NEW YORK – September 17, 2008 – (RealEstateRama) — The board of the New York State Affordable Housing Corporation (AHC) today approved $240,000 in grants to finance the construction of a new home and improvements to existing homes in Monroe County.
“These grants will improve the aging housing stock across Monroe County,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “I am also proud that the single-family home we are financing will use ‘green’ building standards and will be accessible to the handicapped. Our grant furthers the Paterson Administration’s goal of creating and preserving affordable housing so New York State remains an attractive place to live and work.”
Marketview Home Improvement Program
AHC approved a $200,000 grant to Marketview Heights Association, Inc. to finance improvements for 20 single-family homes in Monroe County.
The grant will be used for structural, safety and code upgrades that include roofs, windows, heating systems, plumbing, exterior and emergency repairs and lead and mold removal. Households that earn up to $57,456 for a family of four will be eligible for the project.
The total cost of the project is $519,565. In addition to the AHC grant, the project will receive $244,565 in HOME funds from the NYS Division of Housing and Community Renewal (DHCR) and $75,000 in RAP funds provided by the City of Rochester.
122 Hamilton Street
AHC approved a $40,000 grant to South Wedge Planning Committee, Inc. to finance the construction of an affordable home at 122 Hamilton Street in the South Wedge area of Rochester.
The stick-built single-family home will be built on a vacant lot using Universal Design Standards and Green Building practices and will be accessible to a homebuyer with physical disabilities. The home will be targeted to a homebuyer who earns up to $41,040 for a family of four.
The total cost of the project is $235,130. In addition to the AHC grant, the project will receive $100,000 in Urban Initiative Grant funds from DHCR and $15,000 in Community Housing Development Organization funds provided by the City of Rochester.
Habitat for Humanity of New York State: In addition, AHC approved a $780,000 grant to Habitat for Humanity of New York State to finance the construction of 21 single-family homes in Monroe, Erie, Onondaga, and Orange counties.
The homes will be built on land donated by the local municipalities, and will consist of two, three or four bedrooms, a living room and an eat-in kitchen. The homes will be available to households that meet income limits by county ranging from $30,450 to $39,450 for a family of four.
Habitat-NYS will serve as the developer for the project. Flower City Habitat for Humanity, Habitat for Humanity of Buffalo, Syracuse Habitat for Humanity, and Habitat for Humanity of Greater Newburgh will act as the builders.
The total cost of the project is more than $2.6 million. In addition to the AHC grant, the project will receive $52,000 in Affordable Housing Program funds provided by the Federal Home Loan Bank of New York.
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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
