NEW YORK – January 24, 2008 – The New York State Affordable Housing Corporation (AHC) today approved a $700,000 grant to the Empire Housing and Development Corporation for the acquisition and rehabilitation of 35 affordable housing units in Onondaga County.
“I’m very proud that we are able to improve the aging housing stock in Onondaga County,” said Priscilla Almodovar, President and Chief Executive Officer of AHC. “Preservation is one of the priorities of the Spitzer administration. This grant reinforces that commitment.”
With today’s action, AHC and its parent agency, the New York State Housing Finance Agency (HFA), have approved financing for 6,139 units of affordable housing since January 1, 2007.
The award will help fund the Syracuse Purchase-Rehab Program, under which 35 units (25 single-family and five two-family homes) throughout Onondaga County will be purchased and renovated. Applicants will purchase the homes before the renovations take place. Households with incomes of up to $53,312 for a family of four will be eligible.
After the homes are purchased, they will undergo rehabilitation, which will include the replacement of furnaces, windows, insulation, and electrical and plumbing systems.
The total cost of the project is more than $3 million. In addition to the grant from AHC and homeowner mortgages and equity, the project will receive a $90,000 subsidy from the City of Syracuse.
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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
