NEW YORK, NY – September 17, 2010 – (RealEstateRama) — New York State’s housing agencies have approved $263.1 million in financings and grants to build and renovate affordable housing, promote business development and create jobs.
The boards of the New York State Housing Finance Agency (HFA) and the Affordable Housing Corporation (AHC) approved $258.4 million in financings to create and preserve 1,347 units of housing.
And the board of the Housing Trust Fund Corporation (HTFC) approved more than $4.7 million in awards through New York State’s Subprime Foreclosure Prevention Services Program and Community Development Block Grant Program (NYS CDBG).
“These financings and grants will improve the lives of our citizens by creating new affordable housing and providing assistance to businesses to create and preserve jobs,” said Governor David A. Paterson. “These actions demonstrate that New York State can create stronger communities even in these difficult economic times.”
Several projects received funding from both agencies. Eight of the awards approved by AHC were made in coordination with similar awards issued by the NYS CDBG program to support the Manufactured Home Replacement Initiative (MHRI) to address the crisis of outdated, dilapidated and dangerous mobile and manufactured homes throughout the state.
In addition, a project to renovate the 94-unit Twin Oaks Apartments in the Village of Hempstead in Nassau County was approved for $21.9 million in financing from HFA as well as a $2.5 million Homes for Working Families loan and $441,000 in Weatherization Assistance Program funding from HTFC.
Also, a project to renovate Kennedy Plaza Tower Apartments in Utica, Oneida County, was approved for $15.3 million in financing from HFA and $1 million from the Weatherization Assistance Program from HTFC.
Assembly Speaker Sheldon Silver said, “The AHC grants announced today are important investments that will stabilize and develop communities across New York State. At a time when we are seeing high unemployment rates and rising homelessness, it is crucial that we protect and preserve affordable housing. This funding will help more families meet their housing needs, while providing much needed jobs.”
Senate Majority Conference Leader John L. Sampson said, “Access to quality and affordable housing is the foundation for good schools, safe streets, and successful businesses. The $260 million in grants and financing aid we are freeing up will go a long way toward revitalizing and rebuilding local communities through job creation and affordable housing opportunities. I applaud the action taken by Governor Paterson, the Housing Finance Agency, the Affordable Housing Corporation, and the Housing Trust Fund Corporation, to provide the resources necessary for community development.”
Assembly Housing Committee Chair Vito Lopez said, “Communities throughout New York will benefit from the construction and rehabilitation of affordable housing units provided for with these AHC grants. Financial support will be provided to local organizations stretching all across our State in order to renovate and construct quality homes for working people. I thank Governor Paterson for his support in encouraging the community renewal that comes from the availability of affordable housing.”
Brian E. Lawlor, President and CEO of “nyhomes” and Commissioner of New York State Division of Housing and Community Renewal (DHCR), who oversees the financing agencies, said, “The financings and awards we have approved will create new affordable housing from Niagara Falls to Long Island, encourage new business opportunities, protect homeowners from foreclosure and help create much-needed jobs. These investments demonstrate that the continuing integration of our state housing agencies is making us more efficient and more productive.”
Details of the projects follow:
New York City
HFA approved:
–$158 million in financing to an entity controlled by Mount Sinai Hospital and Mount Sinai School of Medicine to build a 41-story, 232-unit multifamily apartment building in upper Manhattan. Forty-seven of the units will be set aside for tenants with incomes at or below $38,400. The apartment building will be built on top of a nine-story clinical facility known as the Center for Science and Medicine Building.
–$27.5 million in financing to an entity controlled by Omni New York, LLC to acquire and renovate Twin Parks Apartments, a 274-unit Mitchell Lama multifamily rental complex in the Bronx.
–$25.3 million in financing to an entity controlled by Omni New York, LLC to acquire and rehabilitate Grote Street Apartments, a 249-unit Mitchell Lama multifamily rental complex in the Bronx.
AHC approved a $1.175 million grant to the Housing Partnership Development Corp. to build 47 co-op apartments in the Crown Heights section of Brooklyn.
The HTFC approved $1.98 million in awards to six organizations to provide foreclosure prevention services throughout New York City:
• The Center of New York City Neighborhoods received $848,384 to expand its Call Center, legal services referral, and housing counseling services to at-risk homeowners.
