NEW YORK, NY – April 2, 2009- (RealEstateRama) — The board of the New York State Affordable Housing Corporation (AHC) today approved a $300,000 grant to the Oswego Housing Development Council, Inc. for the acquisition and rehabilitation of 24 homes in Oswego County.
“This grant will provide the resources to help potential homeowners buy and fix up their new homes,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “It reinforces Governor David A. Paterson’s mission to make New York State a better place to live and work.”
Roxanna Gillen, Executive Director of the Oswego Housing Development Council, Inc., said, “The Oswego Housing Development Council is pleased to participate in the effort of the State of New York Affordable Housing Corporation to stabilize communities that are at risk due to the increase in the number of home foreclosures. The Council has followed the development of this crisis over the last year. It is a wonderful opportunity to have these resources available to improve the housing stock and bring new families into our communities. The participants in this program will be provided comprehensive pre- purchase counseling in an effort to further enhance their success as homeowners and members of the community.”
The AHC grant will be used to acquire foreclosed homes owned by the U.S. Department of Housing and Urban Development (HUD) throughout Oswego County. The rehabilitation work includes replacement or repair of furnaces, windows, insulation, and electrical and plumbing systems and lead paint removal.
Potential homebuyers will be limited to household incomes of up to $48,800 for a family of four. Applicants with households of five or more, individuals with disabilities and families with disabled members will be selected from the Oswego Housing Development Council’s existing HUD Counseling Homebuyer Assistance Needs waiting list.
The total cost of the project is $2.25 million. In addition to the AHC grant, the project will be financed with $300,000 in HOME funds from the Oswego Housing Development Council, an $889,920 loan from the U.S. Department of Agriculture Rural Development program, and homeowner mortgages and 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
