NEW YORK—Wednesday, May 7, 2008—The board of the New York State Affordable Housing Corporation (AHC) today approved a $300,000 grant to NeighborWorks® Home Resources (NWHR) to finance home improvements for 40 homes in Cattaraugus, Wyoming and southern Erie counties.
“Improving the aging housing stock upstate is one of the priorities of the Affordable Housing Corporation,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “This grant will not only help renovate homes, but will also help stabilize neighborhoods and improve the quality of life for their residents.”
“We are very excited about receiving these funds,” said Mark Sabella, Executive Director of NeighborWorks Home Resources. “We have been partnering with AHC to serve our communities for the past 20 years, helping to make our customers’ homes safer and more affordable.”
The renovations on the 40 single-family homes will address basic deficiencies in roofing, heating, windows, electrical systems, plumbing and septic systems, foundations, and insulation. The project is limited to households earning up to $47,208 in Cattaraugus County, $54,544 in Erie County and $50,456 in Wyoming County for a family of four.
The total cost of the program is $645,000. In addition to the AHC grant and homeowner equity, the project will receive $225,000 in HOME funds provided by the NYS Division of Housing and Community Renewal (DHCR) and $100,000 in Revolving Loan funds provided by NWHR.
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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
212-688-4000 x679
plentz (at) nyhomes (dot) org
