NEW YORK – November 5, 2008 – (RealEstateRama) – The board of the New York State Affordable Housing Corporation (AHC) today approved a $280,000 grant to the City of Glens Falls to finance improvements for 24 affordable housing units in the city.
“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 HFA and 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 HFA and AHC that will create or preserve 1,059 affordable housing units across the state.
The AHC grant will be used to correct basic structural defects that threaten the health and safety of the homeowners and prolong the useful life of the homes. These improvements will include new roofs, repairing stone foundations, front and rear porches, and repairing or replacing windows, doors, boilers, water heaters, and electrical and plumbing systems, which will improve the energy efficiency of the homes.
Award recipients will be chosen from a waiting list of pre-qualified homeowners, and will be limited to households earning up to $52,528 for a family of four.
The total cost of the project is $700,000. In addition to the AHC grant, the project will receive $252,000 in HOME funds provided by the NYS Division of Housing and Community Renewal and $168,000 in Community Development Block Grant (CDBG) funds provided by the U.S. Department of Housing and Urban Development.
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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
