NEW YORK – November 14, 2008 – (RealEstateRama) – The board of the New York State Affordable Housing Corporation (AHC) today approved a $192,000 grant to Neighbors of Watertown, Inc. to finance improvements for 24 single-family homes in the City of Watertown.
“The grant we approved today demonstrates our commitment to preserve existing affordable housing even in these difficult economic times,” said Priscilla Almodovar, President and Chief Executive Officer of AHC. “It also reinforces the Paterson administration’s mission of making New York State a better place to live and work.”
Today’s actions were among $66.8 million in financings approved by the New York State Housing Finance Agency (HFA) and AHC that will create or preserve 1,059 affordable housing units across the state.
The AHC grant will be used to correct code violations, address health and safety issues, and improve energy efficiency. Grant recipients will be selected from a waiting list of pre-qualified homeowners and will be limited to households earning up to $47,208 for a family of four.
The total cost of the project is $364,000. In addition to the AHC grant, the project will receive $172,000 in HOME funds provided by the NYS Division of Housing and Community Renewal.
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AHC, a subsidiary of NYS Housing Finance Agency, was established in 1985 to promote homeownership by low- and moderate-income households by providing financial assistance approved by the State Legislature 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
