NEW YORK – December 14, 2007 – The board of the New York State Affordable Housing Corporation (AHC) yesterday approved a $300,000 grant to Rensselaer County Housing Resources to renovate 30 homes in Rensselaer County.
“Access to affordable housing is a critical component in sustaining the economic security of our state’s working families,” said Governor Spitzer. “Through the remarkable accomplishments of our state housing agencies, more people can afford to live and work here—boosting our economy and creating stable neighborhoods throughout the state.”
“This grant is important to upgrading the housing stock of upstate New York,” said Priscilla Almodovar, President and Chief Executive Officer of AHC. “I’m proud that AHC is able to partner with Rensselaer County Housing Resources to promote homeownership for low- and moderate-income families in Rensselaer County.”
The grant will enable Rensselaer County Housing Resources to acquire and renovate homes to bring them in compliance with state and county safety codes. Applicants with household incomes of up to $59,416 will be eligible to purchase the homes.
With this grant and other financings approved at the December meeting, AHC and its parent organization, the NYS Housing Finance Agency (HFA), have now approved financing for 6,061 units of affordable housing since January 1, 2007.
The AHC grant will help fund a $4.2 million first-time homebuyer program that leverages other funds to subsidize the purchase of the homes. In addition to the AHC grant and homeowner mortgages, the program will receive $200,000 in Access to Home funds provided by the NYS Division of Housing and Community Renewal (DHCR), $300,000 in grant funds from the Governor’s Office for Small Cities and $500,000 in HOME funds from DHCR.
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AHC, a subsidiary of HFA, 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
212-688-4000 x679
plentz (at) nyhomes (dot) org
