NEW YORK, NY – May 7, 2009 – (RealEstateRama) — The board of the New York State Affordable Housing Corporation (AHC) today approved a $300,000 grant to Cayuga County Homsite Development Corporation to finance home improvements for 50 homes in the City of Auburn in Cayuga County.
“Improving the aging housing stock of Central New York is an important priority for our agencies,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “Our financing reinforces the Paterson administration’s goal of improving the quality of life for every New Yorker.”
The AHC grant will be used to renovate 40 single-family and five two-family homes for improvements, including structural/foundation repairs, roofs, furnace repair/replacement, hot water tanks, electrical, plumbing septic systems and windows. Grant awards will be limited to households earning up to $52,774 for a family of four.
The total cost of the project is $510,000. In addition to the grant from AHC, the project will be funded by homeowner equity; $50,000 in HOME funds from the NYS Division of Housing and Community Renewal (DHCR); $50,000 in Community Development Block Grant (CDBG) funds provided by the City of Auburn; $10,000 in RESTORE funds provided by the New York Housing Trust Fund Corporation; $25,000 in Weatherization funds provided by Cayuga/Seneca Community Action Agency (C/SCAA); and $25,000 in Access to Home funds provided by Options for Independence.
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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