• Staten Island Legal Services received $519,864 to provide financial counseling, legal services, and outreach and education to Staten Island residents at risk of foreclosure.
• City Justice Bar Center received $190,000 to provide outreach and education, foreclosure prevention, and budget and credit counseling.
• NHS of Northeast Queens received $280,000 to provide outreach, education, foreclosure prevention and budget and credit counseling to residents of Long Island City, Astoria, Sunnyside, Woodside, East Elmhurst, Jackson Heights, and Corona.
• The Parodneck Foundation received $90,480 to provide housing counseling, outreach and education, and legal services to senior citizens at risk of foreclosure.
• MinKwon Center for Community Action received $68,833 to provide outreach and education, counseling, and legal services in Queens, Nassau, and Suffolk Counties.
Long Island
HFA approved $21.9 million in financing for Conifer Twin Oaks to acquire and renovate the 94-unit Twin Oaks Apartments in the Village of Hempstead, Nassau County, while HTFC approved a $2.5 million Homes for Working Families loan for the project and $441,000 in Weatherization Assistance Program funding.
AHC approved:
–A $200,000 grant to upgrade 26 single-family homes in the Town of Riverhead, Suffolk County.
–A $240,000 grant to build six two-story colonial-style homes in the Town of Hempstead, Nassau County.
Catskills
AHC approved:
–A $300,000 grant to the Catskill Mount Housing Development Corp. to replace 15 mobile homes with new manufactured homes in Greene County.
–A $300,000 grant to the Western Catskills Community Revitalization Council Inc. to upgrade 40 single-family homes in Delaware, Schoharie and Greene counties.
The HTFC approved:
–A $100,000 NYS CDBG Innovative Project & Special Assistance Program award to help Greene County establish the Greene Education and Training Center. The center will address several needs identified in the Greene County Comprehensive Economic Development Plan, including preparing the workforce for employment opportunities in the emerging technologies industry and acting as a direct job creation engine for the local and regional economy. The NYS CDBG funds will be used to purchase computers and equipment and support working capital needs. The center expects to assist 1,000 people in its first year of operation, 750 of whom will be low- to moderate-income families.
–A $651,000 award to the Village of Woodridge in Sullivan County to assist Newburgh Egg, Inc., a producer of egg products for the baking industry nationwide. The award will be used toward the purchase of machinery and equipment and will leverage an additional million dollars in private financing and lead to the retention of 143 full-time jobs, 116 of which are low-and-moderate-income positions.
Capital Region
AHC approved:
–A $576,000 grant to upgrade 16 homes in the City of Schenectady.
–A $480,000 grant to PRIDE of Ticonderoga, Inc. to replace 12 mobile homes with new manufactured homes in Washington County.
–A $480,000 grant to the Saratoga County Rural Preservation Co. Inc. to replace 12 mobile homes with new manufactured homes in Saratoga County.
Central New York
HFA approved $15.3 million in financing for an entity controlled by Liberty Affordable Housing Inc. to acquire and renovate Kennedy Plaza Tower Apartments, a 204-unit Mitchell Lama multifamily rental project in Utica, Oneida County. The financing includes $12.5 million in tax-exempt bonds and a $2.84 million loan from the Neighborhood Stabilization Program. Also, the State of New York Mortgage Agency’s Mortgage Insurance Fund approved a commitment to insure both the construction and permanent loans for the project. In addition, DHCR approved $1 million from the Weatherization Assistance Program to help finance the project. Also, the HTFC approved $1.35 million in Low-Income Housing Tax Credits, leveraging $10.4 million in equity, for a sister project at the site that will renovate an additional 88 units of affordable housing.
AHC approved a $400,000 grant to the Cayuga County Homesite Development Corp. to replace 20 mobile homes with new manufactured homes in Cayuga County.
The HTFC approved:
–A $200,000 NYS CDBG Small Business Program award to establish the Herkimer County Microenterprise Program. The investment will allow the program to assist a minimum of 10 micro-businesses, both new and existing, that may not have access to capital through traditional lending opportunities. At least three will be owned by persons from low- and-moderate-income families and an emphasis will be on downtown businesses and agriculture. The micro-businesses will create at least 10 jobs, with a minimum of eight benefitting those from low-and-moderate income families. Beneficiaries will be required to contribute at least 10% owner equity and complete the Mohawk Valley Small Business Development Center’s Small Business In Depth course to be eligible for assistance through this award.
