NEW YORK, NY – July 23, 2008 – (RealEstateRama) — The board of the New York State Affordable Housing Corporation (AHC) today approved a $400,000 grant to Better Neighborhoods, Inc. (BNI) to finance the construction of 10 single-family affordable and environmentally efficient homes in the Vale and Hamilton Hill neighborhood of the City of Schenectady.
“The Paterson administration is committed financing ‘green’ homes that are healthy places to live and reduce the carbon footprint of our communities,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “Just as important, energy-efficient homes save money by reducing monthly utility bills. The Paterson Administration also understands that affordable housing that is decent and in good repair makes our communities stronger, businesses healthier and neighborhoods more diverse. That is why we approved these financings today and why the Governor and the State Legislature made an historic commitment to housing in this year’s budget.”
Ed August, Executive Director of Better Neighborhoods, Inc., said, “I am pleased to again partner with the New York State Affordable Housing Corporation in an affordable housing project. This exciting project will bring ten new homes to the City of Schenectady that will be Universally Designed and incorporate ‘green’ energy saving building techniques, making the homes truly affordable.”
The AHC grant will help finance BNI’s Schenectady Universal Green Affordable Housing Program. Under this program, all 10 homes will incorporate LEED and ENERGY STAR design features into the design of the homes, making them 30% more energy efficient. In addition, all the homes will be “universally designed,” which will allow for easy alterations if an occupant becomes disabled.
The homes will be available for purchase to households earning no more than $63,280 for a family of four, though it is expected that the homes will be targeted for households earning slightly under the income ceiling. Applicants will be selected on a first-come, first-served basis.
The total cost of the project is $2.6 million. In addition to the AHC grant and the individual homeowners’ share, the permanent financing of the project will be funded with $900,000 in HOME funds provided by the City of Schenectady and $500,000 in HOME funds provided by the NYS Housing Trust Fund. Construction financing will be provided by the Community Preservation Corporation.
The proposed developer for the project is J. Luk Construction Company, Inc.
| ____ |
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
212-872-0679
plentz (at) nyhomes (dot) org
