ranking Member of the Assembly Housing Committee, said, “Governor Paterson continues to sow the seeds necessary for a brighter future for thousands of hard working New Yorkers. In spite of these difficult times, there are still some good things happening in New York State. His on-going commitment to affordable housing is much appreciated.”
State Senator John Bonacic, Chairman of the Senate Housing Committee, said, “Quality, safe, affordable housing for working families is key to the economic success of New Yorkers everywhere. I am particularly pleased that we can improve 111 housing units at Woodland Townhouses and Barkley Gardens in Sullivan County.”
Senator Liz Krueger, Ranking Member of the Senate Housing, Construction and Community Development Committee, said, “Our State government’s commitment to preservation and creation of affordable housing shows a recognition of the important role of housing within a broad portfolio of economic development policy. These funds will help stimulate the state economy and create jobs while at the same time addressing the affordable housing crisis in our urban and rural communities. I know that beginning in 2009, our new President will join us in these efforts with increased federal investment in affordable housing and economic revitalization.”
Priscilla Almodovar, President and Chief Executive Officer of HFA and AHC, said, “We must not let tough economic times slow down our efforts to provide affordable housing for the residents of New York State. The financings we approved today will create new multifamily rental apartments and new homes for affordable homeownership, preserve existing affordable housing, and assist eligible homeowners renovate their homes. Our actions will help residents in all regions of the state.”
HFA will finance $45.1 million in first mortgages for multifamily housing developers through the sale of private activity tax-exempt bonds. The projects include construction of new affordable housing developments in Manhattan and Syracuse and major capital improvements at Section 8 multifamily rental developments in Nassau and Sullivan counties.
Additional financing of $11.94 million in second mortgages and more than $7 million in AHC grants will come from the historic $304.2 million funding for New York State’s housing programs approved in April by the Governor and the State Legislature as part of the Enacted Budget.
The projects follow:
HFA approved:
— $27.65 million in financing to construct an 11-story, 114-unit multifamily rental apartment building at 625 W. 140th St. in the Hamilton Heights section of Manhattan;
— A $1.4 million subsidy loan to Liberty Avenue Housing to assist in financing the construction of a three-story, 47-unit apartment building located at 898-908 Liberty Avenue, Brooklyn, that will include space for social services.
AHC approved a $640,000 grant to the Housing Partnership Development Corporation to finance the construction of 16 affordable condominium units in the Bedford-Stuyvesant section of Brooklyn.
HFA approved $12.6 million in financing for the acquisition and renovation of Adams Court, a 84-unit Section 8 rental apartment located at two sites in the Village of Hempstead, Nassau County.
AHC approved three grants for Long Island:
— A $1 million grant to the Community Development Corporation of Long Island (CDCLI) to improve 167 homes in Nassau and Suffolk counties;
–A separate $500,000 grant to CDCLI to acquire and rehab 14 homes on Long Island;
–A $450,000 grant to the Long Island Partnership Development Fund Corp. Inc. to improve 15 homes in the Town of Babylon.
HFA approved $10 million in financing for the acquisition and rehabilitation of 111 affordable units in Woodland Townhouses and Barkley Gardens, which are Section 8 multifamily rental developments in the Village of Liberty.
HFA approved:
— $5.4 million in financing for the acquisition of 11 parcels and construction of nine multifamily apartment buildings with 28 units on Syracuse’s east side;
–A $2.695 million loan to facilitate the purchase of a manufactured home park in the Town of Elbridge.
AHC approved two grants:
–A $700,000 grant to the Empire Housing and Development Corporation to acquire and renovate 25 single-family and five two-family homes in Onondaga County;
–A $250,000 grant to the Southern Hills Preservation Corporation to acquire and renovate 10 single-family homes in southern Onondaga County.
AHC approved a $280,000 grant to the City of Glens Falls to finance improvements for 24 affordable housing units in the city.
AHC approved a $192,000 grant to Neighbors of Watertown, Inc. to finance improvements for 24 single-family homes in the City of Watertown.
AHC approved a $375,000 grant to the Cortland Housing Assistance Council, Inc. to acquire and renovate 15 affordable homes in Cortland County.
AHC approved a $1.6 million grant to the Rural Housing Opportunities Corporation to finance improvements for 120 single-family homes located in Genesee, Wayne and Monroe Counties.
AHC approved a $950,000 grant to the Greater Rochester Partnership Housing Development Fund Corporation to acquire and renovate 50 affordable homes in the City of Rochester.
AHC approved a $77,500 grant to Southtowns Rural Preservation Company, Inc. to finance improvements for 13 single-family homes in southern Erie County.
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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 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
