NEW YORK, NY – December 3, 2008 – (RealEstateRama) – The board of the New York State Affordable Housing Corporation (AHC) today approved a $336,000 grant to the Old 1st Ward Community Association Inc. to finance improvements for 30 affordable housing units in Buffalo.
“Today’s approval demonstrates our commitment to improve the aging housing stock in Upstate New York,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “Our actions reinforce Governor Paterson’s mission of making New York State a better place to live and work.”
The Buffalo grant was included in $64.2 million in financings approved today by AHC and its parent agency, the New York State Housing Finance Agency, which will create or preserve 426 affordable housing units across the state.
The AHC grant will be used to help repair ten single-family, eight two-family, and one four-family homes in the Buffalo River/Larkin District section of Buffalo, which has some of the oldest housing stock in the city. The program is aimed at helping low-income senior citizens undertake structural and mechanical system repairs and replacement in their homes. The grant awards will be limited to households earning up to $43,624 for a family of two.
The total cost of the project is $560,000. In addition to the AHC grant, the project will receive $50,000 in HOME funds provided by the NYS Division of Housing and Community Renewal, $36,000 in HOME funds provided by the City of Buffalo, $2,500 in HEAP funds provided by Erie County, $7,800 in weatherization funds provided by the South Buffalo Neighborhood Housing Services, and $50,000 in revolving loan funds provided by NeighborWorks America through the West Side Neighborhood Housing Services.
___
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
