NEW YORK – December 14, 2007 – The board of the New York State Affordable Housing Corporation (AHC) yesterday approved a $600,000 grant to the Rural Ulster Preservation Company, Inc. (RUPCO) to build 15 condominiums in the Village of Ellenville in Ulster County.
“Access to affordable housing is a critical component in sustaining the economic security of our state’s working families,” said Governor Spitzer. “Through the remarkable accomplishments of our state housing agencies, more people can afford to live and work here—boosting our economy and creating stable neighborhoods throughout the state.”
“I am very proud that we are able to partner with the Rural Ulster Preservation Company and provide new homes for low- and moderate-income families in Ulster County,” said Priscilla Almodovar, President and Chief Executive Officer of AHC. “This grant demonstrates our commitment to improving the housing stock of the Hudson Valley.”
The grant to RUPCO, a not-for-profit housing organization, will help finance 15 three-bedroom condos located in three separate buildings on Broadhead and Canal Streets in Ellenville. Ulster County households with incomes up to $56,896 for a family of four will be eligible to purchase the homes.
With this grant and other financings approved at the December meeting, AHC and its parent organization, the NYS Housing Finance Agency (HFA), have now approved financing for 6,061 units of affordable housing since January 1, 2007.
The total cost of the project is more than $3.2 million. In addition to the AHC grant and homeowner mortgages, the project will also receive $83,000 in NeighborWorks Revolving Loan funds and $165,000 in program funds from RUPCO; $150,000 in grant funds from the Community Preservation Corporation; and $33,000 in HOME funds from the NYS Division of Housing and Community Renewal (DHCR).
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AHC, a subsidiary of HFA, 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
212-688-4000 x679
plentz (at) nyhomes (dot) org
