NEW YORK – June 12, 2008 – The board of the New York State Affordable Housing Corporation (AHC) has approved a $400,000 grant to the Albany Housing Authority to finance the construction of 10 single-family affordable homes in the Arbor Hill section of the City of Albany.
“Our financing provides support to the City of Albany in its efforts to redevelop the city’s historic Arbor Hill area,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “This grant demonstrates our commitment to the creation of affordable and sustainable housing for working class New Yorkers.”
The proposed developer for the project is Mercer Construction Co., Inc. All 10 homes financed by the grant will be built with an energy efficient design to reduce heating costs and will be located near a new school, a community center and local transportation. The homes will be made available to households that earn no more than $63,280 for a family of four.
The total cost of the project is $1.96 million. In addition to the AHC grant, the project will receive $400,000 in Hope VI funds provided by the Albany Housing Authority, $50,000 in Community Preservation Finance Institute funds provided by the Community Preservation Corporation, $250,000 in HOME funds provided by the Arbor Hill Development Corporation, and $20,000 in grant funds provided by the State Farm Insurance Corporation.
