NEW YORK, NY – December 3, 2009 – (RealEstateRama) — The board of the New York State Affordable Housing Corporation (AHC) today approved more than $3.5 million in grants to finance the construction and renovation of 276 affordable housing units throughout New York State.
“These grants demonstrate that New York State continues to build and replenish our housing stock even in these difficult economic times,” Governor David A. Paterson said. “These investments not only provide safe, secure and affordable homes, but also generate economic activity that will create the jobs our state desperately needs.”
Assembly Speaker Sheldon Silver said, “Today’s grants provide much-needed assistance to community-based organizations in constructing and renovating quality housing units that will be affordable for working New Yorkers throughout the state. The $3.5 million awarded today is an important investment that will help repair blighted residences, assist in the financing of new cooperative housing units and renovate dozens of single-family homes. During this economic recession it is particularly important that we focus on reinvigorating our communities through the development of quality affordable housing. I thank Governor Paterson for his commitment to addressing this important aspect of our economic recovery.”
Senate Majority Conference Leader John L. Sampson said, “Today’s announcement of $3.5 million in grants is a victory for New Yorkers striving to realize the American dream of homeownership. I commend Governor Paterson for continuing to invest in New York, and for working to ensure New Yorkers have safe and vibrant communities in which to live.”
Assemblyman Vito Lopez, Chairman of the Assembly Housing Committee, said, “Communities in the Empire State will benefit from the construction and rehabilitation of affordable housing units provided for with these AHC grants. Nearly 100 co-ops and condominiums in Brooklyn, Manhattan and the Bronx will be created with these funds. Additionally, financial support will be provided to local organizations stretching all the way to Western New York in order to renovate and construct quality homes for working people. I thank Governor Paterson and President Almodovar for their support in encouraging the community renewal that comes from the availability of affordable housing.”
State Senate Majority Leader Sen. Pedro Espada Jr., who also serves as Chairman of the Senate Standing Committee on Housing, Construction and Community Development, said, “Beyond addressing the affordable housing needs of urban neighborhoods and rural communities throughout the state, these grants will provide economic stimulus by creating jobs for local residents, work for small businesses and new revenue streams for municipal governments.”
Priscilla Almodovar, AHC President and Chief Executive Officer, said, “The financings approved today will upgrade our state’s aging stock and create new homeownership opportunities for many New Yorkers. Our grants will be used to renovate homes in Rochester, the Southern Tier and the North Country; build new homes in Syracuse; help homebuyers acquire and renovate new homes in Albany; and finance the construction of co-ops and condos in New York City.”
The projects are as follows:
New York City
— a $475,000 grant to the Housing Partnership Development Corporation to subsidize 19 co-ops that are part of an 80-unit complex currently under construction in the Fort Greene section of Brooklyn.
— a $160,000 grant to the Housing Partnership Development Corporation to subsidize the construction of four units in St. Nicholas Park, a 22-unit condominium in West Harlem.
— a $342,500 grant to the Housing Partnership Development Corporation to help subsidize 70 of the units in the 150-unit Via Verde Co-ops in the Melrose section of the Bronx.
Albany County
— a $320,000 grant to Albany County Rural Housing Alliance, Inc. to acquire and rehab 11 housing units in Albany County.
Clinton County
— a $100,000 grant to the Friends of the North Country Inc. to renovate 12 homes in Clinton County.
Onondaga County
— an $880,000 grant to Home Headquarters, Inc. to build 22 homes on scattered sites in the City of Syracuse.
— a $300,000 grant to the Southern Hills Preservation Corporation to renovate 30 homes in Onondaga County.
Southern Tier
— a $300,000 grant to the City of Elmira’s Department of Community Development to renovate 25 units in Elmira.
— a $290,938 grant to Cattaraugus Community Action, Inc. to renovate 35 single-family homes in Cattaraugus and Allegany counties.
Western New York
— a $300,000 grant to NeighborWorks® Rochester, Inc. to renovate 38 single-family homes in the City of Rochester.
— a $78,000 grant to Keuka Housing Council, Inc. to rehab 10 single-family homes in Yates County.
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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.
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Contact: Philip Lentz
Director of Communications
212-872-0679
plentz (at) nyhomes (dot) org
