NEW YORK – November 5, 2008 – (RealEstateRama) – The board of the New York State Affordable Housing Corporation (AHC) today approved a $375,000 grant to the Cortland Housing Assistance Council, Inc. to acquire and renovate 15 affordable homes in Cortland County.“The grant we approved today demonstrates our commitment to preserve existing affordable housing even in these difficult economic times,” said Priscilla Almodovar, President and Chief Executive Officer of AHC. “It also reinforces the Paterson administration’s mission of making New York State a better place to live and work.”
Today’s actions were among $66.8 million in financings approved by the New York State Housing Finance Agency (HFA) and AHC that will create or preserve 1,059 affordable housing units across the state.
Homes in need of rehabilitation will be chosen for the project, and renovations will include roof and furnace replacement and repairs to electrical and plumbing systems. Eligible homebuyers will be selected for the project on a first-come, first-served basis, and grant awards will be limited to households earning up to $47,208 for a family of four.
The total cost of the project is $1.54 million. Other costs will be financed primarily through homeowner mortgages.
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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