–A $200,000 NYS CDBG Small Business Program award to establish the Madison County Microenterprise Program. The investment will allow the program to assist at least six new and existing micro-businesses and create at least six jobs to benefit low-and-moderate income families. Beneficiaries will be required to contribute at least 10% owner equity and complete the Small Business In Depth course through the Small Business Development Center to be eligible for assistance through this award.
Southern Tier
AHC approved:
–A $90,000 grant to the Cuba Community Development Corp. to replace six mobile homes with new manufactured homes in Allegany County.
–A $210,000 grant to Community Progress Inc. to replace eight mobile homes with new manufactured homes in Chemung, Schuyler and Steuben counties.
Western New York
HFA approved $5.45 million in financing to an entity controlled by The Related Companies Inc. to acquire and renovate the Geneseo Highland Apartments, which consists of 14 two-story garden-style rental buildings in the Town of Geneseo, Livingston County.
AHC approved:
–A $700,000 grant to the Marketview Heights Association to acquire and renovate 20 single-family homes in Monroe County.
–A $600,000 grant to Keuka Housing Council, Inc. to replace 10 mobile homes with new manufactured homes and build five new modular homes in Yates County.
–A $420,000 grant to Highland Community Revitalization Committee Inc. to renovate 12 homes in the Highland section of the City Of Niagara Falls.
–A $150,700 grant to Chautauqua Opportunities Inc. to replace and build 10 new manufactured homes in Chautauqua County.
–A $211,500 grant to Heart of City Neighborhoods Inc. to renovate 15 housing units in the City of Buffalo.
The HTFC approved:
–A $750,000 Innovative Project & Special Assistance Program award to develop the Buffalo East Tech Park and Workforce Development Program as part of the effort to create an emerging regional industry workforce development training program. The project is an innovative collaboration between the county, the Genesee County Economic Development Center, and the Genesee Gateway Local Development Corporation to create a skilled workforce and attract Advanced and Green-Tech Manufacturing, High-Tech, and Life Sciences companies to the region. The project will create 50 jobs and 17 training opportunities, with $250,000 of the NYS CDBG award used for a certificate-based workforce training program that will benefit low-to-moderate-income persons.
–A $316,000 NYS CDBG award to the Town of Gaines in Orleans County to enable the expansion of Intergrow Greenhouses, Inc., a hydroponic tomato grower that supplies grocery chains around the country, including Wegmans, Hannaford, and Aldi’s in New York. The funds will leverage $13 million in private financing and be used toward working capital and expansion costs. The NYS CDBG funds will lead to the creation of 25 full-time jobs for people from low-to moderate-income families.
–A $200,000 NYS CDBG Small Business Program award to establish the Orleans County Microenterprise Program. The investment will allow the program to assist 23 micro-businesses, both new and existing, with 17 owned by persons from low- and-moderate-income families. The micro-businesses will create at least six jobs for those from low-and-moderate income families. Beneficiaries will be required to contribute at least 10% owner equity and complete a 10-week business training course delivered by the BEST Center at Genesee Community College.
–A $125,000 award to Westside Neighborhood Housing Services, Inc. to provide education and outreach, foreclosure prevention counseling, and legal representation to Buffalo residents.
North Country
The Town of Wilmington in Essex County received a $200,000 NYS CDBG Small Business Program award to establish the Wilmington Microenterprise Grant Program to assist start-up and existing businesses. The investment will allow the program to assist a minimum of eight micro-businesses that may not have access to capital through traditional lending opportunities. All but one of the businesses will be owned by persons from low- and moderate-income families. Beneficiaries will be required to contribute at least 10% owner equity and complete the Town of Wilmington’s Business Development and Enhancement Workshop to be eligible for assistance through this award.
___
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.
The Housing Trust Fund Corporation, an HFA subsidiary, was established in 1985. The mission of the Corporation is to create decent affordable housing for persons of low-income by providing loans and grants for the rehabilitation of existing housing or the construction of new housing under the Low-Income Housing Trust Fund Program.
Contact: Philip Lentz
212-872-0679
plentz (at) nyhomes (dot) org
Contact: James Plastiras
518-473-2526
JPlastiras (at) nysdhcr (dot) gov
