NEW YORK, NY – August 13, 2009 – (RealEstateRama) — The board of the New York State Affordable Housing Corporation (AHC) today approved $520,000 in grants to two nonprofit organizations in Chautauqua County to finance renovations of 50 homes.
“These grants will improve the housing stock of Western New York and the quality of life for its residents,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “It reinforces the Paterson administration’s goal of making New York State a better place to live and work.”
CAPCO Home Improvement Program
AHC approved a $220,000 grant to the Core Area Preservation Company, Inc. (CAPCO) to finance renovations for 20 single-family homes in northern Chautauqua County, an area where much of the housing stock was built before 1940 and is now substandard. The grant will be used to repair or replace roofs, gutters, porches, windows, siding, foundations, and upgrading mechanical, electrical, plumbing and heating systems. Eligibility for this grant is $39,352 in household income for a family of four.
The total cost of the project is $571,000. In addition to the AHC grant, the project will be funded by homeowner equity and $325,000 in HOME funds provided by the NYS Division of Housing and Community Renewal (DHCR).
Chautauqua Home Improvement Program
AHC approved a $300,000 grant to Chautauqua Home Rehabilitation and Improvement Corporation (CHRIC) to finance improvements for 30 homes in Chautauqua County owned by low-income families.
The scope of the work will address basic deficiencies that may affect the health and safety of the occupants as well as structural improvements. These include framing, flooring, roofing, porches, electrical systems, plumbing fixtures, heating systems, lead paint hazards, window replacement, well and septic systems, weatherization, and handicap accessibility. Grants will be targeted to households with incomes up to $49,190 for a family of four.
The total cost of the project is $1.06 million. In addition to the AHC grant, the program will be funded by $200,000 in Federal Home Loan Board Affordable Housing Program funds, $200,000 in HOME funds provided by the NYS Division of Housing and Community Renewal (DHCR), $240,000 in lead funds provided by the U.S. Department of Housing and Urban Development (HUD), $40,000 in RESTORE funds provided by the Housing Trust fund of DHCR, and homeowner equity.
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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
