NEW YORK, NY – August 1, 2009 – (RealEstateRama) — The board of the New York State Affordable Housing Corporation (AHC) today approved a $120,000 grant to the Rural Housing Action Coalition, Inc. (RHAC) to build three homes in the Village of Nyack in Rockland County.
“This grant will create affordable housing opportunities and economic activity in Rockland County,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “It reinforces the Paterson administration’s goal of making New York State a better place to live and work.”
The AHC grant will help finance the construction of three single-family, semi-attached homes located on 207 Depew Avenue in the Village of Nyack. The two-story homes will fit in with the surrounding area’s single- and two-family homes. Each kitchen will be equipped with Energy Star appliances. Washer/dryer hookups will be provided. Each home will also have two parking spaces. The income limit for grant recipients is $91,392 for a family of four. The developer is Veronicon, LLC.
The total cost of the project is $1.09 million. In addition to the AHC grant, the project will receive $150,000 in HOME funds allocated by the New York State Housing Trust Fund Corporation (HTFC); $45,000 in housing purchase funds provided by the Federal Home Loan Bank (FHLB); $30,000 in HOME funds provided by Rockland County, and developer and 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.
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Contact: Philip Lentz
Director of Communications
212-872-0679
plentz (at) nyhomes (dot) org
