NEW YORK, NY – Thursday, April 2, 2009 – (RealEstateRama) — The board of the New York State Affordable Housing Corporation (AHC) today approved $1.075 million in grants to the Housing Partnership Development Corporation to create 43 new housing units in New York City.
“Our financing will create 43 new affordable homes for working families in Queens and the Bronx,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “Our funding reinforces the Paterson administration’s mission of generating affordable housing even in these difficult economic times.”
“The Housing Partnership is excited to partner with NYS Affordable Housing Corporation to create affordable housing. We are even more delighted that we are able to do this in a difficult economic climate,” said Dan Martin, President and CEO of the Housing Partnership Development Corporation.
Locust Manor Estates
AHC approved a $775,000 grant to finance the construction of 31 affordable units in the South Jamaica section of Queens.
The grant will be used to build eight two-family and five three-family homes on 172nd Street between 126th and 128th Avenues. The homes will feature an owner’s unit and one or two rental units with ENERGY STAR® rated appliances. Also, cost-saving and sustainable measures will be incorporated into the design and functionality of the plumbing, electrical and heating and cooling systems. Potential homebuyers will be limited to household incomes of up to $102,007 for a family of four.
The total cost of the project is $7.88 million. Permanent financing will be provided by the AHC grant and homeowner equity.
Melrose Site C-1 Townhouses
AHC approved a $300,000 grant to finance the construction of 12 affordable units in the in the Melrose section of the Bronx.
The grant will be used to build four three-family homes to be located on Third and Brook Avenues between East 156th and 157th Streets. The homes will feature an owner’s unit and two rental units with energy-efficient, cost-saving elements and handicapped-accessible features incorporated into the construction and design. Potential homebuyers will be limited to household incomes of up to $102,007 for a family of four.
The project also includes two market-rate townhouses that will help subsidize the affordable housing units.
The total cost of the project is $3.976 million. In addition to the AHC grant, the project will receive more than $1 million in subordinated land from the NYC Department of Housing Preservation and Development (HPD), $84,000 in Resolution A Funds from the Bronx Borough President’s Office, and $201,336 in crossover subsidies from the sale of market-rate units. Permanent financing will also be provided by homeowner equity.
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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.
Contact: Philip Lentz
Director of Communications
212-872-0679
plentz (at) nyhomes (dot) org
