NEW YORK – September 17, 2008 – (RealEstateRama) — The board of the New York State Affordable Housing Corporation (AHC) today approved a $400,000 grant to Ithaca Neighborhood Housing Services to finance improvements for 25 single-family homes in Tompkins County.
“This grant will provide resources to Ithaca Neighborhood Housing Services to refurbish the aging housing stock in Tompkins County,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “The grant will further the Paterson Administration’s goal of preserving affordable housing so New York State remains an attractive place to live and work.”
Paul Mazzarella, Executive Director of Ithaca Neighborhood Housing Services, said, “These funds will help Tompkins County homeowners with modest incomes make needed repairs to their homes. Special attention will be paid to increasing the energy efficiency of homes. In this era of record-high energy costs, energy improvements will produce lasting savings for homeowners.”
The AHC grant will be used to fund repairs for structural defects, upgrades to outdated mechanical systems, energy efficient improvements, and the elimination of lead paint hazards. The grant awards will be limited to households earning up to $64,344 for a family of four.
The total cost of the project is $720,000. In addition to the AHC grant, the project will receive $17,115 in HOME Local Program Administrator funds provided by the NYS Housing Trust Fund, $202,885 in Ithaca Neighborhood Housing Services Revolving Loan funds provided by NeighborWorks America, and $100,000 in New York State Energy Research and Development Authority (NYSERDA) Assisted Home Performance with ENERGY STAR Program funds.
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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.
Contact: Philip Lentz
Director of Communications
212-872-0679
plentz (at) nyhomes (dot) org
