NEW YORK, NY – May 7, 2009 – (RealEstateRama) — The boards of the New York State Affordable Housing Corporation (AHC) and the State of New York Mortgage Agency (SONYMA) today approved grants and insurance commitments of $35.8 million to build and renovate 669 affordable housing units across New York State.
“These actions demonstrate that, despite our economic difficulties, my administration remains dedicated to creating homeownership and improving the housing stock throughout New York State,” said Governor David A. Paterson. “Promoting homeownership is a vital strategy to our efforts to get our economy moving again.”
Assemblyman Vito J. Lopez, Chairman of the Assembly Housing Committee, said, “The grants announced today are an important investment in communities throughout New York. From Brooklyn to Rochester, renovations and construction of new units will assist thousands of New Yorkers in need of affordable housing. This is particularly important given the economic recession and the stresses it puts on working families. I thank Governor Paterson and President Almodovar for their important work in providing affordable housing in our state.”
State Senator Pedro Espada, Jr., Chairman of the Senate Standing Committee on Housing, Construction and Community Development, said, “This new financing underscores the efforts of Governor Paterson and the Senate Majority leadership in addressing the affordable housing crisis in New York City’s five boroughs and throughout the state. While addressing affordable housing needs, these projects will have the dual benefit of creating new jobs for community residents, providing business to local contracting companies, and generating new tax revenue streams for the state and local economies. This further demonstrates the vital role that the for-profit and not-for-profit housing and development industry will play in the state’s economic recovery.”
State Senator John Bonacic, Ranking Member of the Senate Standing Committee on Housing, Construction and Community Development, said, “Creating housing opportunities is key to strengthening communities across New York. In challenging economic times, it is more important than ever that we invest in our State affordable housing initiatives.”
Assemblyman Michael Fitzpatrick, Ranking Member of the Assembly Housing Committee, said, “I applaud the NYS Housing Finance Agency and the State of New York Mortgage Agency for their continued good work in providing affordable housing opportunities to deserving New Yorkers. Thanks also go to Governor Paterson for his continued leadership and his commitment to providing viable housing opportunities to residents of New York.”
Priscilla Almodovar, President and Chief Executive Officer of AHC and SONYMA, said, “Our approvals today will improve the aging housing stock upstate and create new homeownership opportunities in New York City and Saratoga County. We remain committed to improving the quality of life for all New Yorkers.”
The projects are listed below:
New York City
AHC approved:
— A $1.775 million grant to the Housing Partnership Development Corp. to build a 71-unit co-op at East 156th Street and Brook Avenue in the Melrose section of the Bronx.
— A $3.02 million grant to the Housing Partnership Development Corp. to help finance acquisition and rehabilitation of six buildings in the Bushwick and Flatbush sections of Brooklyn and in Harlem and Washington Heights in Manhattan.
— A $3.2 million grant to the Housing Partnership Development Corp. to help acquire and rehab five buildings located in the Highbridge and Morris Heights sections of the Bronx; the Bedford-Stuyvesant and Brownsville neighborhoods in Brooklyn, and the East Harlem section of Manhattan.
–A $2.145 million grant to the Housing Partnership Development Corp. to help build 66 condominium units along Ely and Bartow Avenues in the Baychester section of the Bronx.
Cayuga County
AHC approved a $300,000 grant to Cayuga County Homsite Development Corporation to finance home improvements for 50 homes in the City of Auburn.
Saratoga County
SONYMA approved a commitment to insure a $14.25 million mortgage for a 132-unit rental housing development in the Town of Halfmoon.
Monroe County
AHC approved:
–A $300,000 grant to the Northwest Community Services Community Development Corporation for its Westside Exterior and Safety Repair Program (ESRP) to help finance renovations for 60 single-family homes in Rochester.
–A $300,000 grant to South Wedge Planning Committee, Inc. to finance home improvements for 65 units in Rochester.
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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.
SONYMA’s Mortgage Insurance Fund was created in 1979 to provide insurance on multifamily mortgage loans for affordable housing made by commercial and public lenders and mortgage pool and primary insurance for single family mortgages purchased by SONYMA.
Contact: Philip Lentz
Director of Communications
212-872-0679
plentz (at) nyhomes (dot) org
